Other Giving Options
Help Support Grace Village
There are so many ways you can give to Grace Village, including living trusts, custom estate plans, life insurance, and charitable remainder trusts. With a little planning, you can increase your estate, lessen your tax burden, and support the retirement community you love. Have questions? Contact our Director of Resident Services & Development, Debora Eichman at 574-372-6547.
Living Trusts
If you have a moderate or large estate, you may find it desirable to create a living trust. The living trust is completely within your control during your lifetime.
There are at least three major benefits of the living trust. First, if you are sick or in the hospital, your designated successor trustee can take over and manage your property for your benefit. Second, if you pass away, the property in the living trust will avoid probate and potentially save thousands of dollars in costs. Third, the living trust typically is a private document and is not made public during the probate process.
Custom Estate Plan for Business, Investments, or Special Needs Child
If you own a family business, substantial real estate holdings, or a large estate, then a custom plan that considers your special property goals and requirements should be created.
Another custom plan option is important if you have a child with special needs. A child with special needs may be provided for through a “special needs trust”. A special needs trust will facilitate the care of the child by providing resources and directions.
In some cases, a child may qualify to receive federal or state benefits if that is helpful in providing care for them.
Life Insurance
Life insurance is usually permanent (whole life or universal life) or term. The insurance policy is a contract, and there is a beneficiary designation form. You will select the primary and contingent beneficiary to receive the life insurance proceeds if you pass away with a valid insurance policy.
Charitable Remainder Trusts
A charitable remainder trust is an excellent way to benefit yourself, your spouse, or other family members. It combines substantial tax savings with the ability to produce a very good income for you or your family members.
Charitable remainder trusts are especially helpful for individuals who retire and would like to sell land or stock tax-free and receive a generous income.
