How to Donate to Charity through your Estate

There are several different ways to make a will bequest to a charitable organization. The most basic is the outright, also known as the specific, bequest. This type of bequest is the donation of a certain, predetermined sum of money or a particular item or items of property, such as real estate.

Another way to donate is through a residuary bequest, one in which the remainder of your estate is given to charity after all of your specific bequests have been distributed. This is perfect if you want to both donate to charity and also make sure that your immediate friends and family are taken care of in your will as well.

A third type of bequest is the contingent bequest, which is transferred to another beneficiary if the original beneficiary has deceased. This type of donation is perfect as a back up plan. Even if you’re not 100% committed to leaving some or all of your assets to charity, instead wishing to make sure that your survivors receive the fruit of your life’s work, you can name a charitable organization as a contingent beneficiary. This way, in the unfortunate event that your loved one might not be alive to receive their bequest from you, the bequest would not be put to waste, misused, or squabbled over. Instead, it would go on to benefit a good cause—not just any cause, but the cause of your choice—and thus allowing your legacy to live on.

There are all kinds of assets that can be bequeathed to charity in your will. Aside from cash assets and real estate, you can pledge stocks, mutual funds, and life insurance policies.

In addition to the fulfillment of helping those in need, your charitable bequest brings financial benefits as well. As with most charitable donations, these bequests are tax deductible. By making a will bequest, you can enjoy your assets during your lifetime and also live with the peace of mind that they will benefit others in the future.

You want to make a will bequest to charity, but aren’t sure where to start?

The Volunteers of America of Greater New Orleans would be a great organization to consider for a will bequest to charity. VOAGNO is one of the most diverse, venerable, and deeply rooted charities in the New Orleans area. Touching the lives of over 63,000 needy residents in 16 parishes, a will bequest to this organization allows your legacy to live on right in your own community, helping make the world a better place for your own family and friends. Not sure about all the legal mumbo jumbo required in distinguishing your bequest? No problem. VOAGNO offers tips and templates for crafting the statement of your bequest. For more information, visit voagno.org or call (504) 482-2130.

Personalizing your In Memory Gift

            There are many ways to personalize your In Memory Gift, whether it is for your own living legacy or for someone dear to you whom you would like to honor. In the event that you are creating your own legacy, you can start by deciding who you would like to help. Perhaps you had a close friend who was adopted and you want to help other children who need a family or, maybe someone helped you as a child and you want to be sure that other children have the opportunity to have a mentor as well. In the event that you wish to honor someone you love or admire, the process will be similar. What made this person so special? Which qualities touched you so deeply? Choosing a recipient group is very fulfilling but you should keep in mind that this is simply a choice that is available to you and not a mandatory part of the giving process.

Whether or not you have a specific recipient group in mind, you do have to take stock of what exactly it is that you wish to donate. An In Honor Gift can be incorporated into a loved one’s funeral, for example, by asking for donations in lieu of flowers. Or, on a happier occasion, you might include the same request in birth announcements as well. We all seem to know that person or family who has everything, which makes it near impossible to select a gift on such occasions as birthdays, retirement, anniversaries, and the like. Consider starting an In Honor Campaign in which everyone can participate. The presentation of such a gift not only touches the person being honored but also has the added benefit of helping people who are truly in need of assistance in order to survive.

When planning your gift, keep in mind that the nature of an In Memory or In Honor Gift does not have to be financial. Of course monetary donations are always welcome, but consider that there are also many other choices when making a donation. A good charity should allow you to donate anything from vehicles to property, stocks or mutual funds, to life insurance or volunteer hours. Also remember that the right organization should offer an experienced professional to help cover all the options and assist you with planning and spreading the word. You should be able to structure your gift in such a way that it serves your purposes without becoming overwhelming or stressful.

In Memory and In Honor Gifts through Volunteers of America

            By making your In Memory or In Honor Gift through Volunteers of America Greater New Orleans, you will have the comfort of knowing that their capable staff will be there to guide you each step of the way. VOAGNO has been serving residents of southern Louisiana in 16 parishes for over 100 years, with programs assisting children, families, veterans, seniors, and persons with disabilities. Donations are tax deductible, easy, and secure, and an average of .88 cents of every dollar donated goes directly toward funding for their programs. To learn more about VOAGNO or to get started on your gift today, visit www.voagno or call (504) 482-2130.

Create a Living Legacy: Where to Begin

A good first step is figuring out what you have or would like to donate. Most will think immediately of money since it is, after all, a more traditional means of giving, but there are also many other sound options from which to choose. You might donate a person’s books to an assisted living facility or donate their clothing to a local shelter. You can also donate a loved one’s car to an organization that helps less fortunate people get their lives back on track. Of course a financial donation such as an In Memory Gift will always be welcome at any charitable organization and can be bolstered by requests for friends and family to make a donation in lieu of sending flowers to a funeral.

In the event of a sudden or untimely death that affects many people, a campaign or project in honor of the deceased can do wonders for everyone involved. A grieving mother in California invited her son’s friends to help her build a memorial garden out of a run-down park in the area to honor the memory of her lost son who played there as a child. The project helped them give meaning to their grief while channeling their energy into creating something beautiful for their neighborhood. Everyone who participated agreed that the project helped them feel empowered to make his death stand for something good while having a positive outlet for their sadness.

Donating your time is also a viable choice and one that is often overlooked. In the case of those who are retired and have lost a spouse, the challenge of filling what feels like an enormous hole in their lives can be quite daunting. The need for interpersonal contact is greatly intensified by the loss of a long-time companion and the abrupt, all-encompassing change in lifestyle can be quite overwhelming. If material things are not an issue, donating one’s time can serve as a life raft that helps the volunteer as much as it helps the receiver. In the case of the grieving mother in California, she enlisted the help of anyone who mourned her son’s death to donate their time and pour their grief into a project that improved their neighborhood.

An In Memory Gift doesn’t have to be money and no matter what you donate, the feeling of having turned your grief into something worthwhile is as good a way as any to honor someone’s memory and help yourself heal at the same time.

Making an In Memory Gift in Greater New Orleans

Making an In Memory Gift, whether it is financial or otherwise, is easier than you might realize. With an impeccable reputation and history of giving, Volunteers of America will help you establish your In Memory Gift or In Honor Gift and be there to guide you every step of the way. Since the 1890s, Greater New Orleans Volunteers of America has been providing charitable services to Louisiana in 16 parishes. After Hurricane Katrina, Volunteers of America placed over 20,000 volunteers in and around the affected areas to help rebuild our great city. Call (504) 482-2130 for more information or visit www.voagno.org and select the “Give A Gift” tab to get started, or just read some of their success stories. Gifts can be made online, by phone, fax or mail, and donations can be anything from stocks or mutual funds to a car to volunteer hours. Start your living legacy today!