A Gift in Your Will or Living Trust

AFTER YOUR LIFETIME

One of the easiest and most popular ways to make an impact at the Ronald McDonald House Charities of Greater Las Vegas is to include a charitable bequest, or gift, in your will or living trust. A bequest allows you to leave a legacy of support for sick children and their families without affecting your cash flow today. In your will or living trust, you can give a percentage of your estate, so that your gift will remain proportionate to the size of your estate, or you can give a certain amount of cash, securities, or property. Either way, your gift allows you to retain full control of your assets now, while ensuring that RMHLV will continue to give strength and support to families far into the future.

Click here to read about what a trust or will is.

In simplest terms, estate planning is the process of preparing for the distribution of your assets on your death. Without estate planning, your assets will pass by your heirs as determined by law, which may be contrary to your wishes. With estate planning, you can ensure that you leave the legacy you intend. The simplest estate plan is a last will and testament (or “will”). A will appoints a personal representative or executor and provides instructions after your demise. It is important to note that although a will provides instructions, if you have only a will in place, your estate will be subject to probate. Probate is the public court process required to transfer certain assets of a decedent, such as real property or bank accounts. There are certain exceptions for the distribution of smaller estates and certain types of assets, so some people need only a will to accomplish a sound estate plan. However, for many, probate is unduly burdensome. Probate can be avoided using a properly funded revocable trust or other estate planning strategy. A revocable trust or living trust may be used to avoid the cost, publicity, court oversight and delay associated with probate. A trust is an agreement between the creator of the trust and the trustee of the trust to hold and distribute certain assets pursuant to the settlor’s instructions for the benefit of one or more beneficiaries of the trust. With a trust, you can create a simple or elaborate plan for the seamless, private and cost effective distribution of your estate.

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How it works

You create a will or trust leaving part of your estate to your family and part to a charitable organization.

Why should you choose a bequest?

A bequest in your will or living trust is:

• Easy. A few sentences in your will or living trust complete the gift.

• Revocable. Generally speaking, until your will or trust goes into effect, you are free to alter your plans.

• Versatile. You can gift a specific item, an amount of money, a gift contingent upon certain events or, most commonly, a percentage of your estate. In fact, your gift can come into play only after all members of your family have been provided for, if you so choose.

• Tax-wise, qualified charitable gifts entitle your estate to an unlimited estate tax charitable deduction for those gifts.

Steps to making your bequest

1. Determine whether you’d like to make a gift of a specific amount or leave a percentage of your estate, and whether you would like to direct your gift to a specific program or leave your gift unrestricted, allowing it to be used for our most pressing needs.

2. Take our bequest language to your estate planning attorney to include in your will or living trust.

3. Contact the Ronald McDonald House Charities of Greater Las Vegas to inform us of your gift so we can thank you and ensure your bequest will be fulfilled in a manner you intend.

For additional legacy planning options, click here

For more information about RMHC’s Planned Giving Program call Alyson McCarthy, Executive Director, 702-252-4663 x 8.