“We make a living by what we get, but we make a life by what we give.”
Your Passions…Your Values..
….Our life experiences help us explore the passions and define the values that others know us by.
Why Do You Need To Plan?
As the Old Adage Goes…“People Don’t Plan to Fail. They Fail to Plan.” Down through history thoughtful men and woman have always been concerned about their heirs and have wisely made plans for the distribution of their estates. Unfortunately, many individuals today neglect to do this, mistakenly thinking that estate planning is only for the very wealthy. Not realizing that anyone who owns anything has an estate, many people fail to even draw up a will, leaving the disposition of their assets and even the choice of a guardian for their minor children to the state.
Why do so many people postpone making plans for their heirs and the distribution of their estate?
- Some people, out of fear, do not want to think or talk about issues related to death. The great thing about estate planning is that an individual can focus on legacy and impact, and the opportunity of transferring one’s values as it pertains to your family, finances, and philanthropy. Your legacy can live on.
- Some people put off estate planning because of the technical aspects involved. Even though the process can become a little challenging the rewards far out way your concern. The goal is to help you understand the tools that can wisely maximize your assets and meaningfully transfer them to family and your favorite charitable organizations.
- Some people defer to plan because of the perceived hassle and cost involved. Without estate planning, probate (the costly and time consuming court process of transferring assets to heirs) can cost between 3-8% of your estate value and take from 9-24 months. Effective planning actually reduces cost, while providing more for your family and/or charitable organizations that you support. Also, through the generosity of the Tulsa Community Foundation, you, as a member of Tulsa Global Alliance, have the opportunity to have an estate planning consultation with a member of The Advancement Group at no charge.
During your consultation with The Advancement Group you will learn more about:
- Probate – this is the court supervised process of validating the will, paying the estate debts, distributing assets, and changing legal title of assets. The average probate period is 1 ½ years, costs between 2% -10% of the estate value, and is public information.
- Guardianship – in regard to minors, they cannot own assets, the court has to appoint a guardian, there is a filing of the inventory and accounting of the estate and the minor receives ownership of the assets at 18 years old.
- Medical Issues – without a healthcare proxy (or power of attorney) to direct your care, the court will decide for you in regard to basic medical decisions. In the case of terminal illness or irreversible coma, and in the absence of a living will, the court will decide for you.
- Taxes – estate tax is tax on the right to transfer your property. The tax is due 9 months after the date of death.
- Incapacity – you or your spouse cannot own or manage your assets while incapacitated, the court must appoint a guardian for you or your spouse, there is an inventory and accounting of the estate, and it passes through probate at death.
Planning is not about how much you own (“my estate is not worth that much”), but planning for the peace of mind for those you leave behind and for the legacy you wish to leave.
Wills—Currently, only 1 out of 3 people in the United States have a will, and of those that do, many of their wills are out of date. A will addresses issues related to where you want your property to go, can designate guardians for minor children and make provision to reduce taxes, but it does not avoid probate.
Revocable Living Trust—an alternative that provides peace of mind for the family, and provides the following benefits:
- Avoids Court Guardianship in the Event of Incapacity By transferring the ownership of assets into a living trust, it is possible to avoid the court supervised process of guardianship for an incapacitated spouse, or yourself.
- Avoids Probate Assets within a living trust are not subject to probate. Probate can be an unnecessarily expensive ordeal, not to mention time-consuming and frustrating.
- Minimizes Expense A trust simplifies the probate and estate distribution process and minimizes expenses. Because no probate proceeding is necessary, the trustee can simply distribute the assets from the trust without court supervised costs.
- Ensures Privacy A trust remains a private document. When the majority of assets are distributed via a trust document, only the family (and other loved ones, where appropriate) need be aware of the nature of the assets and how they were distributed.
Leaving a Gift to TGA
- We treasure people who believe in our mission and share our passion! Our donors are interesting, globally minded citizens who have chosen one of many opportunity levels to connect with us and our friends.
- We call the select group of planned giving private supporters our “Global Ambassadors”. When TGA is made aware of a planned gift, an opportunity will be offered for recognition as a Global Ambassador.
- We hope you will consider creating a planned gift benefiting Tulsa Global Alliance and reaffirm your partnership with our mission while confirming your life’s passions and values.
How to Include Tulsa Global Alliance in Your Will
- A residuary bequest is used to give Tulsa Global Alliance a portion of your property after all debts, taxes, expenses, and all other bequests have been paid. For example: “I give the rest, residue and remainder of the property I own at my death to Tulsa Global Alliance in Tulsa, Oklahoma to be used for its general use and purposes.”
- You may make a specific bequest of cash, securities, or other property to Tulsa Global Alliance by designating a specific dollar amount, a particular asset, or a fixed percentage of your estate.
- You may make a bequest of all or a portion of your remaining estate to Tulsa Global Alliance after you have provided for all other beneficiaries by specific bequests.
- You may make Tulsa Global Alliance a contingent beneficiary or second choice of a trust that you establish in your will to provide income to one or more beneficiaries for life. Tulsa Global Alliance would then receive the principal of the trust at the death of the last surviving beneficiary.
Sample Testamentary Language
- A general bequest: “I give (a specific asset) or (_____ percent of the rest, residue, and remainder of my estate) to Tulsa Global Alliance in Tulsa, Oklahoma for its general use and purposes.”
- A bequest for a specific purpose: “I give (_______ dollars) (specific asset) or (______ percent of the rest, residue, and remainder of my estate) to Tulsa Global Alliance in Tulsa, Oklahoma to be used for the following purpose: ___________________.”
Because many variables can change the effectiveness of planned gifts, donors should review their circumstances and objectives with their own lawyers or financial advisors.
For more information on how to get started on your plan, please call 918-6.31-4801 or email email@example.com.