Many Ways to Leave a Legacy at Camp
There are many easy ways you can make future gifts to organizations like Camp Ondessonk:
Bequests – Simply put, a bequest is any gift made as part of a will or trust. You can specify a gift of a certain amount, an item of property, a percentage of your estate, or “what’s left” after caring for your family and resolving all other financial responsibilities.
Life insurance proceeds – By naming an organization, like Camp Ondessonk, to receive all or a portion of a life insurance policy that is no longer needed, you can make a significant impact while possibly saving on future taxes.
Retirement plans – This is a tax-wise way to make a gift, as amounts remaining in these plans after your lifetime might be subject to significant taxes if left to family members. These gifts can be made by simply updating the account’s beneficiary designation form.
Savings, checking or investment accounts – In Illinois and Missouri, as well as many other states, you can name a charitable recipient as a beneficiary for these types of personal accounts through what is known as a “pay on death” provision. This option makes it so these assets do not have to go through probate and instead go directly to the beneficiaries.
Careful planning can help you make charitable gifts without impacting the future security of your loved ones. Check with your tax and financial advisors to learn which options can benefit you and your family.