Planned Giving: Leaving Your Legacy by Empowering Tomorrow’s Nurses
Philanthropy can become a powerful too to mentor personal growth, encourage teamwork and increase commitment to responsibility and accountability. By establishing a charitable fund and providing a steady source of income in behalf of your name, you can empower generations of nurses for years to come. By specifying a portion of your assets in your will, you can leave a legacy by staying a positive force in the life of your family and thousands of nurses.
Because the North Dakota Center for Nursing is a 501(c)(3), your financial donations are tax deductible and safeguarded against estate taxes, which is preferable to many families.
Preparing for Planned Giving
The first step in becoming a sustaining North Dakota Center for Nursing donor is to create a valid will. A valid will lets you decide who receives your belongings, keeps your values alive, gives you peace of mind, and can protect your assets against estate taxes. Here are some steps to begin that process:
- Make an inventory of your possessions and decide who you want to receive them. Some items to take into consideration include your home, investments, businesses, personal property, life insurance, and employee benefits.
- If your estate will be sizeable, consult your financial adviser and lawyer for sound advice on decisions about dividing and protecting your assets.
- Determine a trustworthy person to supervise the distribution of your assets according to your will (also known as your executor).
- If necessary, determine a guardian for your minor children.
- Consider establishing a trust to provide a long-term revenue source for your heirs.
- Write an opening statement in your will that reflects your life and values. Other preferences such as end of life decisions and funeral wishes may also be stated in your opening.
- Take this information to an attorney so a valid will can be written.
- Review the drafted will and make a return visit to the attorney for signing.
- Hire a professional. Your will is not valid unless it meets the laws in your state. If your belongings have significant value or your situation is complex, you will want to work with a lawyer who specializes in estate law.
- Update your will after significant life changes including: marriage or divorce, changes in tax law, birth/adoption of a child, relocation to a new state, significant changes in assets, new charitable goals, when a person you’ve named as executor or guardian has a change of situation.
- Be sure to review your will every few years. Keep a signed copy in a fireproof safe or a bank safe deposit box and let your executor know where it is and how to get it.