Charitable Bequest Benefits
What Are The Benefits of Charitable Bequests?
- You Can Make Your Ultimate Gift
Bequests allow many individuals to make much larger gifts than they could during their lifetimes. This is particularly appealing to donors who want to accomplish a certain purpose with their giving.
- You Can Honor or Memorialize a Loved One
Bequests can provide the opportunity to honor or memorialize a loved one.
- You Enhance the Value of Your Estate
Bequests enable savvy donors to avoid federal and state estate taxes. As with other financial decisions, it is important to consult legal counsel to maximize the benefits of your estate planning.
- You Can Demonstrate Your Values For Your Children and Heirs
Bequests to Millikin University are a way of communicating your values; of saying, "This is important to me."
- You Determine the Legacy You Leave Behind
Bequests allow you to decide what your legacy will be and the kind of impact you have on the future. You can earmark your bequest for scholarships, programs, faculty, equipment, facilities, or simply for use where most needed. But whatever you choose, you'll have the satisfaction of knowing that your gift will live on, providing help to Millikin University and its students for years to come. Just as you wanted. Just as you planned.
Bequests Keep You In Control
According to a study commissioned by the National Committee on Planned Giving, 8% of Americans have already earmarked money for charities in their wills or created another type of planned gift. And one out of four people surveyed (25%) plan to add a charitable bequest to their wills.
One of the study's most interesting findings is that bequests and planned gifts are arranged by people of all ages. In fact, more than 40% of people whose wills contain charitable provisions are younger than 55.
Bequests enable donors to maintain ultimate control of their assets. To understand how this works, it may be helpful to think of your assets as two types of individual capital: personal capital and social capital. Personal capital is the portion of your estate that you control and can pass along as you wish to your designated heirs. Social capital is the portion of your estate that will be paid in taxes, unless you direct it to charitable giving.
With a charitable bequest in place, you retain control of your social capital. Instead of your hard-earned assets going to the government, which will use your money as it sees fit, you get to decide how your money will be spent, what it will accomplish, and who will administer your funds. You can then be confident that your assets will be managed effectively and used exactly as you direct.
Please note, individual financial circumstances will vary. The information on this site does not constitute legal or tax advice. Donor stories and photographs are used with permission and are for purposes of illustration only. As with all tax and estate planning, please consult your attorney or estate specialist. All material is copyrighted and is for viewing purposes only. Use of this site signifies your agreement with the terms of the privacy statement. The content in this Planned Giving section has been developed for Millikin University by Future Focus. Please report any problems to webmaster.