Charitable trusts – including the Charitable Lead Trust or CLT, and the Charitable Remainder Trust…
by T. Christian Rollins, MBA, CFRE, Chief Development Officer,
Samaritan Healthcare & Hospice
Your will is the cornerstone of a solid estate plan. Through this simple yet versatile document, you can appoint an executor of your estate, name a guardian for your children, transfer assets to your heirs, minimize taxes, and contribute to your favorite charity.
Passing away without a will usually means that the state will decide how your estate is distributed. A will is the only way to ensure that your wishes are carried out. Your will can, and should be updated from time to time. Certain life events – marriage, inheritance, the birth of children or grandchildren, retirement, the passing of a spouse, or the sale of a business, for example – warrant a review and probable revision of your will and estate plan.
Your will is also an advantageous way to support Samaritan; allowing you to leave a lasting legacy, at virtually no cost during your lifetime, and earn recognition now for your charitable intentions. Including a charitable gift in your will is easy. The following four types of bequests make a gift to Samaritan Healthcare & Hospice simple and effective:
“I give, devise, and bequeath to Samaritan Healthcare & Hospice, a not-for-profit corporation of the State of New Jersey, located at 5 Eves Drive, Suite 300, Marlton, NJ 08053 (EIN# 22-2344036) ___% of my estate.”
“I give, devise, and bequeath to Samaritan Healthcare & Hospice, a not-for-profit corporation of the state of New Jersey, located at 5 Eves Drive, Suite 300, Marlton, NJ 08053 (EIN# 22-2344036), (Choose one) 1)The sum of $___________ 2)_______shares of stock in _______________Company.”, or 3)my real property commonly known as ___________________.
“I give, devise, and bequeath to Samaritan Healthcare & Hospice (EIN# 22-2344036), a not-for-profit corporation of the State of New Jersey, located at 5 Eves Drive, Suite 300, Marlton, NJ 08053, all the residue of my estate, including real personal property.”
“In the event of the death of any of the beneficiaries, I give, devise, and bequeath to Samaritan Healthcare & Hospice, a not-for-profit corporation of the State of New Jersey, located at 5 Eves Drive, Suite 300, Marlton, NJ 08053 (EIN# 22-2344036), (percentage, specific, or residual language as above).”
You may also elect to direct your bequest to benefit a particular program, service, or facility. To discuss how to place such a temporary restriction on your bequest – or to learn more about special donor recognition accorded through membership in The Legacy Society, or additional advantages of charitable estate planning, please contact Chris Rollins, CFRE, at (856) 552-3287 or CRollins@SamaritanNJ.org.
Samaritan’s Planned Giving efforts are guided by our Planned Giving Committee, a volunteer group of the region’s leading financial professionals, lending their time and expertise to help advance our charitable mission.
This article was written by Melissa Osorio Dibble, Esquire, an Attorney at Archer & Greiner, P.C., and a member of Samaritan’s Planned Giving Committee, a volunteer group of the region’s leading financial professionals, lending their expertise to guide our charitable estate planning efforts.
No one likes talking about death.
No one likes thinking about death.
However, planning for your death — an inevitable event for all of us — can be one of the simplest ways to control the disposition of your assets after you pass. A good estate plan can also work to reduce taxes due at the time of death, while also allowing you to make meaningful charitable contributions.
Employ a Professional
While in many states you can handwrite a Will, or even type out your Will on an iPad; to avoid any ambiguity as to your final wishes, and to prevent litigation, it is recommended that you seek professional assistance in creating your estate plan. Further, you should find a practitioner who is licensed to practice in the state in which you currently reside.
There has been a growing trend towards using internet services and “do-it-yourself” kits that provide general forms and templates for Wills and other legal documents. These forms can be dangerous as they are a one-size fits all approach to estate planning – a matter which requires personalization.
Commonly Litigated Issues as to Charitable Bequests
Litigation has arisen in the interpretation, construction, and implementation of charitable gifts in the following scenarios:
By enlisting a professional and avoiding some of these common pitfalls, you can make a gift to charity that has a lasting impact.
To learn more about including Samaritan in your Will or estate plan, please contact Chief Development Officer Chris Rollins, CFRE at (856) 552-3287.