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Blog: Stories and Insight

Is Your Will Out of Date? 



by T. Christian Rollins, MBA, CFRE, Chief Development Officer,
Samaritan

Your will is the cornerstone of a solid estate plan.  Virtually everyone needs a will and passing away without one means that the state will decide how your estate is distributed.  A will is the best way to ensure that your wishes are carried out.  Through this simple yet versatile and powerful document, you can appoint an executor of your estate, name a guardian for your minor children, transfer assets to your heirs, gift your family heirlooms, minimize taxes, and contribute to your favorite charity.

Remember that certain life events – including the birth of a child or grandchild, your or your child’s marriage or divorce, the passing of a spouse or heir, the purchase or sale of a home or business, a change in your state of residence, or an inheritance – are all reasons to revisit and update your will and estate plan.

Your will is also an advantageous way to support Samaritan; allowing you to leave a lasting legacy, at virtually no cost during your lifetime, and earn recognition now for your charitable intentions.  Including a charitable gift in your will is easy. The following four types of bequests make a gift to Samaritan simple and effective:

Percentage:

“I give, devise, and bequeath to Samaritan Healthcare & Hospice, Inc. – a 501(c)(3), not-for-profit organization (EIN: 22-2344036); headquartered at 3906 Church Road, Mount Laurel, NJ 08054 –  _____% of my estate.”

Specific:

“I give, devise, and bequeath to Samaritan Healthcare & Hospice, Inc. – a 501(c)(3), not-for-profit organization (EIN: 22-2344036); headquartered at 3906 Church Road, Mount Laurel, NJ 08054, (Choose one) – 1.) The sum of $___________, 2.)_______shares of stock in _______________company,” or 3.) my real property commonly known as ___________________.

Residual:

“I give, devise, and bequeath to Samaritan Healthcare & Hospice, Inc. – a 501(c)(3), not-for-profit organization (EIN: 22-2344036); headquartered at 3906 Church Road, Mount Laurel, NJ 08054 – all the residue of my estate, including real personal property.”

Contingent:Legacy Society Brochure Cover

“In the event of the death of any of the beneficiaries, I give, devise, and bequeath to Samaritan Healthcare & Hospice, Inc. – a 501(c)(3), not-for-profit organization (EIN: 22-2344036); headquartered at 3906 Church Road, Mount Laurel, NJ 08054 – (percentage, specific, or residual language as above).”

As always, we recommend consulting with your trusted professional financial advisor.

You may also elect to direct your bequest to benefit a particular program, service, or facility.  To discuss how to place such a temporary restriction; or to learn more about the potential advantages of charitable estate planning, and how to include Samaritan in your will or estate plan, please contact Chris Rollins, CFRE at (856) 452-7747 or [email protected] .

We are honored to bestow eternal membership in The Legacy Society upon those who have included Samaritan in their will or estate plan.  Please let us know if you have made such a provision, so that we may recognize your generous intent.

Samaritan’s Planned Giving efforts are guided by our Planned Giving Committee, a volunteer group of the region’s leading financial professionals, lending their time and expertise to help advance our charitable mission. 


The Importance of a Will: Age and Assets Don’t Matter

This article was provided by Rachel Shaffer-Gersie, Esq., an attorney at Fendrick Morgan, and a member of Samaritan’s Planned Giving Committee, a volunteer group of the region’s leading financial advisors, lending their time and expertise to advance charitable estate planning.

Every person, regardless of your age and your assets, should have a Will.  Having a Will in place at the time of your death makes the administration of your estate much easier.  A properly drafted Will appoints the person who will handle your estate (an Executor) and it provides clear direction for the administration of your estate and distribution of your assets.  Although an estate can be administered without a Will, it often results in the estate administration being more complicated than it needs to be, and sometimes even more expensive.  In addition, without a Will, the disposition of your assets is entirely determined by state law and such distribution may not be consistent with your wishes and it certainly will not take your specific family circumstances into account.

If you are the parent of minor children, additional considerations are the appointment of a Guardian for such children in the event of your death and the appointment of a person to hold the inheritance (a Trustee) for the child’s benefit until the child is either legally able to receive the inheritance outright or until such older age that you select.

