What are the Legacies options?
Simple bequest: by including RACC in your will you may be in a position to make a much larger gift than you would consider in your lifetime. You can name RACC in your will or living trust to receive a specific bequest, either a sum certain or a percentage share. Your gift will ensure that RACC efforts on behalf of the area you love and respect will continue on into the future.
Designated beneficiary: you can designate RACC as a beneficiary at death of any retirement account, life insurance or bank account. Typically this can be accomplished by requesting a Designation of Beneficiary form from your provider or bank. Designation forms allow you to name more than one beneficiary and in varying percentages providing flexibility in your planning. And, you can adjust the form at any time as your estate plan changes.
Retained Life Estate: A retained life estate is a mechanism recognized by the IRS which allows you to donate property, typically land, while you retain the right to the use and enjoyment of that land, be it a farm, second home or raw land. At the end of the life estate (and it can be a joint life estate) the property vests with RACC which can use it, if appropriate, or sell it to generate capital to be used for general purposes or as you may direct.
Contingent Bequest: You can direct that if some or all of your named beneficiaries have predeceased you then RACC would receive all or a portion of that bequest.
Restricted Bequest: Bequests may be restricted to a specific purpose. For instance, RACC maintains separate accounts for endowment, operating funds, and restricted funds. A bequest could be restricted to one or more of those accounts.
In considering any of the options above you should consult with your attorney about the best option for you. RACC cannot provide tax or legal advice.
Moving ahead with Legacies Giving