Estate bequests are an excellent way to leave money to a not for profit.

Recently, Philip Dare left his estate to over 27 not for profits in the Tahoe/Reno region and the Tahoe Club was a fortunate beneficiary. So far the Club has received $45,000 from the Estate and have put that money to one side in the expectation of having to find a new location in the coming years.

If you have wanted to donate during your life, but have not had the funds to be a major donor, allowing a charity to benefit from your estate is ideal as not only is it tax free but can be easily managed by your executor.

You can leave ‘General Bequests’ which just specify the name of the charity and the amount you wish to give, or ‘Specific Bequests’ which name the charity, the amount and what the money can be used for.

What is important is to provide the full name of your chosen charity, such as ‘The Boys and Girls Club of Lake Tahoe’; otherwise the money may just go to the head office rather than the specific Club or Chapter that you intended it for.

If you have family and loves ones that you wish to leave the bulk of your estate to that is not an issue. ‘Residuary Bequests’ give the remainder of your money to a charity once all your families and friends have been provided for. If you are also unsure if your heirs will be alive when you die you can also name a charity as your ‘Contingency Bequest’.

Another option is to bequest a portion of your 401K or IRA to a charity. Similarly life insurance policies and investment accounts will provide you with the option of leaving all or some of the money to a charity of your choice.

Online website like Legal Zoom are a low cost way to formulate a will, or specialized estate managers are also relatively inexpensive.

We hope that you will consider leaving a portion of your estate to a charity and ensure a legacy for your community.