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By Lee C. Christie, Christie Farrell Lee & Bell PC
Many members of the Indianapolis Bar Association, of which there are more than 4,000, do not realize that the charitable arm of the IndyBar, the Indianapolis Bar Foundation, has a Legacy Society for those interested in planned giving. COVID-19 has left many of our members considering their estate planning and personal legacies. As you consider your planning, please consider becoming a member of the Indianapolis Bar Foundation’s Legacy Society.
The Legacy Society was established to help the next generation of IndyBar members. By becoming a member of the Legacy Society, you can define your legacy by including the Indianapolis Bar Foundation in your estate plans. The foundation has made it easy for you by partnering with the Estate Planning & Administration Section of the IndyBar to provide free review and estate planning consultations to consider the Legacy designation.
The IBF meets the challenges of the local bar association and members of our local association every day. It provides grants and scholarships to its members along with multiple pro bono services to the community at large. Becoming a Legacy Society member ensures that the IBF can continue its mission to advance justice and lead positive change in central Indiana through philanthropy, education and service. The Foundation’s ongoing grants and programs are maintained solely through the generosity and energy of its directors, Fellows and donors like you. Since its inception, the Foundation has granted more than $2.3 million to support education, cultural and community service organizations.
Becoming a Legacy Society member allows the foundation to continue to give back and impact the lives of our members and the community at large. Last year when the pandemic hit, the Foundation established a Crisis Empowerment Grant to help our young lawyer members earn income by assisting disadvantaged citizens with legal issues they encountered during the pandemic. Legacy Society members will leave their lasting impact on programs such as the Crisis Empowerment Grant, Community Empowerment Grant, Free Wills Clinic, Ask a Lawyer, scholarship opportunities for law students, virtual legal clinics and other programs for our members and the community.
Benefits of Planned Giving
The benefits of becoming an IndyBar Foundation Legacy Society member are many. You can leave a legacy behind for future generations and make a lasting impact on our community. Planned gifts can offer tax savings for donors or their heirs. Tax-deferred retirement accounts are an excellent way to make planned gifts. Money in tax-deferred retirement accounts like IRAs and 401Ks is subject to income tax on all withdrawals if left to individual beneficiaries. Charitable organizations, however, do not pay income tax on funds received from retirement accounts. If you desire to make charitable contributions at death while also leaving assets to family members, making planned gifts from your retirement accounts allows you to fulfill your charitable goals while reducing income taxes to your family members who would otherwise pay income tax on retirement plan withdrawals. Our team of estate lawyers can explain the tax advantages of a planned gift and how planned giving donors can have more control over where their money goes.
Jeff Abrams, partner at Taft Stettinius & Hollister LLP, expressed what the Indianapolis Bar Foundation and Association have meant to him and why he chose to be an IndyBar Foundation Legacy Society member.
“I spent over 20 years without any significant participation in the IndyBar Association or IndyBar Foundation. When asked to serve on the board of the Foundation, I happily accepted and it has generated hundreds of friendships and many referrals for my business that I would never have made or received had I not said yes nearly 20 years ago,” says Jeff. “This experience is one of the reasons why I joined the IndyBar Foundation Legacy Society to continue the great efforts of the Foundation and the people it helps.”
By becoming a Legacy Society member, you can make a difference in the lives of many disadvantaged people in our community and ensure your legacy! Additional details and information on how to make your planned gift can be found at indybar.org/legacy. •
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