Every adult has an estate, which comprises all of your assets and property. An estate plan—in the form of a will, trust, beneficiary instructions, or other instruments—provides for how your estate should be handled after your lifetime.
An estate plan ensures that your assets go to the people and organizations that you choose. By creating an estate plan, you ensure that your wishes with respect to your estate are honored. If you do not have an estate plan, state law determines who will receive your assets.
When creating an estate plan, there are many questions to ask and consider:
- What do I value?
- What are my assets?
- Who should receive these assets?
- What other objectives should my estate plan accomplish?
- Who can help me create my estate plan?
- Who will manage my estate?
- How often should I update my estate plans?
Individuals often wish to support organizations they care about beyond their lifetime. There are ways to accomplish this objective while simultaneously realizing ancillary benefits:
- Reduced or eliminated capital gains tax.
- Lifetime income for the donor and/or another beneficiary.
- Substantial federal income tax deductions.
- Eliminated or reduced federal estate taxes.
- Higher income streams from low-yielding assets.
- Legacy provision for you and your family through a meaningful gift to a cause or causes you care about.
By naming Sun Valley Community School in your will or estate plan, you can help ensure that the school thrives forever.