It’s imperative to make sure your affairs are in order. If you don’t, someone else surely will. Therefore, no matter your financial worth, having an estate plan is vital in ensuring your assets are properly cared for—with your goals in mind.
A basic estate plan includes a will, a power of attorney, and a living will or health-care proxy. Likewise, don’t neglect to take stock of assets such as retirement savings, insurance policies, and other personal investments. Whom do you trust to handle your finances? Who will receive your inheritance? Whom will you confide in to make important medical decisions regarding your care? Now is the time to establish a plan to protect the interests of both you and your loved ones. Don’t leave your future to chance. Make sure your plan is in place and you’ve discussed it with those most important to you.
Whatever the beginning point—a birthday, an anniversary, or a weekend at the cottage—pick a date and have the talk. Share with your loved ones your hopes and concerns for your future and encourage them to join you on your unique decision-making journey. Read below to get started and protect your estate from costly court fees and unnecessary state taxes.
When planning your estate, consider the financial benefits of planned giving. It gives you the opportunity to make charitable gifts now or after your lifetime.
Planned gifts are sometimes referred to as "stop-and-think" gifts because they require some planning and, often, help from your professional advisors. Unlike cash donations, they are typically made from assets in your estate rather than disposable income, and come to fruition upon your death.
The most common planned gift is to make a bequest in your will or living trust. Other planned gifts include:
A Charitable Gift Annuity
Involves a simple contract between you and Presbyterian Senior Living (PSL) where you agree to make a gift to PSL or one of its communities and we, in return, agree to pay you (and someone else, if you choose) a fixed amount each year for the rest of your life.
A Charitable Remainder Trust
Provides you or another named individual income each year for life or a period not exceeding 20 years from assets you give to the trust you create.
An Endowed Gift
Can create a new endowment or add to an existing endowment. The principal of the endowment is invested and a portion of the principal’s earnings are used each year to support a specific project related to the PSL mission.
A Charitable Bequest
One or two sentences in your will or living trust that leave to Presbyterian Senior Living or one of its communities a specific item, an amount of money, a gift contingent upon certain events or a percentage of your estate.
A Beneficiary Designation
Clearly identifies how specific assets will be distributed after your death. Just name Presbyterian Senior Living or one of its communities as a beneficiary to receive assets such as retirement plans and life insurance policies after you're gone. You simply fill out a form that is entirely separate from your will—which makes this approach an easy way to give. Not only is it an easy way to give, but it's also flexible—you aren't locked into the choices you make today. You can review and adjust beneficiary designations anytime you want.
Retirement Plan Assets
The full value of your IRA, 401(k), 403(b) or other qualified plans is subject to federal and state estate taxes at your death and the distributions from these accounts are subject to federal and applicable state income taxes. Instead, consider naming Presbyterian Senior Living or one of its communities as a beneficiary of all or a portion of your plan.
All donors who make Presbyterian Senior Living aware of their intentions to make a planned gift may become a member of one of our Legacy Clubs. Our Legacy Clubs include: