If you have no family, you still have estate planning options.
When it comes to estate planning, you can leave your money to whomever you wish—as long as you have done proper estate planning.
If not, the probate courts will decided who gets what according to state intestate laws.
In short, you really do need an estate plan.
So, where should your earthly possessions go?
One valid option is charity.
According to The (Marysville, CA) Appeal-Democrat article, titled “Couple leaves $2.2M donation to Rideout,” a childless couple chose to divide their estate among local charities.
Doug and Jean Goss surprised many by the sum left behind.
Would you believe $2.2 million alone went to Rideout Health Foundation and an undisclosed amount was divided among four other Yuba-Sutter area California nonprofit organizations—Museum of the Forgotten Warriors, Sutter Buttes Canine Rescue, Mary Aaron Museum and the Community Memorial Museum of Sutter County?
How will the hospital use this donation?
Apparently $2.14 million will be allocated to the general fund of the hospital foundation to create a lasting endowment.
Because Jean was an avid gardener, the foundation is making plans plant an honorary rosebush and name the Healing Garden in the new hospital tower at Rideout Regional Medical Center after the Goss family.
How were they able to leave this legacy?
They started planning early.
In the 1990s to be exact.
They chose to utilize a trust and named close friend Gene Erfle as the trustee.
Why the hospital?
Jean had a heart condition requiring frequent care at Rideout as she got older, and she and many of the staff became close.
If you, too, have a meaningful organization or a worthy cause in your life, perhaps you should consider leaving a gift through your estate.
It could make a world of difference.
Remember: “An ounce of prevention is worth a pound of cure.” When making your financial, tax and estate plans, do not go it alone. Be sure to engage competent professional counsel.
For more information about estate planning in Overland Park, KS (and throughout the rest of Kansas and Missouri), visit our estate planning website and be sure to subscribe to our complimentary estate planning e-newsletter while you are there.
Reference: The (Marysville, CA) Appeal-Democrat (August 6, 2016) “Couple leaves $2.2M donation to Rideout”