Bequests: Gifts Made Through Your Living Will or Trust
You can
join supporters who have made the thoughtful
decision to support Meals on Wheels of Jefferson
County through their estate plans. Making these
plans means that the services and programs that
you have supported in your lifetime will
continue to touch the thousands of seniors for
years to come. It means you have a choice as to
how your assets will be used, well into the
future.
Naming Meals on Wheels of Jefferson County in Your Will:
You can make a gift to Meals on Wheels of Jefferson County in your will by designating a specific dollar amount, a percentage of the estate, or a percentage of the remaining part of the estate (residual) after other distributions are made. You can make this decision at any time. If you do not have a will written yet, or have not reviewed it lately, these are excellent reasons to create or modify your will and discuss this potential sample language with your attorney:
“I give, bequeath, and devise (all or ____ percent of) the rest, residue and remainder of the property, both real and personal, wherever situated, which I may own or be entitled to at my death, to Meals On Wheels of Jefferson County to be used for its general purposes.”
Ways to Leave a Bequest Without a Will or Trust
Many charitable people wish to create a legacy for Meals on Wheels of Jefferson County but have no interest in writing a will or a trust. (These options can still be considered if one does have a will or a trust.) There are three ways that this can be achieved:
name Meals on Wheels of
Jefferson County as a
beneficiary of a retirement
fund
name Meals on Wheels of
Jefferson County as a
beneficiary of an insurance
policy, or
name Meals on Wheels of
Jefferson County as
successor to your bank or
investment account
Retirement
Funds
You
can create a legacy by naming Meals on
Wheels of Jefferson County as a
beneficiary or contingent beneficiary of
an IRA, 401(k) Keogh account, or other
retirement plan. When a retirement
account is left to a charity, the
organization does not pay the income tax
otherwise due if left to a friend or
family member. For very high net worth
individuals, assets in these accounts
may also be subject to taxes. You can
make such a gift by completing a change
of beneficiary form. There should be no
fees involved, and it does not require
any work on the part of an accountant or
attorney.
Life
insurance may be used to create a legacy
by naming Meals on Wheels of Jefferson
County as a beneficiary or contingent
beneficiary of the policy. This
requires that you complete a change of
beneficiary form with the insurance
company. You do not have to work with
an attorney or accountant, nor are any
fees involved to arrange such a gift.
If you name Meals on Wheels of Jefferson
County as a beneficiary, you can change
your mind at any time by updating the
change of beneficiary form.
You may name Meals on Wheels of Jefferson County as successor to your bank or investment account in most states. The arrangement is known as Transfer-on-Death/Payable-on-Death or TOD/POD. This requires that you complete a form directly with your financial institution. You do not have to work with an attorney or accountant, nor are any fees involved to arrange such a gift. TOD/POD gifts are completely revocable. You can change your mind at any time by filling out a new form.
MEALS ON WHEELS OF JEFFERSON COUNTY is a 501 (c) (3) agency, all contributions are tax-deductible.
For questions regarding contributions please call (304) 725-1601, or email mowjc@outlook.com