Frequently Asked Questions About Estate Planning
What is an estate plan?
An estate plan is a crucial aspect of your financial wellness. Having a plan ensures that your wishes are honored after you are gone and your loved ones and the organizations you care about are taken care of. Estate plans indicate who will pay your final expenses and who will receive your assets such as financial accounts, stocks, life insurance policies, personal property, and real estate. Plans generally consist of one or more documents such as a Will, Trust, and/or beneficiary designation forms.
Who needs an estate plan?
Everyone needs a plan, no matter your age or net worth. Unfortunately, nearly half of all Americans die without an updated plan in place, leaving it to state law to determine who receives their assets. It's important that you review and update your estate plan whenever you have an important life event—marriage, birth of a child or grandchild, divorce, death of a beneficiary, an inheritance, purchase of a new asset.
How do I create my estate plan?
To begin, inventory your tangible and intangible belongings. Think about your goals and what is needed to take care of your loved ones - healthcare, education, finances, etc. It is important to work with a trusted attorney, familiar with estate and probate law in your state, who can advise you on ways to save money and taxes and ensure that your plan legally provides for your beneficiaries and the organizations that you care about.
Why make a charitable gift through my estate?
- Perpetuate your values: Your estate plan allows you to create a legacy that reflects and supports the values you hold dear.
- Significant gifts are possible: Through careful planning, you may find that you can make a much more generous legacy gift than ever imagined.
- Tax-wise giving: A well-designed plan can result in your estate paying less tax, allowing you to leave more to the people you love and organizations that you care about.
How do I name Shelburne Farms in my estate plan?
Please list the organization as: Shelburne Farms, (EIN#03-0229347) a nonprofit education organization located at 1611 Harbor Road in Shelburne, Vermont, 05482.
What is Shelburne Farms' tax identification number?
Shelburne Farms was incorporated as a nonprofit in Vermont in 1972. The organization’s federal tax identification number is # 03-0229347.
I’ve included Shelburne Farms in my Will - now what?
Thank you! If you named Shelburne Farms as a beneficiary in your estate plans, please let us know so we may express our gratitude and welcome you into our Legacy Circle - a group of special friends who are invited to annual events and recognized in our publications (you may opt to be anonymous).
If you would like more information about including Shelburne Farms in your estate plans or to discuss legacy giving options, please contact Sue Dixon, Special Gifts Coordinator, at firstname.lastname@example.org or 802-985-0322.