Facts About Estate Planning

Estate Planning is important to everyone regardless of age, marital status, or wealth.

When you take time to put together a good estate plan with a qualified, local professional, you'll have the best benefit of all - PEACE OF MIND!

"One-size-fits-all" estate planning does not adequately address all the complications that most people face during their lifetime.

When an estate plan is prepared by someone who is not sufficiently trained, individuals may find that they would have been far better off hiring a known professional who understands the laws and complexities of estate planning.
 

Your estate is simply everything you own: your home and other real estate; stocks, bonds and other investments; family heirlooms, collectables and personal belongings; your IRA and other retirement plans or benefits; bank accounts; and the benefits from your insurance policies.
 

When you start adding it up, you may find - as most people do - that you actually have a lot more than you think.

Know Your Options

Deciding how to design your estate plan is a process that requires a trusting relationship with professionals who listen and present all your options to avoid future and unnecessary problems and expenses for you and your family. A well-prepared plan will address many issues, including the following:

• Special benefits and or unanticipated needs for minors, disabled children and Spouse
• Becoming incompetent
• Gifting issues for your heirs
• Provision for charities
• Premature death
• Guardianship for minor children
• The amount of control you have over your assets
  

COMMON ESTATE PLANS

• Last will and testament

• Joint Ownership with the Right of Survival

• Revocable & Irrevocable Living Trusts

• Giving Assets Away

• Beneficiary Designations

• Procrastination/Do Nothing

A Collaboration

The Berrien Community Foundation and United Way of Southwest Michigan facilitated bringing together several partners to assist in enhancing and/or building the planned giving capacity in Berrien County nonprofit organizations. Alliances have been formed with the Coalition of Community Funders (Berrien Community Foundation, United Way of Southwest Michigan, Frederick S. Upton Foundation, Whirlpool Foundation) and the Southwestern Michigan Estate Planning Council, among others. Several nonprofit organizations have been consulted as well (Curious Kids' Museum, Harbor Habitat for Humanity, Hospice at Home, Krasl Art Center, Lakeland Health Foundations, Lake Michigan College Foundation, Lakeshore Excellence Foundation, Region IV Area Agency on Aging, St. Joseph Public Schools Foundation, Southwest Michigan Symphony Orchestra).

What is Planned Giving?:  It is simply planning to make a difference both for yourself and for a cause that you believe in through a charitable gift. Planned giving is often described as “leaving a legacy” because many are created to make an impact for future generations.

A deliberate program or set of actions to enhance the annual but primarily long-term contributions for a nonprofit organization. It is a planned means of assisting donors with their charitable wishes for the long term (i.e., creating a legacy).

Sustaining the Future's Goals

1. To coordinate planned giving educational opportunities for nonprofit organizations and professional advisors, including providing resources, tools, and coaching
2. To link professional advisors, donors, and nonprofit organizations with planned gifts
3. To create a broad awareness in Berrien County of planned giving opportunities

Part of our first goal is to provide periodic sessions throughout the year on “basics”/critical elements of a successful planned giving program, along with the “latest” issues/challenges, etc. We are not developing curriculum but relying on existing materials. Nonprofits will also need to supplement these “overview” sessions with their own planned giving networks appropriate to their missions and by accessing various tools and resources (e.g., Planned Giving Design Center, college/university and other seminars, on line resources, etc.). We are here to facilitate this by providing information on our web page to various links.

Sustaining the Future's Vision is that all nonprofit organizations in Berrien County that wish to participate in planned giving have access and the necessary tools to assist their donors with their charitable wishes for the long term. They are also planned giving literate, knowing when to call in the experts.

The Southwestern Michigan Estate Planned Giving Council members have agreed to sponsor and/or participate in seminars and assist with the collection and development of planned giving tools and resources, including hosting this web page. Please check back, since information and tools will be added over time.

1.  Helpful Web Links

Planned Giving Design Center

Council of Michigan Foundations

Association of Fundraising Professionals

Council on Foundations--Pension Protection Act of 2006

National School Foundation Association

National Committee on Planned Giving

Guidestar

2.  May 22, 2007 Coalition Seminar Materials

The IRA, including the IRA Charitable Rollover--The Realities (pdf)

Medicaid, Estate Planning, Long Term Care Planning, and Charitable Giving

3.  Sample Documents for the Charitable IRA

Sample Request from Plan Owner to Administrator (Word)

Sample Letter from Donor Informing Nonprofit of Charitable IRA Distribution (Word)

Sample Receipt from Nonprofit to Donor (Word)

4.  Generic Gift Acceptance Policy (Word)

5.  October 16, 2007 Insurance as Gifts Seminar

Charitable Gifts of Life Insurance-Northwestern

Charitable Gifts of Life Insurance Plus

The materials and information provided on this web site are for informational purposes only and should not be relied upon as legal and/or tax advice. The content contained herein represents generalities and may not apply to your individual situation. You should consult with your advisors regarding your particular facts and circumstances before acting or refraining to act on the basis of the information provided herein.

For questions, comments, etc., please contact Nanette Keiser, Ed.D., President, Berrien Community Foundation at 269-983-3486 or NanetteKeiser@BerrienCommunity.org.