I'm retired, debt-free, and have a positive cash flow. I want to leave the majority of my savings to a charity I support. Right now I have the cash in CD's, with the POD as being the charity. Is there a better way of doing this?
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You might want to consult your financial advisor, also be sure the charity is legit, there have been some unscrupulous ones where the money donated goes right into the pockets of CEO's.
Or consult an estate attorney, but I second the Financial Advisor recommendation.
The Fisher House, what a wonderful organization!
Several years ago I actually stayed at 1 while my husband had beating heart surgery, it was wonderful, so many generous and caring people. The management was equally as wonderful, very considerate. This was just outside of Washington DC.
I serve on the board of a non-profit organization. The one big thing for donations is how YOU, the donor, stipulate the use of your donated funds. (This applies to donations you make now as well as legacy donations. Legacy donations typically refer to donations made from your estate after your passing.) If you donate without any donor restrictions added, the organization's board can choose how to use said funds. However, if you add donor restrictions, for example, "Funds are to be used for Fisher House II" then the board is legally obligated to use your funds for THAT location ONLY. So, if the organization wants/needs funds for a Fisher House I (or in the future, Fisher House III), your funds will not be available for them to use. Also, if Fisher House II were to be dissolved/taken out of the non-profit's control, your funds would be stuck in limbo. In WA State (where the non-profit that I volunteer with is located), in order to use donor restricted funds ELSEWHERE - either the donor has to APPROVE the change or, if the donor is deceased, the organization has to wait 20 YEARS before the funds can be used outside of the donor restrictions. Just a heads up. I concur that speaking with an estate attorney and a financial advisor are going to be the best way to go. (If you need a referral to either, let me know. I have a referral network in Texas that I can tap into to find you professionals to talk to.)