As gold medalists proudly stepped onto on the highest platform at last month’s Winter Olympics, somewhere behind the scenes were their parents—who very likely deserve a parental gold medal for their dedication and sacrifice. Many of us may say the same: Our parents provided the nurturing, education and guidance that made our success more achievable. One way you may choose to honor your parents is with a planned gift in their names at our organization, creating an endowment.
You could begin an endowment now…
You may have the assets to begin funding an endowment now, using cash, securities or other property. If your parents are still living, they would be celebrated and receive reports regarding the charitable expenditures in their names. You could add to the endowment as you are able.
…And fully fund it later
Most endowments are fully funded at the end of life through a planned gift such as a bequest or beneficiary designation. Named for your parents, the endowment would be a way of perpetuating their memory and values—and yours as well.
It could even care for your parents
Another possible gift strategy is when parents have insufficient resources for their residential care in later years. If that is the situation with your parents, it is possible to arrange a gift plan that pays them income for the balance of their lives and then creates the endowment in their names. This can be done through a charitable remainder trust: Your parents are named as the beneficiaries and receive income for the rest of their lives; the remainder then goes to our organization for the endowment in their names.
Because of the tax savings you can realize, you may be able to make your gift of gratitude at a modest cost. Please contact us to discuss how you might award a gold medal of thanks.