WHAT IS PLANNED GIVING?
Planned giving may be defined as a method of supporting non-profits and charities that enables philanthropic individuals or donors to make larger gifts that is made in lifetime or at death as part of a donor’s overall financial and/or estate planning by using cash, appreciated securities/stock, real estate, artwork, partnership interests, personal property, personal CPF, life insurance, a retirement plan, etc, to provide for the charity in ways that maximize the gift.
HOW GIFTS CAN BE STRUCTURED?
You can arrange a gift in a will or living trust. Many people set aside a certain dollar amount. Others leave a percentage of their estate or assets. If you have a professional advisor like a financial planner, lawyer, an accountant or insurance agent, do discuss with him or her about leaving a gift.There are several ways gifts can be structured for use:
- Restricted or designated gifts which are applied to specific programs
- Area-of-interest gifts which are applied to specific projects
- Unrestricted or undesignated funds where the income can be allocated to where it is most needed.
Example of a gifts by WILL
A gift by will is known as a bequest or a legacy. A bequest is, in every sense of the word, the ultimate gift. Bequests can either be specific or residual and can be as simple as a sentence. For example:“I give, devise and bequeath to Hagar Singapore Ltd ____% of my estate to be used for its general purposes”.