News & Event
While THCF was approved to distribute $250,000+ to charities in the community this year, we received more than $900,000 in requests. Therefore, we were unable to completely fund organizations that had great potential to serve and strengthen the region. That’s where our generous partners: Junior Service League of Independence, Kansas City Metro Men’s Chorus, Youth Advisory Council and our Donor Advised Fund holders stepped up to fill part of the funding gap! These four groups helped fund requests that the Grants Committee had endorsed, but was unable to completely fund. Thus, more organizations will be able to continue their work in our communities as a result.
Fund holders that responded to funding requests by October 27 will be recognized in the program at our Annual Grants Luncheon on November 18, 2016, where the Foundation will award grants funded through our Community Grants process. Thank you to our partners who continue to make a difference in our communities!
1. You Don’t Have A Plan
Many people don’t realize they need a plan. As a result they fail to make a will or create a plan during their lifetime. Not having a plan means the distribution of your assets will be dictated by your state’s law. State “intestacy laws” typically leaves a percentage of your estate to your family, but you have no say in how your property is divided or who gets what. Make sure you create a plan so that your lifetime intentions are carried out. Please contact us to receive a FREE guide to planning your will or visit our website to begin organizing your estate with our online Wills Planner.
2. Using Online DIY for Legal Help
Because the Internet makes it seem easy to prepare a will or trust online, some people do not feel the need to consult an attorney in their planning. However, these “do it yourself” plans often fail to take into account variations in state law. Worse, many of these plans would not hold up legally if there were a change in federal tax law. For these reasons, it is important to use an experienced estate attorney when creating your future plan.
3. Failure to Properly Designate Beneficiaries
Have you designated beneficiaries for all of your assets? If so, have you reviewed your designations recently? Most investment accounts allow for the designation of a beneficiary (IRAs, 401(k)s and company plans). Because all of these beneficiary designations absolutely control who receives your assets, it’s important to periodically review your designations. Please contact us if you or your attorney would like a copy of our bequest language for purposes of designating our organization as a beneficiary of your estate.
4. Failure to Maximize Annual Gifts
Gifting your property during your life is perhaps the oldest and best way to minimize future estate taxes. Many people fail to realize the prudence of making annual exclusion gifts each year to family members. Over the long run, you can transfer significant sums of money out of your estate and reduce your taxes. There are also strategies such as charitable lead trusts that can help you leverage your exemptions and allow you to give even more.
5. Failure to Take Advantage of the Gift Exemption
Above and beyond the annual exclusion gift limit, you are permitted to make gifts during your life up to the federal gift exemption amount without owing any gift tax. Making lifetime gifts is a simple and effective way to minimize estate tax. Be sure to act now, and take advantage of the current generous gift exemption before it expires. Please contact us if you are interested in including your fund at THCF in your planning. We can help you create a plan that maximizes your gifts to your family in addition to helping us further our mission.
This information is not intended as tax, legal or financial advice. Gift results may vary. Consult with your personal financial advisor for information specific to your situation. Copyright © Crescendo Interactive, Inc. Used by permission.
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