3 Common Planned Giving Myths, Busted
If you hear “planned giving” or “legacy giving” and think it is for people older or wealthier than you—or that it is just too confusing—check out these common myths and the truths behind them.
First, What Is Planned Giving?
Planned giving is a way to support charitable organizations, like Manhattan School of Music, by making gifts using your estate. This could include a gift in your will, or by designating your retirement plan assets as a charitable gift. This type of support requires some planning but may offer tax benefits. Most take effect in the future as a final way to leave your legacy (and therefore do not affect today’s finances).
Myth 1: My estate has to be large to make an impact.
Truth: By including MSM in your estate plan for any amount, you make a lasting impact and a tremendous difference. Your estate may be larger than you think. Non-cash assets, like insurance policies and stocks, are often a significant part of your wealth.
Myth 2: I am too young to think about making a will.
Truth: If you have a property (even a car), you have an estate. Documenting your wishes in a will is an important step at any stage of your life. A will ensures that your intentions are carried out and it can help establish a plan to receive the best tax benefits for your assets. Most importantly, if you have loved ones who depend on you, your estate plan can protect their future.
Myth 3: Estate planning is only about distributing my assets.
Truth: Yes, your assets are accounted for, but your estate is also a reflection of your values. You can use it to give to charitable causes, such as Manhattan School of Music, and you can pass down life experiences and memories by recording your wishes.
In addition, your estate plan should describe what you would like to happen in the event you are unable to make medical decisions or take care of your finances. It is the full picture of your wishes and your life’s work.
Use Your Estate to Impact Others
If you would like to speak in confidence about your opportunities to support Manhattan School of Music through your estate plan, please contact Susan Madden at 917-493-4115 or email@example.com. We would be happy to talk to you at no obligation.
Information contained herein was accurate at the time of posting. The information on this website is not intended as legal or tax advice. For such advice, please consult an attorney or tax advisor. Figures cited in any examples are for illustrative purposes only. References to tax rates include federal taxes only and are subject to change. State law may further impact your individual results. California residents: Annuities are subject to regulation by the State of California. Payments under such agreements, however, are not protected or otherwise guaranteed by any government agency or the California Life and Health Insurance Guarantee Association. Oklahoma residents: A charitable gift annuity is not regulated by the Oklahoma Insurance Department and is not protected by a guaranty association affiliated with the Oklahoma Insurance Department. South Dakota residents: Charitable gift annuities are not regulated by and are not under the jurisdiction of the South Dakota Division of Insurance. A copy of our most recently filed financial report is available from the Charities Registry on the New York State Attorney General’s website (www.charitiesnys.com) or, upon request, by contacting the New York State Attorney General, Charities Bureau, 28 Liberty Street, New York, NY 10005, or us at 130 Claremont Ave., New York, NY 10027. You also may obtain information on charitable organizations from the New York State Office of the Attorney General at www.charitiesnys.com or (212) 416-8401.