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Gifts in your Estate Plan

On January 1, 2013, Congress passed the American Taxpayer Relief Act of 2012. This law maintains the federal estate tax exemption amount at $5 million, indexed for inflation. The 2012 exemption therefore was $5,120,000 for an individual. Married couples can combine their exemptions to shelter assets from estate tax for up to $10,240,000. The 2013 exemption is $5,250,000 for an individual. Married couples can combine their exemptions to shelter assets from estate tax for up to $10,500,000. The law also increases the top federal estate tax rate from 35 percent to 40 percent.

Charitable gifts from your estate (bequests) are beneficial to you and your favorite charities whether taxes are low or high. In a low-tax environment, you can leave adequate amounts to heirs and still have money left to accomplish your philanthropic goals. In a high-tax environment, bequests to charity provide deductions that reduce the tax liability and shelter assets intended for individual beneficiaries. Please call us to talk any details or questions.

Why may a bequest in my estate plan be a good method of donating?

    • During your lifetime, you have access to the money or property in case you need it.
    • You can designate your bequest for the program or project at The National Science Institute that you care about—just as you would with an outright current gift.
  • By properly allocating different asset classes between your charitable and individual beneficiaries, you can make sure the value of your estate is preserved to the fullest extent.

There are two primary ways to include The National Science Institute in your estate plans

Provision in a will or revocable trust

While meeting with your estate plan attorney or other advisors, inform them you would like to include a provision for The National Science Institute. A will or revocable trust will not take effect until death and you are free to change any language in the document during your lifetime.

We encourage you to contact us during your planning process. We can help you and your advisors craft the language that will establish your personal or family legacy.

Naming The National Science Institute as a beneficiary of your IRA or other retirement plan

Many people hold assets in a tax-deferred IRA or 401(k) plan. These arrangements can require a more strategic approach than cash, stocks or real estate. You can include charities as beneficiaries of these plans.