Do you ever wonder how you will be remembered after you’re gone? We all do. It is a normal part of living… and it really is about living. We want to live our life in a way that will leave a positive feeling in the minds of those who know us and, if we’re lucky, to have those thoughts and feelings extend beyond the people we know. As we ponder that, we decide the kind of life we want to live and the kind of world we want to live in.
What will your legacy be?
Legacy is fundamental to what it is to be human. Research shows that without a sense of working to create a legacy, adults lose meaning in their life. Exploring the idea of legacy offers a glimpse not only into human relationships and building strong communities, but also the human spirit. Susan V. Bosak, Legacy Project
May is Leave a Legacy Month. Coleman celebrated our new Legacy Society by hosting an event to honor members of our Legacy Society – those who have established a bequest, charitable trust, a named endowment or other planned gift for Coleman. Those who were honored include: Richard* & Sue Abbott, Kurt Blemaster, Jessie Brown*, Burbick Foundation, Ron & Joan Burbick, Bill* & Arlene Burns, Nelson & Suzanne Burns, Estate of Laura S. Capling*, Thurl & Karen Carmany, Edith Chase*, Jim Coll (Triangle), Irma Colpo, Joe & Carol Danks, Estate of Marian Jean Darst*, Becky Dempster, Dottie Dodson, Andy Drnjevich (Triangle), Fredric M. DuBois*, Leon Fenstermacher*, Terry Lee Fuller* Charitable Trust, Tom & Mimi* Freeman, G.A.R. Foundation, Sandy Graham, June Grudosky*, Mary Homer, Estate of Burnette Hubeny*, Estate of Titus Jackman*, Barbara Keyser, Ralph & Judy Kletzien, Robert & Kathy Latimer, Mike Lenzo, Angel Lovejoy, Charles & Betsy Mangin, Grace McElhone*, Melissa Millis, Estate of Viola Morofka*, John Peterson, Robert Powell, Lonna Rector, Richard & Tamara Rynearson, Walter & Barbara Watson*, Ken & Nancy Wertz, Ruth Wood*, Mark & Sally Yankovich, Emma Jane Yoho* and an anonymous donor. (Note: * denotes deceased.) We are grateful beyond words for these generous donors and appreciate the legacy they have left for those Coleman serves now and in the future.
In addition to the presentation of Legacy Society pins to those Legacy Society members who were present, a special Distinguished Leadership Award was presented to Richard and Tamara Rynearson (pictured to the right with Nelson W. Burns, Coleman President & CEO, and Asha Goodner, President of CPS Board of Trustees) for going beyond their legacy gifts to include being dedicated volunteers to Coleman boards and for advocating for Coleman’s clients and staff on local and national stages.
Are you thinking about providing a bequest to a charitable organization through your last will and testament? If you don’t have professional guidance, the process can be confusing and frustrating. Here are three essential steps to undertake in the next few months to ensure the right gifts are given to the right charities.
A Step-by-Step Guide to Legacy Gift Giving
Three Key Steps to Successful Legacy Giving
1. Set up a meeting with your financial advisor to determine your total asset portfolio and what you’d like to give to your favorite charities.
Before going to the meeting, determine what you wish to leave to your family. Remember, assets come in many forms including:
- Property
- Life Insurance Policies
- Retirement Accounts and IRAs
- Cash, checking, and savings accounts
- Stocks, Bonds, CDs, and Mutual Funds
- Art and Jewelry
Determine if you will provide a dollar amount for your bequest, a percentage of total liquid assets, or specific things, such as your home or stock certificates.
2. Meet with a planned giving officer.
At Coleman, we have a development team that can guide you through the many options to establish or continue your legacy. Our staff will spend as much time as you need to understand which options work best based on your individual giving goals.
3. Contact a trust and estate attorney to draft or update your will.
Without a will, there is no mechanism in place to ensure your request occurs. Also, the will must include specific language. Here are four language suggestions:
- General bequest: I give, devise and bequeath to (Name of nonprofit and location), the sum of $___ OR percentage of my total assets OR specific items, for its (general purpose or particular fund).
- Specific bequest: Same language as above, except change out…for its…for the following purpose (state the object). For example, if your passion is to end homelessness, you may give to the Burns Residential Campaign or other future Coleman initiatives that meet this goal.
- Residuary bequest: All the rest, residue and remainder of my estate, both real and personal, I give to (Name of Nonprofit and location), for its general purpose.
- Retained life estate: You can donate your home to Coleman Professional Services now, yet live there for the remainder of your life.
Your attorney may have more thoughts on this language, and this is not intended as a substitute for their guidance.
Thank You for Considering Coleman Professional Services
Philanthropic support is vital and necessary to enhancing Coleman’s ability to provide treatment options for those with mental health issues, individuals struggling with addiction, end homelessness and achieve employment success.
Our Professional Services Resources Development team are in place to discuss with you, your family and personal financial advisor the best course of action to meet your charitable goals. Please call 330-676-6876 or email us at HowToHelp@colemanservices.org to set up your appointment.