By: Barry G. Allen- President & CEO
When you die, to what charity(s) do you want your friends and family to send gifts in your memory? Perhaps you are like most people who do not give this any advance thought. As a result, that decision is left to family or other legal representatives, who may not know what your wishes were. Because you did not make your wishes known in advance, those charitable causes near and dear to your heart may not be the ones your family or others choose. What a missed opportunity for you and for those charitable organizations!
Interestingly enough, more people understand the need for advance directives and the right to make informed decisions when it comes to medical care and life prolonging treatment. The most common advance directives are a living will, healthcare surrogate designation, durable power of attorney, mental treatment directive and organ donation. Just as the decision to execute one or more of those types of advance directives is a very important matter, and one of personal choice, so is the decision about directing memorial gifts.
On this Memorial Day week I want to encourage you to consider what charities, including your church, you would want to be the beneficiary of gifts in your memory, and to make those known orally and in writing to the one(s) who will be handling your affairs at death.
Furthermore, I want to encourage you to consider using the KBF to facilitate your desires regarding memorial gifts. One idea is for you to establish now a permanent endowment fund that would provide income in perpetuity to the charities you want to be the beneficiary of memorial gifts. An endowment can be established with a modest gift of cash or appreciated securities or real estate. You and others can continue to make periodic contributions during your lifetime to grow the fund. Then at death, you could have a bequest in your estate plan to add to the fund along with the memorial gifts that will come from family and friends as a result of your advance directive.
Call Laurie Valentine or me at (502) 489-3533 or 1-866-489-3533 (Toll-free, Kentucky only)
for more information about how we can assist you.