Mrs. Kroc’s Example:  Leave a Legacy

Joan B. Kroc, widow of the founder of McDonald’s Corporation, left some of the largest charitable gifts in history with a combined $1.5 billion bequest to the Salvation Army and an over $200 million bequest to National Public Radio.  Her gifts, while enormous in size, are matched regularly by thousands of thoughtful people, on a smaller scale, who decide to include worthwhile causes in their estate plans. Such gifts represent some the largest contributions ever received by organizations.  

What motivates people to make bequests from their wills, living trusts, life insurance, IRAs, brokerage and financial accounts?

It’s the right time.  People are rightfully careful about their finances, especially in their retirement years, and find estate gifts to be most practical: “I won’t need the money anymore.”

I’d rather assist worthwhile organizations than owe a lot of death taxes.  Bequests to qualified organizations generally escape all federal estate taxes and state death taxes, as well.  Leaving retirement accounts and U.S. savings bonds avoid the income taxes heirs would pay.

I can help my family and charity with the same bequest.  Several gift plans allow you to benefit our programs but first pay a lifetime income to a spouse or other family member.  Important tax savings may result, which can actually improve your family’s security.

I want to create a memorial.  Gifts from estates can be structured to memorialize one’s own life, or the life of a parent, spouse, friend or anyone important in your life.

I want to leave a legacy.  At the heart of all estate giving lies the notion of “giving something back” – of leaving the earth a better place than you found it

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