VFW.org

TEST YOUR BEQUEST IQ

The Answers May Surprise You ...

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Q: Do I really need a will if I don’t have a lot of money or property?
A: Yes! Many people assume that only those with large estates need a will. This is simply not true. Everyone over the age of 18 should have a will. Plus, even if your estate is not large enough to trigger federal estate tax, seventeen states and the District of Columbia levy estate taxes.

Q: How much will it cost?
A: Fees vary in different areas of the country so ask for this information in advance. Many lawyers offer a free or low-cost initial consultation.

Q: I created a will a few years ago. I don’t need to do anything more, do I?
A: A significant new tax law was enacted at the beginning of 2011. It’s a good idea to periodically review your plans in light of the new laws. Changes in your life such as a birth, death, divorce or move to a new state of residence are also triggers that suggest a review of your plans is in order.

Q: Can I support the VFW and also provide for my loved ones?
A: Absolutely. There are different types of bequests that can protect your loved ones and leave a legacy for America’s heroes.

Q: What should I do next?
A: If you have decided to include the VFW as a beneficiary, please use the following language: Veterans of Foreign Wars of the United States, (Tax ID 44-0474290) a nonprofit corporation with its principal office at 406 West 34th Street, Kansas City, MO 64111.

If you’re just getting started or would like more information about the different types of bequests, please request our free booklet, Smart Tax, Financial & Gift Planning by contacting our Planned Giving Office at plannedgiving@vfw.org or 816-968-1119.

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