October 19, 2021

October 18–24 is National Estate Planning Awareness Week!

Did you know? Seventy percent of Americans don’t have an up-to-date will or estate plan, but everyone needs one, whether you’re 18 or 80. 

Despite the formal term, “estate planning” is important for all adults. The purpose is to develop a plan that will maintain your financial health and security through your lifetime and ensure the intended transfer of your property and assets at death. 

Take advantage of this time to care for your family and property, reduce your taxes, and support a charitable cause you care about, like Scottsdale Arts! 

Here are common misconceptions around estate planning: 

  • “I’m too young!”
  • “Estate planning is only for the ultra-wealthy.” 
  • “Estate planning is too complicated and expensive.” 
  • “We made our wills when we had children 30 years ago and see no need for further planning.” 

In fact, the process is easier than ever, is important to families of all income levels, and can be done inexpensively or even entirely free of charge through online legal will-making resources (and often takes less than 20 minutes!). 

Here are a few other important ways you can make an impact on Scottsdale Arts while caring for your estate: 

  • If you’re 70½, you can make tax-free gifts from your IRA while still meeting your required minimum distribution. 
  • List Scottsdale Arts as your beneficiary designation in your life insurance plan. Just as you can name multiple people in your will, you can also name multiple charitable organizations as beneficiaries of your retirement account or life insurance policy. This gives you the flexibility to provide for the important causes in your life in the proportions you desire. 
  • Make a gift of stock and avoid paying capital gains taxes. 

Arts-lovers who include Scottsdale Arts in their will or trust join the Legacy Society immediately, building a community of like-minded friends who have committed to ensuring a long future for the arts in Scottsdale.   

There’s no better moment than now to make a plan. Visit our website or contact a member of our team today to learn more!

 It is wise to consult with your tax professional if you are contemplating a charitable gift. The information in this blog is not intended as legal or tax advice. For such advice, please consult a tax advisor or attorney.