Planned Giving 101

This October, we broke down aspects of planned giving for the Waterloo community. We've put those aspects into easily digestible and doable terms. Keep reading to explore planned giving with us.

Let's start with the basic definitions of important words to know when discussing estate planning.

ESTATE PLANNING

The process of understanding how you want your assets to be handled once you've passed, or when you can't hand items on your own. Estate plans, at minimum, include will/trust, power of attorney, guardianship statuses, advanced healthcare directives, and beneficiary designations.

Also known as legacy planning and giving.

ASSETS

Next, let's explore each item typically included in an estate plan.

WILL/TRUST

Wills ensure your property is distributed according to an individual's wishes. A will/trust is an overarching document that is consistent with how you have named the assets that are distributed outside the will (retirement account, etc.)

POWER OF ATTORNEY

GUARDIANSHIP STATUSES

ADVANCED HEALTHCARE DIRECTIVES

BENEFICIARY DESIGNATIONS

Now that we know the main items in an estate plan, why are estate planning and legacy giving important?

CONTROL YOUR WISHES

Most importantly, your estate plan states your wishes for any assets you leave behind. Whether you are planning a financial contribution to your favorite nonprofit or deciding your asset distributions amongst your loved ones, estate planning keeps you in control of your wishes.

As this is YOUR plan, you can customize the intent of your gift and determine how organizations plan to use these dollars.

CREATE LASTING LEGACY

TAX BENEFITS

Should you be planning your estate? YES! Estate planning is for everyone - it is recommended once you turn 18 to begin thinking about your own estate plan.

So...what comes next?

Use these resources:

START A CONVERSATION

Talk to your financial advisor/attorney about the steps to start your estate plan. Don’t have one? Check out the following links from Grow Cedar Valley to browse the best fit for you.

Financial Planning Services + Law Firms

MEET WITH US

Let’s talk about options that work best for you and your family, and how we can customize your gift to create a lasting impact for Waterloo Schools students and staff, the Cedar Valley community, and beyond. Contact Hannah to set up a time to meet by emailing h.luce@wcsfoundation.org or calling (319) 269-5129