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  • 815 South Utica Avenue, Tulsa, OK 74104
  • 918.584.8607
  • 815 South Utica Avenue, Tulsa, OK
  • 918.584.8607

What are Planned Gifts?

Planned gifts are a variety of charitable giving methods that allow you to express your personal values by merging your family, financial, and charitable goals. Planned gifts can be made with cash, but many are made by donating assets such as stocks, real estate, art pieces, or business interests—there are multiple possibilities. Planned gifts can provide valuable tax benefits and/or lifetime income for you, your spouse or other loved ones. The most frequently-made planned gifts are bequests to charities, made through your will. Other popular planned gifts include charitable trusts and charitable gift annuities.
Making a planned gift usually requires the assistance of the charity’s development professional and/or a knowledgeable advisor such as an attorney, financial planner, or CPA to help structure the gift.

A misconception is that giving through your estate is only for the “wealthy.” The truth is, even people of modest means can make a difference through planning.
Gifts can also be made to The Center when a donor designates The Center as the beneficiary on their life insurance, IRA, or Pension Plan.
Below is language that can be used when making a bequest to The Center:

 

Unrestricted Bequest
“I give devise and bequest to (organization name), (state: ” % of my estate”, “the sum of _____” or “the residue of my estate”) under this will after the deduction of all debts, funeral expenses, and administration expenses, but before the deduction of any death, inheritance or estate taxes, it being my intention to exonerate this bequest from contributing to the payment of any such taxes.”

Additional Ways to Give:

Securities
Stock that increased in value is one of the most popular assets used for charitable giving. Once the stock has been held for more than one year, it can be gifted.

Retirement Plan Assets
Funds in an employee retirement plan, IRA or tax-sheltered annuity contain income that has yet to be taxed. Your beneficiaries will owe the income tax at your death, sometimes as much as 35%. This may be a reason to provide your loved ones less heavily taxed assets and leaving your retirement plan to charity instead.

Real Estate
Your property provides a unique giving opportunity. Many types of real estate can be donated to charity while enjoying tax benefits and potentially setting up a lifetime of income.

Closely Held Stock
A gift of closely held stock can provide a way to make a sizable contribution while providing a valuable tax benefit.

Life Insurance
The need for life insurance changes over time, providing an opportunity for its use a charitable gift. If you no longer need the coverage to protect your loved ones, consider changing the policy’s beneficiary to support the work of charity.

Planning for Women
Today’s women represent a powerful financial force. Today’s women are accumulating, managing, and distributing more wealth than ever before. For this reason it is important that every woman take control of her long-range financial and estate plans in order to ensure security for herself and her loved ones.
Modern women live longer than men, participate in the workforce in greater numbers, and control more than half of the wealth in America.
Because of these reasons, a will, trust or other estate planning document can be critical to making sure their wishes are carried out for the final distribution of their assets.
Four Steps to Creating Your Will:

  1. The Basics: start by getting yourself organized. Determine your objectives, the value of your property, inventory of your major assets, estimate of outstanding debts, and a list of family members and other beneficiaries to whom you want to pass assets.
  2. The Choice: if you have minor children or an adult child, a parent, or a spouse with special needs who is your dependent, you have to think about who will care for them when you are gone. Talk to your proposed guardian ahead of time about what you expect of them, and understand that if do not name a guardian, the courts will make the choice for you.
  3. The Executor: your executor undertakes such responsibilities as notifying all interested parties and agencies of your death, paying creditors and outstanding taxes, and distributing your assets according to your will. Without a will or executor, the courts will appoint one for you.
  4. The Professional: to make sure that you have taken care of heirs properly, seek the counsel of an estate planning professional to help you record your wishes in a legally sound will document.

For more information about how to start the planning process, or if you have questions, please contact Lori Long, Executive Director, at llong@tulsacenter.org or 918-794-4509.

This information is not intended as legal, tax or accounting advice. For tax advice, please consult your financial professional.

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