It never crossed my mind to contact someone at the Kravis Center to inform them that the Organization is named as one of the beneficiaries in my Will. Imagine my surprise when at a function I attended this summer, I learned that a non-related benefactor wants to hear from donors like me while we are still alive so that the organizations we have named may celebrate and recognize our intentions during our lifetime (assuming the donor wants to be known of course)! Since the Kravis Center officially opened in late 1992, I have been an avid supporter making annual donations and attending as many functions as my wallet and time would allow. When at age 50 I signed my Last Will and Testament, I wanted to be sure that one of my favorite organizations would receive my support posthumously. Contacting someone at the Kravis Center to make them aware of my decision never crossed my mind. Now I wonder if others I know who have completed their Wills thought to share their intent with the non-related benefactors named in their Wills. So far the answer has been the same for all I've asked…no-one ever thought to inform the organization(s). But just like with me, the moment each of these donors shared with their benefactor, both parties felt awesome! As such, my suggestion is let your non-related benefactor(s) know of your posthumous intended support. It is such a win-win situation and as the donor, to be celebrated while still alive by your beloved organization is a very special feeling.
Beth K. Schwartz
The information on this website is not intended as legal or tax advice. For such advice, please consult an attorney or tax advisor. Figures cited in examples are for hypothetical purposes only and are subject to change. References to estate and income taxes include federal taxes only. State income/estate taxes or state law may impact your results. Annuities are subject to regulation by the State of California. Payments under such agreements, however, are not protected or otherwise guaranteed by any government agency or the California Life and Health Insurance Guarantee Association. A charitable gift annuity is not regulated by the Oklahoma Insurance Department and is not protected by a guaranty association affiliated with the Oklahoma Insurance Department. Charitable gift annuities are not regulated by and are not under the jurisdiction of the South Dakota Division of Insurance.