October brings crisp mornings, harvest season and the beauty of fall leaves across Pulaski County. It also brings National Estate Planning Awareness Week (Oct. 20-26), a time when communities nationwide focus on something many folks tend to put off: making plans for the future.
Estate planning might sound like something only wealthy people need to worry about, but that couldn’t be further from the truth. Whether you own a family farm that’s been passed down through generations, run a small business, or simply want to make sure your values live on in the community you love, estate planning matters for everyone.
More Than Just Paperwork
Think of estate planning like preparing for harvest season. Farmers don’t wait until the corn is ready to figure out where they’ll store it or who will help bring it in. They plan ahead because they know that preparation makes all the difference when the time comes.
The same principle applies to estate planning. Family, charity, and community values are important. They are things worth caring about and planning for beyond your lifetime.
“Protecting your family and your assets with a last will and testament is crucial, but estate planning is about so much more than that,” said Leeann Wright, CFoPC executive director. “Without a will, the state makes decisions about your estate. Estate planning puts you in control and ensures that the values and causes that matter most to you are sustained long after you’re gone.”
The Community Foundation has worked with many local folks over the years to create lasting legacies that reflect what mattered most to them during their lifetimes. These aren’t necessarily wealthy people, but neighbors, fellow church members and community volunteers who understood that even modest gifts can make a meaningful difference.
Supporting What Matters Most
Here in Pulaski County, families work with the Community Foundation staff during their estate planning process to create charitable funds that will continue supporting the causes they love most. With this planned giving, some have established scholarship funds to help local high school graduates pursue higher education. Others have focused on agricultural education programs, helping the next generation of farmers learn modern techniques while honoring traditional farming values.
Still others have directed their gifts toward rural healthcare initiatives, community beautification projects or supporting local nonprofit organizations. The beauty of planned giving is that you can choose exactly what you want to support, creating a personalized legacy that reflects your individual values and priorities.
Planned giving doesn’t impact your current lifestyle or financial security. Instead, it provides a way to reduce potential tax burdens on your estate while creating meaningful community impact. It’s a true win-win situation.
It’s Not Just for the Wealthy
One of the biggest misconceptions about estate planning is that it’s only for people with substantial wealth. This isn’t the case at all, especially in rural communities like Pulaski County.
“People assume that estate planning is only for the wealthy, but that’s simply not true,” Wright says. “Making plans for protecting what you leave behind matters if you have a family farm, a small business, a retirement account or even if you just want to do something to make sure your rural values live on. There are options that work for every different situation.”
Consider your situation. Maybe you own a modest home and have saved diligently in a 401(k) throughout your working years. By naming the Community Foundation as even a partial beneficiary of that retirement account, you can create a meaningful charitable legacy without affecting your current standard of living. In fact, retirement assets make excellent charitable gifts because they’re often heavily taxed when left to individuals but not when left to qualified charities.
Or maybe you have a relatively standard life insurance policy. You might designate a portion of that policy’s benefit to create a charitable fund, knowing your family will still be provided for while also supporting community causes you care about.
Simple Steps, Lasting Impact
The Community Foundation of Pulaski County can help arrange several planned giving options that work for different situations and comfort levels:
- Charitable bequests through wills remain the most popular and simplest option for many people. These gifts can be a specific dollar amount, a percentage of your estate, or even the remainder after your family members are provided for. The CFoPC even provides sample language your attorney can easily incorporate into your will.
- Retirement account beneficiaries offer another straightforward approach. It typically requires just a simple form from your account provider to add the Community Foundation as a beneficiary alongside your family members.
- Gift annuities provide a way to make a charitable gift while also receiving fixed payments for life. This option appeals to folks who want to support community causes while still having additional income during retirement.
- Life insurance gifts can create a big charitable impact, especially when you have a policy you no longer need for family protection.
The key is finding the option that feels right for your family’s unique situation.
A Personal, Local Approach
What sets the Community Foundation of Pulaski County apart is the personal, local approach to helping you explore these options. This isn’t about high-pressure sales tactics or complicated financial products. It’s about neighbors helping neighbors think about how they can contribute to building a positive future for our rural home.
“We know estate planning can feel overwhelming, but it doesn’t have to be,” Wright says. “Our role is to help people think through how they can make the biggest impact with whatever they’re comfortable giving, while working alongside their financial advisors and attorneys.”
Foundation staff members are happy to meet with you and your family to discuss how planned charitable giving might fit into your overall estate planning goals. These conversations happen without any pressure or obligation. They’re just opportunities to think about possibilities and get your questions answered in plain English.
The Perfect Time to Start
National Estate Planning Awareness Week occurs just ahead of the holiday season and year-end giving opportunities like Giving Tuesday, right in the midst of harvest season. And as anyone in an agricultural community like Pulaski County can tell you, harvest season is a time for taking stock of the year’s growth and planning for the future. It’s a natural moment for reflection on legacy planning.
By October, you might already be thinking about year-end financial decisions, including charitable giving and tax planning. There is still enough time to have meaningful conversations with your family members, financial advisors and attorneys before the year ends.
The approaching holiday season often brings families and friends together, creating opportunities for important conversations about values, priorities and future plans.
These discussions don’t have to be heavy or somber. Estate planning can even be hopeful, with conversations among your loved ones about continuing family values and supporting community causes for generations to come.
Joining the Legacy Society
Here at the Community Foundation, we recognize and acknowledge the generosity and vision of donors who have committed to the Pulaski County community through planned gifts with membership in the Legacy Society. There’s no minimum gift requirement to receive this recognition; it’s simply a way to honor the people who have made such important commitments to our community’s future.
Legacy Society members represent a cross-section of Pulaski County residents. They are different from each other, but they all understood that even modest planned gifts can create a lasting impact. Some chose to remain anonymous, while others were happy to have their commitment inspire others to consider similar gifts.
Getting Started
If you’re ready to explore how planned giving might fit into your estate plan, the first step is to reach out! The CFoPC staff can be reached at (574) 946-0906 or through our online contact form.
Our initial conversations with you are meant to be comfortable and informative, helping you understand your options without any expectation of immediate decisions. The goal is to provide information and support so you and your family can make the choices that feel right for you.
Since 1997, the Community Foundation of Pulaski County has worked with local families, farmers, business owners and residents throughout the community to engage leaders, inspire generosity and enrich the lives of all those who live in and visit Pulaski County. Planned giving represents one more way to continue that mission, ensuring that the values and causes that make this community special continue to thrive for generations to come.
As the harvest and the changing leaves usher in the coming winter landscape, it reminds everyone of the importance of planning ahead. National Estate Planning Awareness Week is the perfect opportunity for you to consider how your personal values and community commitment can create your lasting legacy right here in Pulaski County.