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Starting Your Legacy Plan: Questions to Consider

By August 21, 2020No Comments

Question #1: Whom do I want to benefit through my giving?

  • Family
  • Friends
  • Church
  • Other charitable causes and organizations

Question #2: When should I start funding my legacy – today or in the future?

  • Benefits of starting today:
    •  Income tax deduction
    • Witness the impact of your gift today
    • Guide adult children on how to manage inherited resources
  • Benefits of delayed giving:
    • Retain access to assets during your lifetime
    • Allow plans to evolve over time

Question #3: What assets do I have?

  • Tax-deferred assets are great for charitable giving
    • Examples: Retirement accounts such as 401(k), 403(b), Traditional IRA
  • Tax-free assets are great gifts for your children or heirs
    • Examples: Bank accounts, certificates of deposit, life insurance, Roth IRA

India Bobadilla
[email protected]