Legacy
Can “Regular People” Be Philanthropists? It's a common mistake to think that only wealthy people leave money to their church, Fellowship, or a charity when they die. The reality is that most bequests are made by ordinary, hardworking people who want to make a positive difference to their community and to other people's lives after they've gone. And what better way to make a positive difference than to align your legacy with the UUFES mission: Nurture the spirit. Take care of each other. Champion justice. Please consider including a bequest to UUFES when you make – or revise – your will.
Who Needs a Will? However ample or modest your assets, you need a will so that you – rather than a state probate court – are in charge of how things are divvied up after your lifetime. For instance, did you know that under some states’ laws, if you die “intestate” (meaning “without a will”) and are survived by your spouse and one or both of your parents, your estate may be split among them, rather than passing fully to your spouse? This is just one example of how state laws may differ from your preferences. Laws vary considerably from state to state; a qualified lawyer will be able to guide you. It pays to have a will! If you already have a will, it is wise to review it from time to time, to ensure it remains relevant to your current situation.
How Would I Go About Setting up a Bequest? For a good will, you really do need an attorney. If you don’t have an attorney already, ask trusted friends or relatives for a word-of-mouth referral to an attorney who practices in the state of your primary residence. Your attorney will need to know UUFES’s full legal name, to spell it out properly in your will. It is “Unitarian Universalist Fellowship of the Eastern Slopes.” Click here for precise language to print out and share with your attorney. If you already have a will and want to add a bequest to UUFES, you may ask your attorney to prepare a simple addendum called a codicil. This is easier (hence more economical) than having your attorney revise your entire will. Be sure to give the attorney this handout containing sample language.
Are There Other Ways to Leave a Legacy, Other Than My Will? Even simpler and quicker than writing a will (though you should do that, for your own sake) is to name UUFES as a beneficiary of your existing account in a donor advised fund, a retirement plan, an IRA (Individual Retirement Account), or a life insurance policy. It’s easy to put this arrangement in place; no lawyer is needed. Just request a new beneficiary form from the institution that holds your account, insurance policy, etc. Fill out the form, indicating whether you’d like UUFES to receive the full account value or a percentage share. Remember to spell UUFES’s legal name out in full: Unitarian Universalist Fellowship of the Eastern Slopes, located in Tamworth, NH. Should UUFES’s tax ID be required, it is: 30-0313573
IRAs (Individual Retirement Accounts) Are Especially Well Suited for Charity Leaving your IRA to UUFES exempts it from taxation, whereas if you name your heirs as beneficiaries, the income tax that has been deferred all these years will be deducted upon your death. And if your estate is subject to estate tax, that will take another chunk out of your heirs’ share. So if you want to leave a charitable legacy, it’s particularly tax-wise to do so via your IRA. IRA giving is also possible during your lifetime, once you’ve reached the age of 70 ½. If you don’t need your full required distribution, you can use up to $105,000 a year of it as a pre-tax “charitable checkbook,” so long as you steer the withdrawals straight from your banking institution to UUFES, without first depositing the funds into your personal bank account. Using your IRA for charitable gifts is doubly advantageous, since the gifts count toward your required minimum distribution, yet they are not taxed as they would be if you were to withdraw them for your own use. Also, IRA charitable giving reduces the funds left in the account at the end of your lifetime, which are subject to both income tax and estate tax. For more instructions on this lifetime IRA giving option, click the button above.
For the Financial Aficionados You can tap into even more sophisticated gift planning options, such as charitable trusts and gift annuities, thanks to our Fellowship’s membership in the UUA (Unitarian Universalist Association). Click the button above to read more about these, on the UUA’s website.
Spread the Idea Once you’ve solidified your legacy plans, you may, if you’d like, take the further step of joining UUFES’s Legacy Society. This is simply a group of people willing to go on record as having made provisions for our Fellowship in their will, IRA, retirement plan, life insurance policy, or other such vehicle. Growing the ranks of The Legacy Society will encourage others to do as you’ve done. You needn’t share specifics about your gift unless you’re comfortable doing so. Click the button above to review the Letter of Intent form.
Don’t Have Time for All all this Planning? The Government Will Decide for You Without a will, your assets will be parceled out without any regard to your wishes; a probate court will use a pre-determined legal formula to decide who gets what. Amazingly, about 60 percent of Americans die “intestate” (without a will), meaning probate courts step in. Whether or not you consider yourself “wealthy,” take control of what happens with your estate by getting your will done as soon as possible, and then reviewing it periodically. Having a will is the only way to ensure that your legacy aligns with your values.