Angelos - Winter 2017
Foundation Planned Giving
sisters helping sisters Estate planning, especially for those delving into it for the first time, can be daunting. It appears complicated and possibly costly, and quite frankly, it's uncomfortable to consider the time when you will no longer be living. But if you do not think now about the legacy you will leave and the loved ones and causes that you will honor, then how will those loved ones know and carry out your final wishes? The answer is to create a will that clearly defines your wishes, providing for those people and/or organizations that you love and support. Only through legal arrangements – a valid, up-to-date will – can you be certain your wishes will be carried out. Those who have pledged to support Kappa Delta beyond their lifetimes by including KD in their wills or other instruments of estate planning are honored by membership in the Dorothea Cavin Society. The Cavin Society is a special group of sisters helping sisters. They are devoted to ensuring a strong future for generations of Kappa Deltas to come, helping fund our leadership, educational and philanthropic endeavors. FREQUENTLY ASKED QUESTIONS ABOUT WILLS Q. MY WILL WAS WRITTEN YEARS AGO. IS IT STILL VALID? A. It is likely still valid. However, your will should be reviewed periodically and updated to reflect changes in your life – marriages, births, financial gains or losses, a relocation to another state and your personal goals. Tax law changes may also prompt a review of your plans. Minor changes can be accomplished with a codicil to an existing will. More substantial changes may require the drafting of a new will. Always consult your attorney when considering any revision – big or small. Q. DO BOTH SPOUSES NEED WILLS? A. Yes. Spouses share the same need for making wills, even if much of their property is held jointly. Q. WHAT IS THE BEST WAY TO INCLUDE A CHARITY, SUCH AS THE KAPPA DELTA FOUNDATION, IN MY WILL? A. There are a number of ways to make a bequest through your estate plans: • ALL OR A PORTION OF THE RESIDUE: You can make a gift to a charity from what is left after all other gifts to loved ones have been fulfilled. • ASPECIFICAMOUNT: You designate a particular amount to be transferred to a charity. • A PERCENTAGE: A percentage of your estate can be designated for use by a charity, ensuring that your gifts remain in proportion to your other bequests. WILL PLANNING STEP-BY-STEP MAKE AN APPOINTMENT with an attorney you trust. To best serve you, the attorney who drafts your will should be a specialist in estate planning. If you do not have an attorney, ask friends for recommendations or contact your local bar association. MAKE A LIST of the following and take your list with you when you meet with your attorney: • The people you want to remember, their ages and their relationships to you matched with the assets you wish them to have • The property you own, including how it is owned (for example, sole or joint ownership), its current and original value, and income it produces • Charitable organizations you wish to remember • Names of those you would like to serve as your personal executive and as guardian of minor children or other dependents • Professional advisors who can help with your plans KEEP A COPY of your completed will and review it periodically. CONTACT YOUR ATTORNEY if you want to make any changes. A will must be kept up to date to be most effective, and a professional can make the necessary revisions correctly. The Kappa Delta Foundation's ability to provide scholarships, grants and educational programming to make our sisters' dreams a reality would not be possible without generous, thoughtful gifts from KD sisters like you. For more information about becoming a member of the Cavin Society, please contact Sara Cullins, associate director of development, at email@example.com or by calling901.746.3644. Content used with permission by The Sharpe Group and ©RFSCO Inc. SAMPLE BEQUEST LANGUAGE If you are considering making the Kappa Delta Foundation a part of your legacy, here is some suggested wording to take to your attorney: "I hereby give, devise and bequeath to the Kappa Delta Foundation, with offices at 3205 Players Lane, Memphis, TN 38125, federal tax ID number 84-0880886, percent of my residual estate for its most urgent needs as determined by its Board of Directors."
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