You may wish to provide for a charitable beneficiary, whether through a specific cash bequest or a percentage of the residuary estate.  The only way to accomplish this is for your estate planning documents to specifically provide for such distribution to a charity.   Therefore, it is important to ensure that such provisions are in place so that you can be certain that your wishes will be carried out after your death.

When speaking to an estate planning professional, the goal is not to make your estate plan unnecessarily complex, but to ensure that your goals are accomplished.  Many people believe that they just need “a simple Will”.  However, when you begin to discuss your objectives with an estate planner, there are certain important details about the distribution of your assets that you may have not considered and it is important to flush these considerations out to ensure your Will is flexible with the inevitable changes that occur in life.  You may wish to provide a specific amount to grandchildren, friends, or a favorite charity, at the time of your death and these provisions must be properly set forth in your document.  Lastly, there could be tax consequences associated with the distribution of your estate and it is important to understand how such taxes may be incurred.

Regardless of how simple or complex your estate plan may be, you should execute a Will to ensure your wishes are properly carried out.

 As always, we recommend consulting your trusted personal financial professional advisor.  To learn more about how estate plan, ow to include Samaritan in your will or estate plan, special donor recognition accorded through membership in The Legacy Society, and potential advantages of charitable estate planning, please contact Chris Rollins, CFRE at (856) 552-3287 or [email protected] 

Samaritan Healthcare & Hospice, Inc. is a 501(c)(3), not-for-profit organization (EIN: 22-2344036); headquartered at 3906 Church Road, Mount Laurel, NJ 08054.


How to Make a Charitable Bequest Last

This article was written by Melissa Osorio Dibble, Esquire, an Attorney at Archer & Greiner, P.C., and a member of Samaritan’s Planned Giving Committee, a volunteer group of the region’s leading financial professionals, lending their expertise to guide our charitable estate planning efforts.

No one likes talking about death.Legacy Society Brochure Cover

No one likes thinking about death.

However, planning for your death — an inevitable event for all of us — can be one of the simplest ways to control the disposition of your assets after you pass.  A good estate plan can also work to reduce taxes due at the time of death, while also allowing you to make meaningful charitable contributions.

Employ a Professional

While in many states you can handwrite a Will, or even type out your Will on an iPad; to avoid any ambiguity as to your final wishes, and to prevent litigation, it is recommended that you seek professional assistance in creating your estate plan.  Further, you should find a practitioner who is licensed to practice in the state in which you currently reside.

 

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Get Information on How to Donate to Help Hospice Patients.

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There has been a growing trend towards using internet services and “do-it-yourself” kits that provide general forms and templates for Wills and other legal documents.  These forms can be dangerous as they are a one-size fits all approach to estate planning – a matter which requires personalization. 

Commonly Litigated Issues as to Charitable Bequests

Litigation has arisen in the interpretation, construction, and implementation of charitable gifts in the following scenarios:

  • A poorly drafted Will can result in litigation if there is question as to whether a bequest or trust is indeed charitable.  In general, a charitable trust is a trust “created to benefit a specific charity, specific charities, or the general public rather than a private individual or entity.”  BLACK’S LAW DICTIONARY 1547 (8th ed. 2004).
  • Courts will apply the doctrine of cy pres – and modify charitable bequests – in situations where it becomes impossible, impracticable or illegal to carry out the testator’s particular charitable purpose.  Restatement (Second) of Trusts § 399 (1959).  Thus, it is important to always revisit your Will and update it accordingly, confirming that charities are still in existence and engaging in the same type of charitable work for which you gave the gift.
  • Consider making your bequests condition free.  Consider what would happen if your condition could not be fulfilled. Remember that anyone with standing can contest your Will, i.e., a beneficiary who feels slighted by the terms of the Will, a potential beneficiary, an ex-spouse, stepchildren, children, or siblings.
  • Discuss your plans with the charity in advance, especially if you intend to leave tangible objects, such as artwork or antiques.  You want to work with the charity to ensure that it can make use of and accept your gift.

By enlisting a professional and avoiding some of these common pitfalls, you can make a gift to charity that has a lasting impact.

To learn more about including Samaritan in your Will or estate plan, please contact Chief Development Officer Chris Rollins, CFRE at (856) 552-3287.

Samaritan Healthcare & Hospice, Inc. is a 501(c)(3), not-for-profit organization (EIN: 22-2344036); headquartered at 3906 Church Road, Mount Laurel, NJ 08054