Eight Ways to Make a Difference
Over the years we have had donors reach out to us and talk about their estate plans, each with different stories and different reasons. They have taken care of their kids and grandkids but would like to do something to help the young people at Omaha Home for Boys. They’re just not quite sure how to do it.
If you’re in this same boat, leaving a Planned Giving Gift to OHB is a wonderful legacy to your thoughtful care and support that you have already shown our kids. Following are some options to think about in planning your estate. We’ve outlined eight easy ways you can make a significant difference for the young people who need it most.
1. Make a specific bequest. This is a gift of a specific item to a specific beneficiary. For example, “I give my golf clubs to my nephew, John.”
2. Make a general bequest. This is usually a gift of a stated sum of money. For example, “I give $50,000 to my daughter, Mary.”
3. Make a contingent bequest. This is a bequest made on condition that a certain event must occur before distribution. For example, “I give $50,000 to my son, Joe, provided he enrolls in college before age 21.”
4. Make a residuary bequest. This is a gift of all the “rest, residue and remainder” of your estate after all other bequests, debts and taxes have been paid. For example, say your estate is worth $500,000, and you intend to give a child $50,000 by specific bequest and the residuary estate to your spouse. If the debts, taxes, and expenses are $100,000, there would be $350,000 left for the surviving spouse.
5. Make an unrestricted bequest. This is a gift for our general purposes, to be used at the discretion of our governing board.
6. Make a restricted bequest. This type of gift allows you to specify how the funds are to be used. It is best, however, to consult OHB when you make your will to be certain your intent can be fulfilled.
7. Make an honorary or memorial bequest. This is a gift given “in honor of” or “in memory of” someone.
8. Make an endowed bequest. This bequest allows you to restrict the principal of your gift, requiring us to hold the funds permanently and use only a small percentage of the income they generate. Creating an endowment in this manner means that your gift can continue giving indefinitely.
When speaking with friends of Omaha Home for Boys and discussing various ways they could plan for the youth at OHB in their estate, we always mention to be sure to check with your attorney or estate planner. If you need our help when doing this, let us know of any questions you may have. Thanks to you, and friends and supporters just like you, Omaha Home for Boys can offer programs to help the young people and families who come to our doors and start them on a journey to becoming independent and successful!
If you would like to learn more about how to remember OHB in your estate, please contact OHB’s Development Department at giving@ohb.org or 402-457-7015.