October: National Estate Planning Awareness Month
October is National Estate Planning Awareness Month—a time to consider the importance of planning for the future. Legacy giving is a vital part of estate planning, ensuring that your assets are distributed according to your wishes. Look ahead another ten, twenty, thirty, or forty years down the road. Are the causes you care about still being supported, uplifted, and moved forward? With planned giving, you can ensure that’s the case. When you remember the community foundation in your estate plan, you are making a decision to support your charitable goals for years to come. Such a gift allows you to preserve your family name, honor loved ones, provide for heirs, minimize your tax burden, and most importantly, make significant contributions to our community that may not have been possible during your lifetime.
Why is Estate Planning Important?
- Ensures your legacy reflects your wishes
- Provides peace of mind for you and your loved ones
- Can benefit your favorite charities, causes, and programs
When should I include the gift in my estate plan?
Any time you are drafting or changing your will or estate plan, you will want to consider charitable gifts. Your financial or legal advisor can provide guidance related to your personal estate, beneficiaries, income goals, taxes, and other considerations. In addition, you may find it simpler to designate the Community Foundation as a beneficiary to your 401 (k), IRA or life insurance policy. When you notify us of your intentions, you automatically become a member of the Legacy Society.
What is the Legacy Society?
The Legacy Society is a group of individuals and couples who have named the Community Foundation as the beneficiary of any type of planned or deferred gift. The purpose of the society is to acknowledge and thank those who have made these gifts and to encourage and inspire others to do the same.
Who joins the Legacy Society?
Members of the Legacy Society have a few things in common. They have worked hard, saved wisely, and invested well. They understand the power of endowment and know that the assets they leave to the community will continue to grow, supporting good work for generations to come. Most importantly, they love Otsego County and want to see it thrive forever.
How do I plan a legacy gift?
Call your estate advisors, talk to us, or consult with both. We provide confidential philanthropic services to prospective donors and their advisors, without pressure or obligation. Making a legacy gift is easy:
- Make a beneficiary designation or include the Community Foundation in your estate plan.
- Notify us of your intentions so we can invite you to be a member of our Legacy Society.
- Upon your death, we carry out your charitable intentions and handle all administrative tasks
What assets should I give?
Your professional advisor can recommend your most tax-advantaged assets anytime you make a charitable gift. Most people choose to give stocks, real estate, and other highly appreciated assets during their lifetime and designate 401(k), IRA, and other retirement assets upon their death.
Must I give a large portion of my estate to join the Legacy Society?
Planned giving does not require a large income or vast estate, but only a thoughtful intention to make a difference in our community. We value and appreciate all gifts, and believe that the best gift is one that’s right for the donor.
Here is what some of our Legacy Society Members have to say about their decision to make the OCF a part of their estate planning.
“Why am I a member of the Otsego Community Foundation Legacy Society? That is a very easy answer: Love for this amazing community. My family has lived in Gaylord for 6 generations, and I want wonderful things to happen to the generations that follow me. I have complete trust in the leadership and knowledge of the OCF and know that my legacy will help shape a future that is strong and bright.”
—Hans and Dolores (Dee) Kuehlenthal, Legacy Society Members
“My Dad, Ford Wagar, was pretty frugal and like the saying goes, the apple doesn’t fall far from the tree. Giving back to the community has never been a problem. We always gave to the cause, with our time and money but never the “BIG” money. That frugal upbringing, always suggesting, “save your money for a rainy day” and we did just that. Following that game plan has paid off and now I have the resources available to accomplish two goals, to give back to the community and be remembered.”
—Tom Wager, Legacy Society Member
Want to learn more?
Contact Amanda Sosa to discuss planned giving options. Amanda can be reached by phone at 989-731-0597 or email at amanda@otsegofoundation.org.