Friday, May 6, 2022 Messenger-Inquirer
ESTATE PLANNING
PLANNED GIVING 101: Make a lasting impact BY ASHTIN WARREN
CHARITABLE GIVING COORDINATOR HOSPICE AND PALLIATIVE CARE OF WESTERN KENTUCKY
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t may sound obvious, but if you haven’t created a will — you need one! Having an up-to-date will facilitates the process of distributing your proper ty and belongings. Without a will, the cour t will make the decisions on your behalf. It is best to have a legal professional create your last will and testament. Hospice of Western KY has several local resources if you need help choosing a financial planner or estate planning attorney. In creating a final will and testament, it is impor tant to
identify your priorities through planned giving. If there is a charitable organization you hold near and dear to your hear t, make sure you distinguish what you want to be left to them as your legacy. There are several benefits of planned giving. By making a planned gift, you not only make a lasting impact on a cause that is impor tant to you, also help to secure the future of the charity you suppor t. An estate plan may of fer tax savings for the donor or the donor’s heirs. Gifts of stock and real estate are two types of planned gifts that can be a real benefit to the donor and the charitable organization. A qualified charitable distribution (QCD) allows individuals who are 70½ years old or older to
donate to qualified non-profit organizations directly from a taxable IRA instead of taking their required minimum distributions. An easy way to make a planned gift is by naming your favorite charity as the beneficiar y of an insurance policy or bank account. Check with a financial planner to see if any of these options might be beneficial to you! Many non-profits like Hospice and Palliative Care of Western Kentucky make it easy to give now, and also in the future. You may choose to do a one-time gift (no gift is too large or too small!), or you could give on a recurring (monthly) basis — which is helpful to those on a limited budget, but who have a big hear t for their charity’s
mission. For example, you might consider giving a monthly gift that costs about the same as a cup or two of cof fee — that adds up and benefits the non-profit receiving it! You can also utilize planned giving to ensure that YOU make the determination of how your assets are distributed — not the cour ts. Please consider naming a gift to Hospice and Palliative Care of Western Kentucky, a 501 (c) (3) organization, in your will or estate plan. If your financial planner or attorney is in need of our EIN, it is: 31-1010160. To learn more about making a legacy or planned gift, please contact our Charitable Giving Coordinator, Ashtin Warren at 270.926.7565.
Contact us: 270-926-7565
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