Often, we’re inclined to assume that a new way of doing things is better than the old way. But sometimes the old way – tried and true – still works best. A charitable bequest – a contribution in your will or estate plan – remains a powerful and flexible way for you to support charitable organizations like Grinnell College.
You have great flexibility in structuring your charitable bequest. For example, you can name Grinnell College to receive a specific amount or a specific asset such as a piece of real estate or work of art. Or you can provide that Grinnell College is to receive your contribution only if your heirs are taken care of first. Another possibility is to leave something to Grinnell but only after all other gifts and estate administration expenses have been paid.
One of the distinct advantages of a charitable bequest is that you keep control of your assets for as long as you choose. If your circumstances change, you can easily change or even revoke your gift if need be.
There are several ways to include a charitable bequest as part of your estate plan. If you are just starting to work on your will or trust, ask your advisor to include a contribution to Grinnell. If you already have a plan in place, you can add a contribution to Grinnell with an amendment to your will or trust. Or you may wish to take advantage of the opportunity to name Grinnell College as a beneficiary of your bank, investment, or other financial accounts. Naming Grinnell as the beneficiary of your IRA or other qualified retirement plan can be especially tax savvy because it avoids the income taxes that will be due if you leave these assets to your heirs.
To learn how an old-fashioned charitable bequest could be a great way for you to make a contribution to Grinnell College please contact Buddy Boulton, Director of Planned Giving at 866-850-1846 or PG@grinnell.edu for more information. We welcome the opportunity to help you.