Planning Your Estate to Provide a Living Legacy

By Cathy Wilson, CFP, AIF

We all love the Queens and hope that the program can continue to operate long after we are all gone. We have a rich history of determination and generosity. Our mission is to assist the Queens program with vital support now and in the future. One of the ways for you to help ensure its longevity is by providing resources through estate planning. There are many estate planning tools that would allow you to include the Hutcherson Flying Queens Foundation, an independent 501(c) (3) non-profit organization, in your estate planning.

Important tax considerations make charitable gifts, such as those to the Flying Queens Foundation, an essential part of any estate plan. Consider some of the ideas below when you are planning your estate and/or tax planning.

  1. Beneficiary Designations on Retirement Plans and IRAs. If you do not need your Required Minimum Distribution, consider doing a Qualified Charitable Distribution directly to the foundation.
  2. You can leave a bequest in your Will.
  3. Gift of life insurance.
  4. Gift of appreciated stock or land, etc.
  5. There are several different kinds of trusts that you can establish that could give you tax deductions, pay little or no capital gains tax and give you income for life.
  6. The Cares Act allows taxpayers, who take the standard deduction rather than itemizing deductions, to claim a deduction of up to $300.00 for cash donations. This will be on your 2020 tax returns.
  7. For those of you who do itemize your deductions, the new law allows for cash contributions to be deducted up to 100% of your adjusted gross income for the 2020 calendar year.

As you can see above, there are many estate planning tools that could provide you with a Win/Win situation. You can help the Queens and help yourself. When consulting with your professional advisors, remember to ask about including the Hutcherson Flying Queens Foundation in your estate planning. Perhaps even taking this newsletter with you and asking if any of these options would benefit you.  State laws vary, so you should seek advice from your Attorney, CPA or Financial Advisor to make sure your plan accomplishes your goals.

(This article is written for educational purposes and we encourage you to consult with your financial professionals.)

C.S. Wilson & Associates, Inc. is an independent wealth building, estate planning firm that has been serving its clients since 1985. Cathy Wilson, the owner of the business, is a Certified Financial Planner and an Accredited Investment Fiduciary.

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