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MICHIGAN MASONIC NONPROFIT ORGANIZATION U.S. POSTAGE FOUNDATION a legacy of giving GRAND RAPIDS, MI PERMIT #231 MICHIGAN MASONIC 1200 WRIGHT AVENUE ALMA, MI 48801 FOUNDATION In This Issue a legacy
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How to fill out a legacy of giving
How to fill out a legacy of giving:
01
Determine your goals: Start by deciding what causes or organizations you are passionate about. Think about the impact you want to make and the issues that are important to you.
02
Choose the right assets: Assess your financial situation and decide which assets you want to include in your legacy of giving. This could include cash, stocks, real estate, or even personal possessions.
03
Seek professional guidance: Consult with financial advisors or estate planning attorneys who specialize in charitable giving. They can help you navigate the legal and tax implications of your giving and ensure your legacy is carried out according to your wishes.
04
Create a giving plan: Develop a strategic plan that outlines how you want your assets to be distributed to your chosen causes. Consider whether you want to establish a foundation, create a donor-advised fund, or make direct gifts to organizations.
05
Involve your family: If you have a spouse, children, or other loved ones, discuss your legacy of giving plans with them. It's important to ensure they understand and support your decisions, as it may impact their own financial future.
06
Start giving during your lifetime: You don't have to wait until after you pass away to start giving. Consider making charitable gifts during your lifetime to experience the joy of giving and see the impact of your generosity.
07
Review and revise your plan: Regularly review your giving plan to ensure it aligns with your current goals and values. Circumstances and priorities may change, so it's important to adapt your legacy of giving accordingly.
Who needs a legacy of giving?
01
Individuals who want to make a lasting impact: If you have a strong desire to create positive change and leave a mark on the world, a legacy of giving allows you to make a lasting impact even after you're gone.
02
Philanthropic families: Families who have a history of philanthropy may choose to continue that legacy by creating a structured plan for charitable giving. This helps instill philanthropic values in future generations and promotes a sense of purpose and unity within the family.
03
High-net-worth individuals: Those who have accumulated significant wealth may consider a legacy of giving as a way to manage their assets and benefit causes they care about. It can also provide potential tax benefits.
04
Business owners: Entrepreneurs and business owners often have a strong desire to give back to their communities or industries. A legacy of giving allows them to support causes they believe in, while also potentially leaving a positive legacy for their business and employees.
05
Those who want to support specific causes: Some individuals have personal connections or experiences that inspire them to support specific causes. A legacy of giving allows them to make a meaningful impact on those causes, ensuring they continue to receive support long after they're gone.
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What is a legacy of giving?
A legacy of giving is a commitment to make charitable donations or contributions to benefit others.
Who is required to file a legacy of giving?
Individuals or organizations who have pledged to donate a certain amount of money or assets to charity.
How to fill out a legacy of giving?
You can fill out a legacy of giving by documenting your charitable commitments and specifying the beneficiaries of your donations.
What is the purpose of a legacy of giving?
The purpose of a legacy of giving is to encourage philanthropy and support causes that benefit society.
What information must be reported on a legacy of giving?
The information that must be reported includes the amount pledged, the purpose of the donation, and the timeline for fulfilling the commitment.
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