Planned gifts are deeply personal and allow you to consider the wellbeing of your heirs and the causes you want to support. The options are numerous when making planned gifts and should always be coordinated with your loved ones and, depending on complexity of your estate, with an estate planning attorney. In addition to leaving a legacy at Barton, you will be recognized (if you so choose) in our Barton Legacy Society recognizing and celebrating donors who make gifts in this way.
Bequest
Bequest
A bequest is a gift made as part of a will or trust. You can make multiple bequests in your estate plan, providing for your heirs and any causes you want to support. Bequests can be set up multiple ways:
- General bequests are monetary gifts from your estate’s general assets.
- Demonstrative bequests are monetary gifts from a specific account.
- Specific bequests are a specific item, property, or amount from your estate.
- Residuary bequests are monetary gifts made after all debts, expenses, and other bequests are made from an estate, and are typically a percentage of the remainder of the estate.
Beneficiary Designation
Beneficiary Designation
Accounts like individual retirement accounts (IRAs) and 401k or 403b retirement accounts require that you set up a beneficiary, and bank and investment accounts can be set up likewise (sometimes called “payable on death” beneficiaries). You can choose to set up these accounts with the Foundation as the beneficiary and let us know about your intentions so that we can follow your wishes.
Life Insurance
Life Insurance
Life insurance gifts can be set up as a beneficiary designation or can be purchased by you with the Foundation as the owner of the policy of the whole or universal policy. The premiums on this type of policy are tax deductible and provide for a guaranteed gift upon your passing to the Foundation to be used in accordance with your wishes.
Real Estate and Retained Life Estates
Real Estate and Retained Life Estates
Gifts of real estate can be made during your life for the tax benefits and then you (or someone you designate) can continue to live/work on the property until a time specified by you or until your passing, providing the Foundation with a valuable gift while still providing for you and/or your heirs. After the agreed upon time, the Foundation can use the property or sell and use the proceeds according to your wishes.
Charitable Lead or Remainder Trusts
Charitable Lead or Remainder Trusts
Charitable trusts are a great way to provide for you and/or heirs while also making a gift to the Foundation. The difference between these two options is when the Foundation receives the gift.
A charitable lead trust is an irrevocable trust designed to provide financial support to the Foundation for a period of time, with the remaining assets eventually going to family members or other beneficiaries. It can potentially provide benefits such as an income tax deductions or estate or gift tax savings on assets ultimately passed to the individuals designated as remainder beneficiaries.
A charitable remainder unitrust is an irrevocable trust that provides an annual income for you or other beneficiaries, with the remaining assets donated to the Foundation at the trust’s end (up to 20 years). Payments are a percentage of the trust’s fair market value, recalculated annually. If the trust’s value increases, payments increase; if it decreases, payments decrease.