Milbank Community Foundation

Legacy

Ten Things You Can do to Leave a Legacy

  1. Prepare a will. Only 50% of those who pass away have one.  Without a will, you may lose control of the possessions and wealth you worked a lifetime to acquire.
  1. Leave a gift in your will for the nonprofit and charitable organization that made a difference in your life.  Less than 8% of all wills settled contain a charitable provision.  Imagine the positive impact on our community if everyone made a donation to a favorite nonprofit--even a modest gift.
  1. Leave a specific dollar amount or a percentage of the assets in your will to your favorite nonprofit.  The provision can be part of a new will or added to your existing will with a simple amendment called a codicil.
  1. Consider using assets for your charitable gift.  These can include, but are not limited to, stocks, bonds, CDs, real estate, vehicles, art, and jewelry.  Such gifts may even provide a tax savings to you and your family.
  1. Name the favorite nonprofit of your choice as the beneficiary of your IRA or retirement or pension plan.
  1. Purchase a new life insurance policy naming your favorite nonprofit as the beneficiary.
  1. Name your favorite nonprofit as the beneficiary of an existing life insurance policy.
  1. Remember deceased loved ones with memorial gifts.
  1. Encourage family and friends to leave gifts to nonprofits in their will.
  1. Ask your financial advisor to include charitable giving as a part of client counseling.


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