An unexpected mishap in the middle of an icy, spring-fed lake led to a bequest provision for the Human Services Campus. Jim Davis was fishing alone when he suddenly found himself in really chilly water and no way to reboard his boat. Fortunately, another boat on the lake realized Jim was in trouble and headed his way. Clinging to the side of the rescue vessel, Jim made it to shore. He then began to evaluate the status of his estate planning – which to that point had been marginal.
It works that way for many people. It often takes a wake-up call of some kind for busy Boomers to make the time to think about their estate planning. They want to take care of their family. And they want to make sure the organizations they have invested time and energy in over the years continue to succeed after they can no longer help out. Sometimes that wake-up call is much worse than Jim's. It can be a dire diagnosis or the death of a loved one. Jim's dunk was a blessing for the Human Services Campus and thirteen other nonprofits that will benefit from the charitable trust he established.
Jim and his wife Jackie serve breakfast at the St. Vincent de Paul Dining Room on the Human Services Campus every week. One evening a week they serve dinner for Andre House. Their compassion for those experiencing homelessness is profound. Jim grimaced as he noted, 'the tough part is running out of food.'
Leaving a bequest for the Human Services Campus through a will or a trust gives Jim control over the assets in the trust during his and Jackie's lifetimes. He controls the investment of the trust assets and receives income from the trust. Should he decide to add or subtract an organization benefitting from the trust, he has the opportunity to do so. At the same time, the trust assets come out of his estate and allowed for an income tax deduction when the trust was established. Your own attorney can advise you on whether a trust is a logical vehicle for your legacy commitment.
A scary experience for Jim Davis led to a blessing for the Human Services Campus. If you would like information about how you can leave your own legacy to alleviate homelessness, please contact HSC at 602-282-0853.
This information is for educational purpose only and should not be considered legal or financial advice. Please consult your own advisors for information that specifically relates to your circumstances.