Would you consider remembering Providence Network in your will, trust, and estate planning? Including us in your end-of-life charitable giving could make an impact for generations to come, continuing the work you invested so much in during your lifetime.

First, a little humor…

Wills, trusts, and estate planning all feel heavy, as they should, so let’s begin with a little levity. This joke comes via an estate-planning firm on the island of Cyprus: 

A lawyer was reading out the Will of a rich man to the people mentioned in the Will:

“To you, my loving wife Lucy, who stood by me in rough times, as well as good, I leave the house and $2,000,000.

To my daughter Jessica, who looked after me in sickness and kept the business going, I leave the yacht, the business and $1,000,000.

To my cousin Daniel, who hated me, argued with me and thought I would never mention him in my Will – well you were wrong… Hi Daniel!”

Now if only that man had mentioned Providence Network in his will.

Why create a Will or Trust?

According to one Gallup survey, “Slightly less than half of U.S. adults, 46%, have a will that describes how they would like their money and estate to be handled after their death.” Others estimate that percentage is actually as high as 67%. The American Red Cross explains what happens if you do not have these plans in place when you pass:

If you die without a will, the laws of your state will decide how your estate is divided. Typically, the probate court will divide your estate among your closest surviving family members according to a formula, and none of your estate can go to [Providence Network] or any other charity. If you wish to have a say in how your estate is distributed, you must have a will or living trust. We encourage you to work with an experienced attorney to create a will or living trust that accomplishes your goals for your estate.

We’ve all heard stories of family members passing without any end-of-life planning and the challenges it created financially, legally, and emotionally for the remaining family members. Not only does a Will or Trust benefit your loved ones, it can go beyond to truly bless a charity you partnered with during your lifetime.

What’s the difference between a Will and a Living Trust?

Before we go too much further, please know that nothing on this website or in this blog post constitutes investment, financial, legal, or tax advice. Please speak with your attorney, licensed financial advisor, or other end-of-life planning professional. 

So what’s the difference between a will and a trust? The National Council on Aging (NCOA) explains: “A will is a simple legal document that provides instructions on how to distribute property to beneficiaries after death, while a trust is a complex legal contract that allows you to transfer your property to an account to be managed by another person.” They add, “Creating a living trust is a good option for those with a complex estate (multiple properties, investment accounts, and/or sizable assets).

Non-cash giving, or complex asset giving, can often allow for far larger charitable gifts than simply giving cash. Learn more at the National Christian Foundation (NCF).

There may be tax benefits

Are there tax benefits to creating a will or trust? Maybe. Please consult your tax attorney or financial advisor to answer this question. The American Red Cross writes: 

Because your bequest is revocable, you do not receive an income tax charitable deduction when you create it. Rather, your estate will receive an estate tax deduction for the full value of your bequest in the year it is made. Depending on a variety of factors, including the size of your estate and estate tax law at the time your estate is settled, this deduction may or may not save estate taxes.

How might you remember us in your Will or Trust?

Once again, the American Red Cross lists a number of ways you might remember Providence Network in your Will, Trust, and estate planning (list adapted):

  • A gift of a particular amount of money. For example, you give $25,000.
  • A gift of a specific item or items. For example, you give 1,000 shares of ABC Corporation.
  • A gift that will be made only if one or more conditions are met. For example, you give $25,000 designated to one of our transitional homes as long as it is still in operation (aka. Joy House is still serving moms and children).
  • A gift that will be made from the remainder of your estate once all other bequests, debts, and taxes have been paid. For example, you give 25% of the remainder of your estate. Often called a “residuary bequest,” this approach assures that your loved ones will be taken care of before your estate makes a bequest to us.

We generally request undesignated gifts to our general operating budget, as that allows for the most direct use. However, we celebrate our friends and partners making a designated end-of-life gift to a program or home with which they have a special connection.

Legal name, address, tax identification number

To make sure we are appropriately and accurately included in your will, please refer to the following information:

Legal name: Providence Network

Address: 357 N. Broadway, Denver, CO 80203-3920

Tax Identification Number (EIN): 74-2505406

Please contact your lawyer or tax advisor to verify your plans. You may change your end-of-life designation to Providence Network at any time.

Sample language

The following is an example of an unrestricted gift that may be used where Providence Network’s need is greatest:

I give $_______ to Providence Network of 357 N. Broadway, Denver, CO 80203-3920, for its general purposes. If at the time this gift takes effect Providence Network is not in existence, or is not an organization described in I.R.C. § 2055(a), or cannot be identified with reasonable certainty, the gift to such entity shall not lapse, but shall be distributed to such exclusively charitable, scientific, educational or religious entities that are described in such section as shall be designated by my personal representative, in such amounts, shares and interests as my personal representative may determine.

Instead of a dollar amount, some may choose to list a percentage of an estate, financial securities, or some other asset.

You may also restrict the gift to a particular program, fund, or home, but we recommend contacting our development team first to make sure we can honor your wishes.

Other ways to give

Beyond including Providence Network in your will, you might consider including us as a beneficiary in your life-insurance policy. This is a step you may be able to take more quickly as you work towards updating or creating your will or living trust. If you would like to generate income and charitable giving in your retirement, you might consider investigating a Charitable Gift Annuity (CGA).

Please notify us

If you choose to go forward with remembering Providence Network in your will, trust, and estate planning, please contact us. We would love to welcome you into our Providence Network Legacy Society. We want to celebrate your generosity and make sure we follow your legacy plans.

Disclaimer: Providence Network has not provided you with any investment, financial, legal, or tax advice. Instead, we have advised you to consult with your own legal and financial advisors and tax experts. We are not responsible for any decisions or actions taken in reliance upon or as a result of the content made available on this website or social media channels.

NCF: Providence Network is not sponsored by or an affiliate of the National Christian Foundation (NCF). We appreciate the many estate-planning resources they offer.