What Is It?
Making bequests, or “planned giving,” means planning or arranging for a donation now that will be given at a future time. The most common planned gifts are donated through a will or trust and given when the donor passes away.
Other types of planned gifts make it possible for the donor to establish a trust with the Abbey and receive income from it throughout the remainder of your life. These are less common and need to be set up by a good tax attorney.
Advantages to you
Sometimes people would like to make a substantial gift to support the Buddha’s sangha, but their present financial situation limits what they can do. Naming the Abbey as an heir to your estate can be a way to make that gift.
Giving to the Abbey in any form lets you direct your hard-earned resources toward supporting the values you hold most dear.
Depending on the size of your estate, there may be considerable tax advantages to planned giving.
Your offering goes on and on and on.
At the Abbey we sometimes speak of our effects lasting thousands of years. How can we say that? We are confident the seeds of virtue residents, guests, and benefactors cultivate here will bear fruit as we take future rebirths, working steadily towards the goal of enlightenment.
Your planned giving supports this long-term vision.
How Does It Work?
Planned gifts are offered in several different ways. It’s good to consult your attorney or accountant as you plan for this. We will help too. If you’re considering a planned gift, write the office or phone 1-509-447-5549 and talk to Venerable Chonyi about your plans.
You can designate Sravasti Abbey in your will. There are three ways to do this. In your will you can
- Name a specific gift amount for Sravasti Abbey
- Assign a percentage of your total estate to the Abbey
- Designate a share of the remainder after gifts to your heirs.
Gifts of Retirement Plans
You can name Sravasti Abbey as the beneficiary of your pension, 401K, IRA or other retirement plan.
Gifts of Life Insurance
You originally bought life insurance for a specific purpose, but it’s possible that need has changed. You can name Sravasti Abbey as the beneficiary of your life insurance policy.
You can offer a special endowment grant from a foundation or charitable trust.
Gifts of securities, real estate, vehicles
Gifts of property are also welcomed. We recommend that your attorney help you write up specific instructions for the executor of your estate.
It is best if your executor sells the property on your behalf and donates the proceeds to the Abbey. This is especially important if you live outside the U.S. It’s good if the Abbey has a copy of your executor’s instructions so we can help to fully carry out your wishes.
Your financial planner may have additional suggestions.