Getting Started

Taking the first step with anything new is always difficult. Leaving a Legacy is a concept that most people are not familiar with or are even uncomfortable with. If this describes you, don’t worry – you are not alone.

Your decision to provide financial support beyond your lifetime to one or more nonprofit organizations can dramatically affect the lives of people in our state. In addition to potential current tax benefits, the knowledge of your continuing impact on the organizations closest to you can create a great sense of personal satisfaction.

This section of our web site is designed to equip you with information to help you fulfill your philanthropic objectives.

Personal Inventory

When taking stock of your situation as you plan your retirement and your transfers after death, it is important to balance current and expected financial issues involved in the following areas: Assets, Liabilities, Income, Expenses, Expected Inheritance, Family and Business Commitments.

Making this list is a start. Do one list of the specific areas as of this year, and then extend it for 10 to 20 years reflecting expectations of growth, inheritance, obligations and income. Next to each asset, list the tax cost (basis), and next to life insurance cash values, list the death benefit. Pension plans, IRAs and 401k’s generally have a basis of zero unless there was a Roth IRA or other after tax contribution. You will probably want to talk with a financial advisor to fine-tune things like proper ownership for personal, income tax and estate tax purposes. There are times when a gift to charity, perhaps with a promise back of income for life, has good tax and community consequences.

Assets :

• Cash equivalents, stocks, bonds, mutual funds and other liquid assets.
• Qualified plans and IRAs
• Annuities and life income arrangements
• Investment real estate
• Investment personal property and collections
• Business interests and partnerships
• Home, vehicles, boats and personal property
• Life insurance cash values
• Interests in trusts and expectancies

Liabilities:
Mortgages, notes and obligations of any kind

Income:
Current and estimated future years from all sources

Expenses:
All outlays for any reason plus family and business obligations

How to Create A Legacy

Who can help me arrange for a gift?   If you have a professional you are working with such as a financial planner, lawyer, accountant or insurance agent, please talk with him/her about leaving a gift. A professional can tell you about the tax benefits of planned gifts. You can also call the development department of a charitable organization for help.

How do I leave a gift in memory of a person or for a specified purpose?   A gift is a wonderful way to recognize someone who has made a difference in your life. You may also want to give to a specific cause like research or for a new building. This kind of memorial gift can be arranged in your will, the same way that you would leave a personal gift from your estate. You just need to make it clear that the gift is given in memory of a particular person or for a specific use.

Do I tell the charity I’ve left the gift?   This is up to you. Charities often like to know in advance so they can recognize your generosity. They can also tell you about specific opportunities for giving. Whether you let the organization know of your plans or not, is your decision to make.

Take the first step.  Determine to whom and why you’d like to leave a gift. Maybe you or someone you know has been helped by a particular organization. Maybe you’re an active volunteer or believer in the mission. You might want to leave a gift in memory of a loved one or for a specific use.

If you need more help or you need to know more about a particular organization, do some investigating before leaving a gift. Call the nonprofit group of your choice. They can help you better understand what they do and what opportunities are available for giving.

Contact your professional advisor for help. Your advisor can make sure you are getting the maximum tax and legal advantages allowed for your gift. If you do not have one, call the LEAVE A LEGACY^® Coordinator closest to you.

Where to get Help

Persons seeking counsel in planned giving concepts may call (877) LAL-WISC (525-9472) or 1-262-524-0398 and the names of at least two advisors will be furnished who have expressed a willingness to speak with potential donors and who have subscribed to an ethical set of standards concerning confidentiality and respect for existing client relationships. LEAVE A LEGACY ^® Wisconsin does not recommend or endorse any advisor of planned giving strategy.