|
|
Including
Palmer's Children in Your Estate Plans
Several thoughtful friends have recently chosen to
include Palmer Home for Children in their estate plans. Their careful
stewardship, joined with that of others committed to Palmer's cause, will
help provide a sound Christian upbringing for growing numbers of children
in the years ahead. But along the way, each friend asked probing questions
and considered issues that might be important to you as well.
We've captured some of those thoughts in this simple, straightforward fact
sheet for you to review at your convenience. But we'd also consider it a
privilege to chat with you by phone or meet with you personally to discuss
your specific situation in further detail, all without cost or obligation
to you.
We deeply appreciate your prayerful consideration of Palmer's children,
and we are committed to seeing that you promptly receive the information
and assistance you require.
What is Palmer's legal name and status?
Our legal name is Palmer Home for Children, and we are recognized as a
charitable, not-for-profit corporation under Mississippi law (though there
is no "Inc." as a part of our name). We are also recognized as a 501(c)(3)
public charity under federal law. Our federal identification number is
64-0334999.
Is Palmer owned or controlled by any religious denomination?
No. Palmer is owned and controlled by an independent, self-perpetuating
Board of Trustees. However, we are proud of our rich Presbyterian heritage
and remain firmly committed to serving needy boys and girls within the
context of a compassionate, vital, and personal Christian faith. Our board
members sign annually a statement of faith which recognizes the authority
of scripture and affirms historic evangelical Christian beliefs, all
within the context of the Westminster Confession of Faith and its Larger
and Shorter Catechisms.
Are contributions to you deductible for estate and income tax purposes?
Yes, and also for gift tax purposes. Gifts to Palmer Home are deductible
in the same fashion as gifts to any other 501(c)(3) public charity.
What are some ways to give to Palmer Home through my will?
There are a number of ways:
 • You
can give a specific asset, such as your shares of stock in IBM or a
particular piece of property.
• You can give a specified dollar amount.
• You can give a percentage share of your estate. Some friends like to
give a tithe or treat Palmer Home as one of their own children, giving a
child's share.
• You can give the residue of your estate, all that remains after you make
specific bequests to relatives or friends.
• You can make a contingent bequest, where Palmer Home will get your gift
in the event that your primary beneficiary predeceases you.
• You can establish a trust that provides lifetime income to one or more
persons, with the remainder coming to Palmer upon the death of the
remaining survivor.
Can I restrict my gift for a particular purpose, such as endowment or
scholarships?
Certainly, but we do hope you'll speak with us first. Sometimes a
restriction can be drawn so narrowly that we will be seriously hindered or
even prevented from using your gift, a situation you obviously would not
want. But more frequently, we can suggest specific alternatives to help
you more directly achieve the purpose you have in mind.
Do I really need an attorney to draw up my will, particularly since my
estate isn't very large?
Some states, including Mississippi, recognize the validity of a will
written in a person's own handwriting. But where a charitable bequest is
concerned, we suggest you always use a competent attorney. Knowing that
your will has been properly drafted and executed provides great peace of
mind. Legally precise language will also help to insure that your wishes
are carried out exactly as you intend, without challenge or undue expense
and delay.
I don't have an attorney. How would you suggest I choose one?
Ask a friend who has knowledge of the attorneys in your area. You could
also call the State Bar Association or ask your banker to give you a
couple of recommendations. Or you may want to call us. We'd be happy to
give you the names of attorneys we have previously worked with.
Will Palmer's attorney draft my will for me?
While we have utmost confidence in our attorney, we strongly recommend you
choose your own. Your choosing your own attorney will help defeat any
challenge at probate that we somehow exercised undue influence over you.
However, our attorney will be most happy to review any matters pertaining
to your bequest which your attorney may wish to discuss.
What about tangible property like furniture or automobiles?
We are happy to receive gifts in kind. Frequently, we can put them to
direct use in our program. Even if the best decision is to sell the item,
we can often get a higher price than that which your executor or executrix
will receive through an estate liquidation sale.
How can I be sure I'm doing the right thing?
The privilege and responsibility of stewardship is a personal one. We are
honored that you are considering including Palmer's children in your
estate plans, and we pledge to respond promptly and professionally to your
needs and concerns. You can also be assured that we shall not engage in
high-pressure tactics, violate your confidence, or intrude upon your
privacy.
Ultimately, the decision to remember Palmer’s children in your estate
plans is yours alone. Our confidence and prayer is that the Lord will
direct your steps. One clue that you are doing the right thing is the
solid sense of joy you’ll have in knowing that you’re helping to change a
youngster’s future for time and eternity. And that’s a gift of infinite
worth and importance.
|
