Estate Planning

None of us like to imagine a time when our family will be without us. There are, however, some simple steps that may ease the burden on loved ones and others that remain. As a means of providing information to our “Family” of friends and supporters, we are pleased to offer this brief guide to Estate Planning.

Your will may be one of the most important documents that you ever sign. A carefully drafted will can ensure that your life assets are distributed precisely according to your wishes and that your estate be subject to a minimum of estate taxes. Consider these elements when planning your will:

• A will allows you to direct who receives all of your personal property. Without the direction of a will the state determines the distribution of all property.
• Your will can establish a trust that provides for a family member with special needs.
• Your will can name the individual to oversee your estate or designate a guardian for your children.
• A will enables you to support charitable organizations and institutions that would not be included in the distribution if it were to be done by the state.

To begin the process of drafting a will simply contact your attorney. If you don’t have an attorney, ask a friend to recommend one or contact the local bar association.

Beyond a simple will:

There are many ways for you to continue your support for Methodist Children’s Home Society beyond your lifetime. By design, these estate-planning instruments offer different advantages to the donor. The one advantage that they all share is ensuring that our services will be available to children in need for generations to come. Here are a few examples:

• Charitable Gift Annuities can be funded with cash or with appreciated property. You receive life-income, estate and income tax benefits and Methodist Children’s Home Society will receive the balance upon your death or that of a secondary recipient.
• Gifts of Life Insurance can include donation of a policy with cash value that you no longer need or by naming Methodist Children’s Home Society as beneficiary on any whole life or term policy.
• Gifts of Real Estate including your residence, vacation home or land can provide significant tax savings while allowing you continued use of the property for your lifetime.
• Trusts are available in many forms and may offer life income for you and a secondary designee with Methodist Children’s Home Society receiving the remainder interest.
• Retirement Savings through IRAs, pensions and 401(k) plans allow charitable organizations to be named as beneficiaries. Tax savings in the form of reduced income and estate taxes are experienced by the individual(s) receiving the death benefits.