Charitable trusts – including the Charitable Lead Trust or CLT, and the Charitable Remainder Trust…
This article was provided by Rachel Shaffer-Gersie, Esq., an attorney at Fendrick Morgan, and a member of Samaritan’s Planned Giving Committee, a volunteer group of the region’s leading financial advisors, lending their time and expertise to advance charitable estate planning.
Every person, regardless of your age and your assets, should have a Will. Having a Will in place at the time of your death makes the administration of your estate much easier. A properly drafted Will appoints the person who will handle your estate (an Executor) and it provides clear direction for the administration of your estate and distribution of your assets. Although an estate can be administered without a Will, it often results in the estate administration being more complicated than it needs to be, and sometimes even more expensive. In addition, without a Will, the disposition of your assets is entirely determined by state law and such distribution may not be consistent with your wishes and it certainly will not take your specific family circumstances into account.
If you are the parent of minor children, additional considerations are the appointment of a Guardian for such children in the event of your death and the appointment of a person to hold the inheritance (a Trustee) for the child’s benefit until the child is either legally able to receive the inheritance outright or until such older age that you select.
You may wish to provide for a charitable beneficiary, whether through a specific cash bequest or a percentage of the residuary estate. The only way to accomplish this is for your estate planning documents to specifically provide for such distribution to a charity. Therefore, it is important to ensure that such provisions are in place so that you can be certain that your wishes will be carried out after your death.
When speaking to an estate planning professional, the goal is not to make your estate plan unnecessarily complex, but to ensure that your goals are accomplished. Many people believe that they just need “a simple Will”. However, when you begin to discuss your objectives with an estate planner, there are certain important details about the distribution of your assets that you may have not considered and it is important to flush these considerations out to ensure your Will is flexible with the inevitable changes that occur in life. You may wish to provide a specific amount to grandchildren, friends, or a favorite charity, at the time of your death and these provisions must be properly set forth in your document. Lastly, there could be tax consequences associated with the distribution of your estate and it is important to understand how such taxes may be incurred.
Regardless of how simple or complex your estate plan may be, you should execute a Will to ensure your wishes are properly carried out.
As always, we recommend consulting your trusted personal financial professional advisor. To learn more about how estate plan, ow to include Samaritan in your will or estate plan, special donor recognition accorded through membership in The Legacy Society, and potential advantages of charitable estate planning, please contact Chris Rollins, CFRE at (856) 552-3287 or CRollins@SamaritanNJ.org
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.