When you consider creating an estate plan or will, your first thought might be how those plans will protect your assets or provide for your loved ones after you’re gone. But if charitable giving has been an important value in your life, you may also wish to create a legacy for the causes that matter to you.
A bequest is one of the most popular and flexible ways to support the Church or other charitable organizations.
With a bequest, you can leave a percentage of your estate or a designated amount of cash, stock or property to one or more beneficiaries. Because this gift takes effect only after your lifetime, you retain the freedom to update or amend it. Establishing a bequest today also does not jeopardize your ability to rely on retirement savings should your financial situation change.
You can also designate charitable organizations as beneficiaries of retirement accounts, IRAs, life insurance policies, donor-advised funds or commercial annuities, or allocate a portion of those assets to charitable causes.
Estate planning doesn’t have to be confusing or stressful. By focusing on the legacy you hope to leave — the goals, needs and dreams you have for your family and the causes you support — you can clarify your priorities and make the process easier.
In many cases, a charitable bequest can also reduce the tax burden on your estate while helping ensure that the organizations you care about continue their mission. Whether supporting your local parish, Catholic education or other charitable works, a planned gift can extend the impact of your generosity for years to come.
For more resources, visit kofc.org/familyfinance.
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JOHN A. MARRELLA is the supreme secretary of the Knights of Columbus and a member of Trinity Council 5467 in Woodbridge, Conn.
*Knights of Columbus and its agents and affiliates are not authorized to provide estate planning, financial planning, legal or tax advice.








