Bequeath to Gita Nagari
A bequest is a specific provision in your will or living trust, leaving money or other assets to an institution you care about. If you would like to bequeath money or other assets to Gita Nagari, but you are uncertain how to do this, you are not alone.
Thank you for considering a bequest to Gita Nagari, enabling us to continue to help those in our communities.
Having a Will in place allows the people we love to be properly provided for and ensures that any assets are distributed according to your wishes. It also protects those you love from having to try to work out what you may have wanted to do amidst what can be a very sad time for them. Many people also like to provide for a Temple in their Will, knowing that a part of their estate will be used to benefit others when they are gone. We would encourage you to receive legal advice from your solicitor, State or Public Trustee or Trustee Company when preparing your will to ensure that it is clearly worded and can be validly executed.
What could you bequeath?
There are a number of options to consider when deciding how to include ISKCON Gita Nagari in your Will. These could include:
- You can leave a specific amount of money. Although this does not allow for changes in your circumstances. Your gift can take effect after the death of your partner. In this way your partner retains your estate for life.
- A percentage of your estate can go to Gita Nagari so other beneficiaries are not disadvantaged should circumstances change.
- Particular items such as shares or stocks or property can be left to Gita Nagari.
- You may also consider making a gift to Gita Nagari cows through a perpetual trust that will provide ongoing financial support.
- Crypto currency
- 401 K
- Estate: If you have a very large estate, your estate may owe estate taxes when you die. Not all states have an estate tax, and the federal estate tax applies only to estates in excess of the unified credit, so you might not owe estate tax to begin with. The unified credit is available to all taxpayers to offset gift taxes, generation skipping taxes or estate taxes. For example, if you used the entire credit to avoid paying gift taxes during your life, you won’t have any left to use against any estate taxes owed. Although the credit varies from year to year, it allows you to avoid taxes on millions of dollars in gifts over your lifetime. However, bequests left to charities reduce the size of your estate, thereby lowering your estate tax bill. Most churches and other religious organizations are qualified charities, which means that by leaving your IRA to your church, you can reduce your estate tax.
- IRA – Typically, IRA beneficiaries also inherit the tax obligations on the distributions from the account. For example, if an individual inherits a traditional IRA, that individual must include that amount as part of her taxable income for the year. However, churches are tax-exempt organizations, so even if the distributions would otherwise be taxable, the church does not have to pay income taxes on the distributions. This can make leaving your IRA to your church a more effective gift than giving other assets.
How to get started?
Gita Nagari Dham was established by Srila Prabhupada for the service of Sri Sri Radha Damodar. Our goal has been to facilitate the service of Sri Sri Radha Damodar, protect the cows and establish Varnashrama.
When bequeathing to Gita Nagari, please include the following organizational details.
Organization Name: ISKCON inc
Tax id EIN 232 351 272