Each donor is unique and has his/her own goals regarding their financial situation and the way they wish to make charitable gifts. We suggest you talk with your financial advisor, tax accountant, or KML’s Estate Planning Counselor before finalizing any gift to ensure you are making decisions that truly benefit yourself, your loved one and your favorite charities.
The KMLHS Foundation is equipped to handle a variety of gift options. Here are some examples:
A donor can list their favorite charity, such as the KMLHS Foundation, as the beneficiary or partial beneficiary of a life insurance policy or retirement account. Simply talk to your account representative to make the designation. This is one of the best ways to distribute your assets because it is easy for you as the donor and efficient for those who are the beneficiaries.
Transfer-on-Death (TOD) and Payable-on-Death (POD) Designation
With certain accounts, like bank or investment accounts, you can complete a simple form that allows your bank or investment firm to transfer the assets in an account to a designated person or charity. This is an easy way to give money to a loved one or charity and should be updated as necessary.
Bequests Through a Will
Bequests are the most common way to transfer assets after you die. When drafting a will, various decisions are required, including the transfer of your possessions. Most people consider the needs of their family as the first priority for receiving assets, but many others consider a charitable donation as well. Donors who wish to name the KMLHS Foundation as a recipient of a bequest should include the full name and ID number (46-0506261) to ensure an easy transfer.
Deferred Gifts That Pay You First
There are various options for making a charitable gift that include life-time payments to you or a loved one first. This is a great choice for those who wish to make a charitable gift, but need additional income during the remaining years of their lives. The additional income for life provides financial security, and then your favorite charity receives a generous gift when you enter heaven.
In some cases, it is possible to donate an item, vehicle, real estate or other asset to the KMLHS Foundation. These situations tend to be unique and require some advanced planning, but they can also be wonderful ways to meet your personal goals and also support your favorite charity.
If you would like to make a current gift to the KMLHS Foundation, one consideration is to make a gift of appreciated assets. Gifts of appreciated stocks, mutual funds or other investments are wonderful donations, which also provide tax benefits for the donor. Since charities do not pay taxes, including capital gain taxes, any donation of appreciated assets will save you money and increase your potential tax deduction.