Factors in Planning
One very important aspect of planning for the future is to take time to consider your overall financial and estate plans. Many people never get around to making a will or other estate plan, for example, and that’s a real shame because so many good things can come out of the planning process — not the least of which is your own peace of mind.
If you are ready to consider making or reviewing your estate plan, consider using the four “P’s” as a simple guide. Before going to visit your attorney and/or other professional advisor, take time to list the following:
Who are all the people in your life who depend on you or whom you might want to remember in your plans? Spouse, children, grandchildren, other relatives, friends and loved ones come to mind.
What are the various properties you own that together make up your estate? List real estate, insurance, annuities, mortgages held, automobiles, furniture, etc. Make a note of the cost of each, the estimated current value and any income or debt involved.
How would you like to match your properties to the people you have listed? Be sure to include any plans you have to remember your charitable interests, such as Open Door Mission.
Who are the people you will need to talk with to complete your plan? Remember to list your attorney, insurance agent, broker, trust officer, certified financial planner and perhaps others.
How Can I…?
This summary chart will give you a quick overview of many of the planned giving options available to you. Another page to consider if you are exploring Planned Giving for the first time is our Planned Giving factors. Please keep in mind that your individual circumstances need to be considered before taking any action. As with all tax and estate planning, please consult your attorney or estate specialist.
A primary question to consider first is have you made out a will?
If you have not yet written a will, regardless of your charitable intent, please consider this.