Providing for LifeFlight of Maine in your will or estate plan
We often hear that LifeFlight has had a profound impact on people’s lives—in many cases, LifeFlight truly has made the difference between life and death. Many of our patients want to express their appreciation by giving back. Through planned giving, people sometimes find that they can make a more significant donation—allowing them to support an organization about which they care deeply.
A planned gift to LifeFlight of Maine is more than a donation. It is an expression of your desire to make a difference for Maine and to leave a lasting legacy. The LifeFlight Foundation is grateful to the many friends who prearrange their special gifts to support the long-term sustainability of the organization.
A bequest to the LifeFlight Foundation
A bequest is a gift by will or living trust that provides an opportunity to make a meaningful gift to LifeFlight Foundation while retaining control and possession of the asset for the duration of your life. A bequest is an important way for you to provide for family, friends, and favorite charities; plan the orderly management of your assets; and simplify the eventual disposition of your estate.
Bequests may be unrestricted or restricted; they typically include cash, securities, real estate, personal belongings, insurance, business income, or property interests. Your bequest may be given in your own name or in honor or memory of someone you designate. A bequest may be for a specific amount, may be made dependent on your estate reaching a certain amount, or may be for a percentage of your estate. A residuary bequest is often ideal as it is designed to first fulfill specific provisions for relatives and friends and leaves the remaining assets of your estate to named charities.
If you have already written a will and would like to add a provision for LifeFlight Foundation without redrawing the entire document, you can do so by means of a codicil (an amendment to an existing will). Your attorney can help you create a will or codicil that considers a number of factors, including your provision for relatives or friends, your tax situation, and your philanthropic objectives.
Regardless of how it is structured, a bequest to charity reduces the size of the taxable portion of your estate and may lower federal estate-tax liability for your heirs. A bequest of any size to LifeFlight Foundation will be deeply appreciated and is a powerful expression of your support for the services LifeFlight provides to Maine.
LifeFlight Foundation as Beneficiary
You can name LifeFlight Foundation as a beneficiary to receive all or some of the proceeds of a life insurance policy or retirement account (e.g., IRA or pension plan). This can be quite easily accomplished via a beneficiary designation form available from your insurance company or retirement plan administrator. For maximum tax benefit, the donor will need to name the organization as the beneficiary, rather than his/her estate.
Why Your Future Gift Is So Important Now
Every gift is an important part of our ability to build and sustain LifeFlight services into the future. And because LifeFlight Foundation (and LifeFlight of Maine) are relatively young organizations, your gift now, for the future of LifeFlight—a planned gift—will help fund a new source of support down the road, giving your children and grandchildren the gift of second chances.
We’re Here to Help
If you would like more information or assistance in arranging or even just considering such a gift, please contact Kate O’Halloran at email@example.com or 207-314-5230
We are also available to join you in a conversation about planned gifts with your other financial advisors, as this can often be the most effective way to blend your financial needs with your philanthropic goals.