The last six months has been very challenging due to COVID-19, the uncertainty of the economy and efforts to address social justice and racial equity. It has given us all the time to assess our lives and our legacies. For many of us, creating a Will, Bequest or estate plan has taken center stage.
Here our Director of Planned Giving Jose A. Marquez answers your questions about bequests and how this giving option is one of the easiest ways for donors to support the Inland Empire forever.
Q. What is a Will?
A. A Will is a written document that permits you to state how you want your property or estate distributed, pay debts and taxes and handle other business affairs to settle upon your death. It allows for the appointment an Executor who will be responsible for ensuring that all the instructions in your Will are followed; outline powers of an Executor; appoint a guardian for minor children; specify funeral wishes; expedite the legal process; and reduce stress and heartache for your loved ones.
Within a Will an individual, couple or family can include a bequest to support a cause or nonprofit organization they care about, such as the Inland Empire Community Foundation (IECF).
Q. What is a Bequest to Charity?
A. A bequest provides you the opportunity to leave a lasting legacy and often provides valuable tax savings, and may reduce the burden of taxation on a family. A charitable bequest is one of the easiest gifts a donor can make.
A bequest can also be of any dollar amount, gift specific property or designate a percentage of your estate. You can also make a gift of an IRA or 401(k) plan, which can usually be done by filling out a beneficiary designation form. You can gift from a balance or residue of your estate.
Q. How do you get started?
A. For information on Wills and Bequests, please go to our Planned Giving website, iecfplannedgiving.org , hit the tab, “Learn about Wills”, and you will find valuable information on both Wills and Bequests, a brochure you can download, a number of videos you can view.
You will also find our new Estate Planning Guide, which is valuable tool as you start the process of developing an estate plan, which you can also download.
Remember, a Will is just the beginning and of a part of an estate planning process.
If you have questions about Planned Giving, Wills and Bequests, charitable giving, or considering a gift to IECF, please contact Jose A. Marquez, Director of Planned Giving at 951-452-5621; email at jmarquez@iegives.org or the Charitable Giving Team at 951-241-7777.