Leaving behind a LEGACY

By Celeste Edenloff Alexandria Echo Press

If you wanted to donate money, to leave behind a legacy, do you know where to start? Here’s a hint: The Alexandria Area Community Foundation.

According to its executive director, A.J. Koewler, the Alexandria Area Community Foundation exists to connect donors to causes they care about.

“We are here to discuss your goals and create a plan, whether it’s making a donation or creating a fund,” she said. “If you would like to start donating, set up a fund or create a legacy, please reach out to the Alexandria Area Community Foundation. We are here to help reach your philanthropic goals and create a plan with you.”

Through proper planning, the legacy of love and care that you leave for your family and friends can be encouraging and even inspiring, said Koewler.

She provided information about one method that not only could benefit the causes you care most about both now and in the future, but also help to simplify annual and lifetime charitable giving.

Koewler also provided four steps to a good estate plan:

Write down what is important. The first step in the estate planning process is to gather information about yourself, your loved ones and the property that you own. You can use this planning guide to collect that information so that you leave the right assets to the right people in the right way.

Speak with an attorney. Talk to a knowledgeable estate planning attorney who can prepare the necessary legal documents, such as a will, trust or medical directive.

Understand your plan. A good plan will promptly transfer your property to beneficiaries you select. Property can be transferred by a will or trust, a deed or beneficiary designation. You should review your plan with your attorney so that

It’s called a donor advised fund. With a donor advised fund, you can make gifts to charity during your lifetime and when you pass away, your children can carry on your legacy of giving.

Here are some benefits of a donor advised fund:

► Establish a flexible vehicle for annual charitable giving

► Benefit from a more taxand cost-efficient alternative to a private foundation

► Receive an estate tax deduction and savings from your gift

► Obtain a charitable income tax deduction in the year of your gift

There are four steps to making a donor advised fund work.

1. You make an initial, irrevocable gift of cash or stock to fund a DAF at CommunityGiving or one of its partner foundations.

2. The assets in your DAF grow tax-free.

3. You make annual recommendations on gifts to be made from your DAF.

4. When you pass away, your children may recommend charitable gifts from your DAF.

A donor advised fund has several advantages when compared to a private foundation. The start-up time and cost are minimal and gifts are generally deductible at fair market value. A donor advised fund is also not subject to the distribution requirements and certain excise taxes faced by private foundations.

you understand it and are confident it reflects your priorities. Sign your documents. Your plan is not effective until you sign your estate documents. Some states require that you sign your documents in the presence of one or more witnesses or a notary. Your attorney understands these requirements and can help you with this part of the process.