Planned Giving: About Your Will, Living Trust or Life Insurance

Perhaps the most important document to you and your loved ones is your Will. This document provides for a clear and specific understanding as to how you want to transfer your assets. These assets can include a house, property, cash, stocks, bonds, collectibles and more–anything you want to leave to your loved ones and to charity.

You don’t have to be wealthy to have a Will. An estate can be $1,000 to $1,000,000 +, and every estate should be treated with equal importance. By preparing a Will now, your estate can avoid unnecessary delays, legal complications, and substantial tax implications. Your will is also an appropriate and common instrument for leaving a Planned Gift to a charity such as STC.

When preparing your Will, you should consult with an attorney. When considering a bequest to the STC, you should mention to your attorney that STC is a 501(c)3 charity, Federal I.D. #59-6151069.

The Sea Turtle Conservancy will be glad to assist in reviewing the bequest once it has been prepared.

Tips for Preparing Your Will
Here are some “Helpful Hints” in preparing your Will:
1) Make a list of everything you want to leave (your estate).
2) Think of how and to whom you want to leave these assets.
3) Consult an attorney (one you know or one we can help you find).
4) Make certain you thoroughly understand your Will before you sign it.

Designating a Bequest to the STC
It is always a good idea to notify the STC when you have prepared your Will. This makes certain that your gift will come uncontested to the STC. Please be certain to designate the gift in your Will to:

A Living Trust
A Living Trust can offer you more flexibility than a Will. Although similar in nature, assets are placed in a Trust, from which distribution to a charity and heirs can take place. This method could provide you with significant cost savings and asset protection. A Living Trust is also beneficial to people who are concerned with complete privacy since none of the terms of a Trust become part of the public record. Unlike a Will, asset distribution from a Living Trust is almost immediate, avoiding extensive probate delays.

About Life Insurance
Another relatively easy and direct form of Planned Giving to the Sea Turtle Conservancy is through a new Life Insurance Policy. You can make the STC the beneficiary and owner of a Life Insurance policy and receive a tax deduction on the premium you pay.

Example:
At age 50 you purchase a $100,000 Whole Life Insurance Policy on yourself and designate STC as beneficiary. The premium cost to you is fully tax-deductible each year. You may even decide to pay for the entire policy over a specific period of time, perhaps 10 years. This increases your tax deduction each year over the 10-year period and fully “pays up” your policy.

You may, however, already have a Life Insurance policy in existence and wish to contribute it to the STC. By changing the beneficiary and owner to the STC, there are tax savings available to you, depending on the cash value of the policy. Your attorney, insurance agent or the STC will be able to assist you if you decide to include the STC in your planned giving program through Life Insurance.