DECEMBER 2016 NEWSLETTER

 
 Greetings to our partners!  

At year end, we typically take time to reflect on what has been and place renewed focus on what lies ahead.  This past year, Leave a Legacy consulted with Gavin Advertising to conduct a concerted marketing effort.  The visibility and momentum gained from these efforts is something we want to continue in the upcoming year, so please watch in our newsletter for related announcements. 

Also, we want to make sure we are best meeting the needs of our members.  As such, the format of the newsletter is changing.  There will be a section dedicated to professional partners answering questions submitted by the nonprofit members.  There will also be a Community Caller section in which nonprofit members can post opportunities for professional partners to become more involved at the organization level (i.e. board of directors' openings, committee needs, volunteer positions, etc.).  As such, please forward your thoughts, questions, and opportunities along to the Marketing Committee via Kendall Menzer. 

2016 Steering Committee

W. Robert Berkebile
Chair
Bradley C. Jacobs
Treasurer
Jennifer Hitz
Marketing Chair  
MacGregor J. Brillhart, Esq.
Professional Adviser Chair
Victoria A. Connor
Partnership Chair
Daniel E. McGarry, Jr., CLU, ChFC, 
Immediate Past Chair

Terri Altland
Jennifer Brillhart, MPA, CFRE
Ann Davis
Trent Davis 
Bobbi Anne DeLeo 
Jennifer A. Galloway, Esq. 
Zane Gizzi
Bonnie Grizzell
Vicki Haake
Richard K. Konkel, Esq. 
David A. Mills, Esq. 
Chad A. Myers 
Janine Pflaum 
William Rhinesmith 
Richard Robinson 
Thomas M. Shorb, Esq.  
Kevin J. Smith, CFA, CFP, ChFC
Alex E. Snyder, Esq. 
Bryan K. Tate 





Upcoming Events
  • Keep an eye open for exciting programs in 2017!
2017 Membership Drive
  • Materials will be mailed out in January.
Featured Questions

1. If we have a donor who has asked about the possibility of "Leaving a Legacy," what steps would you recommend for a non-profit to follow?
When asked about the possibility of "Leaving a Legacy" I would recommend a nonprofit to first ask the donor whether he/she currently has a Will or other Estate Planning Documents.  This will open up the discussion of how a Will is one "simple" vehicle by which people choose to "leave a legacy", providing examples of ways in which people frequently choose to benefit a nonprofit through their Will such as leaving a specific sum of money, establishing a trust fund that benefits a nonprofit or leaving a particular asset or item of property to a nonprofit.  I would then explain that a Will is just one of the many ways that someone can "leave a legacy" after they pass, and provide another quick list of methods that one might choose to benefit a nonprofit such as designating the nonprofit as the beneficiary of life insurance, establishing a charitable gift annuity or trust, designating a fund with the Community Foundation, etc.  I would then point them in the direction of an Attorney, Accountant or Financial Advisor within Leave A Legacy to assist them further in establishing the best possible mechanism of "Leaving a Legacy" that suits their needs.  Many of the Professional Advisors within LAL are happy to sit down with an interested person and discuss these options - one of the many benefits of becoming a Nonprofit Partner of Leave a Legacy!
   Jennifer A. Galloway, Esquire - Kearney Galloway, LLC

2. If a donor has asked about possible ways to make a donation at the time of death, what are a few simple ideas that non-profits could pass along to give them an idea of possible choices?

A few simple but very effective ways for a donor to support a non-profit organization at time of death is to name the organization as a full or partial beneficiary of any available tax-deferred retirement accounts such as IRAs or a 401k.  If such assets were to pass to individual beneficiaries, the distribution would be fully taxable as ordinary income to the recipient.  A charity, however, is tax exempt and thus would receive the full amount of the distribution without tax consequence.  Anyone who has charitable intentions as part of their overall estate plan would benefit greatly by first closely examining their tax deferred retirement accounts and using beneficiary designations as a primary avenue of accomplishing their philanthropic objectives. 
 
Although the potential tax benefits are not as significant as a fully tax-deferred retirement account, a donor could also easily name a charity as a beneficiary of any existing annuities or life insurance policies in a similar manner.  Naming a non-profit organization as a beneficiary in one's will is also a common and popular avenue.  Keep in mind, however, that a will applies only to assets that pass through probate.  Jointly owned assets or accounts with designated beneficiaries such as retirement accounts, insurance policies, and annuities generally pass directly to the named beneficiaries and avoid the probate process completely.
 
Beneficiary changes can easily be made simply by contacting the account administrator and completing a change of beneficiary form.
    Kevin J. Smith, CFA, CFP, ChFC

 



If you have any questions or concerns regarding this eNewsletter or would like to submit a question or request, please notify LEAVE A LEGACY York County at [email protected] or www.lalyork.com.

137 E. Market St.
York, PA 17401
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A Program of the York County Bar Foundation