News from Legal Aid of NorthWest Texas
Ensuring Access to Justice Through A Planned Gift
Since 1951 Legal Aid of NorthWest Texas has provided free legal services to our most vulnerable neighbors. There are several ways you can give today while preserving your assets for retirement and providing for your family. Your gift can help secure justice for those in financial difficulty for years to come.
Bequests
Through a bequest in a will or a trust you can transfer cash, securities, or other property to a favorite charity. When making a bequest to Legal Aid of NorthWest Texas please use the following language: “I bequest to Legal Aid of NorthWest Texas, a private, non-profit, 501 (c)(3) organization currently headquartered at 600 E. Weatherford Street, Fort Worth, TX 76102, the sum of $____ (or ____% of my residuary estate) for the unrestricted use and purposes of the organization.”
Beneficiary Designation
Payable on Death (POD) designations on accounts offer an easy way to keep money out of probate while supporting a favorite charity. Simply request a beneficiary form from your financial institution, complete it, and return it to them.
Charitable Remainder Trusts
A charitable remainder trust (CRT) is an irrevocable arrangement where an asset is placed in trust for life or a period of years (20 is maximum). The trust pays income to you and/or other beneficiaries you’ve designated until the trust term ends. At that time, the remainder of the trust is transferred to the charity or charities of your choice as your gift. The CRT is typically funded with cash, stocks, or other assets. There can be several tax advantages to a charitable remainder trust including an immediate tax deduction, avoidance of capital gains tax, and reduced estate taxes.
Charitable Lead Trusts
A charitable lead trust (CLT) is similarly an irrevocable arrangement where an asset is placed in trust for a period of years, however the CLT makes fixed annual payments to one or more designated charities during its term. The remaining assets are distributed to your designated beneficiaries. CLT’s are in many ways the inverse of a charitable remainder trust. Potential tax advantages include income deduction and reduced gift and estate taxes.
To learn more about leaving a legacy at Legal Aid of NorthWest Texas contact John Householter at [email protected] or at 817.339.5380.
Bequests
Through a bequest in a will or a trust you can transfer cash, securities, or other property to a favorite charity. When making a bequest to Legal Aid of NorthWest Texas please use the following language: “I bequest to Legal Aid of NorthWest Texas, a private, non-profit, 501 (c)(3) organization currently headquartered at 600 E. Weatherford Street, Fort Worth, TX 76102, the sum of $____ (or ____% of my residuary estate) for the unrestricted use and purposes of the organization.”
Beneficiary Designation
Payable on Death (POD) designations on accounts offer an easy way to keep money out of probate while supporting a favorite charity. Simply request a beneficiary form from your financial institution, complete it, and return it to them.
- Life Insurance
- Savings Accounts
- Checking Accounts
- Retirement Accounts
- Brokerage Accounts
Charitable Remainder Trusts
A charitable remainder trust (CRT) is an irrevocable arrangement where an asset is placed in trust for life or a period of years (20 is maximum). The trust pays income to you and/or other beneficiaries you’ve designated until the trust term ends. At that time, the remainder of the trust is transferred to the charity or charities of your choice as your gift. The CRT is typically funded with cash, stocks, or other assets. There can be several tax advantages to a charitable remainder trust including an immediate tax deduction, avoidance of capital gains tax, and reduced estate taxes.
Charitable Lead Trusts
A charitable lead trust (CLT) is similarly an irrevocable arrangement where an asset is placed in trust for a period of years, however the CLT makes fixed annual payments to one or more designated charities during its term. The remaining assets are distributed to your designated beneficiaries. CLT’s are in many ways the inverse of a charitable remainder trust. Potential tax advantages include income deduction and reduced gift and estate taxes.
To learn more about leaving a legacy at Legal Aid of NorthWest Texas contact John Householter at [email protected] or at 817.339.5380.
