Leaving a legacy
While substantial inter vivos charitable gifts many not feasible for some of your clients due to the high cost of housing, education, family obligations and the need to save for retirement, some of these clients may wish to leave an enduring legacy through their estate plans. BCF can work with you and your clients to define and plan their testamentary giving and select the gifting vehicle most appropriate in each circumstance.
Due diligence
Many estate planning attorneys have encountered clients who present a laundry list of desired bequests to charities. The due diligence required to verify the charitable status of each of these potential beneficiaries is time consuming for the estate planner. This due diligence process must be repeated when the time comes to distribute the assets. By gifting through BCF, the estate planner can satisfy the client’s charitable intent and avoid an undue burden on the future executor, administrator, or trustee.
Bequests and beneficiary designations
The most commonly used method for legacy giving are bequests and beneficiary designations (for retirement plans, life insurance, and other assets that pass outside of a will or trust). When the bequest and/or beneficiary designation is revocable, it is more efficient for the estate planning attorney (and more economical for the client) to name a fund at BCF set up in advance by the client for receipt of the asset upon the client’s death. In so doing, the wording in the will or beneficiary designation remains constant, but the client may change the terms of the fund agreement with BCF as often as needed until such time as the agreement is funded.