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Estate Planning

"All wealth belongs to the Divine and those who hold it are trustees, not possessors." - Sri Aurobindo

 

Over the years, members of the the SASP Community have generously shared their financial resources to help fund our ongoing annual activities. Combined with funds from Auromere, this has enabled our community's individual and collective efforts to assist in moving towards bringing to reality the vision of Sri Aurobindo and the Mother.

Some of you have expressed interest in possibly doing more in this regard by also giving as part of your estate planning. This could enable using a portion of the funds you might have left at the end of life as a legacy of support, including long-term support, of SASP. Here are some options for your consideration:

 

LEGACY FOR THE FUTURE


At Present

At present, unrestricted gifts received through estate plans would be used by SASP for annual funding needs (in more legal terms: for SASP's "general uses and purposes"). Remaining funds would be saved and invested to be utilized for future needs, including for capital expenses such as building and other improvements on our land. This giving opportunity for flexible meeting of SASP's current and possibly some future needs will always be available by your designating "Sri Aurobindo Sadhana Peetham" in your will or trust or through a beneficiary designation, as described in more detail below.

 

Future Endowment Giving Option

In addition, SASP is expecting to participate in the Foundation for World Education's (FWE's) "Investing for the New Creation" endowment initiative for Integral Yoga Centers. We are in the process of raising the first $10,000 which will initiate an SASP permanent endowment managed by FWE. Once established, this will enable you to make an estate plan endowment gift to SASP, a "legacy gift," that will benefit SASP every year for many, many years to come. FWE would pay SASP each year 5% of the value of the endowment, with the remaining funds continuing to be invested for future growth, and not accessible to SASP. Please check back at this page for future announcements about this potential wonderful new opportunity. If implemented, we hope by early 2020, you would have two options for estate plan giving: 1) To name SASP to receive an unrestricted gift for current needs, with any amount not used saved for use in future years; and 2) to name FWE to receive a restricted endowment gift for the benefit of SASP, the annual earnings of which would be directed to SASP every year for many, many years to come. Or you could make a gift of a percentage for each of these options.

 

HOW TO GIVE THROUGH YOUR ESTATE PLAN


Wills and Living Trusts

Sample bequest language suggestions for your attorney:

"I give [_____% of my estate] [the residue of my estate] [_____% of the residue of my estate] [$______________] to Sri Aurobindo Sadhana Peetham (SASP), a California nonprofit religious corporation, for its general uses and purposes. SASP is located at 2621 W. Highway 12, Lodi, CA. 95242. SASP's Federal Taxpayer ID Number is 95-442-5564."

You can make a gift (bequest) to SASP through your will or living trust in the following ways:

* A percentage of your total estate - In using this approach, your gift adjusts with changes in the size of your estate.
* The residue or a percentage of the residue of your estate
* After your specific gifts to loved ones have been made, you may designate that the entire residue or a percentage of the remainder shall go to one or more charitable organizations. With this approach, as well, your gift adjusts with changes in the size of your estate.
* A gift of a specific amount - You specify a dollar amount to be given to one or more charitable organizations. With this kind of gift, it is especially important to keep your will or trust up-to-date.

 

Retirement Plans and Other Beneficiary Designations

There are many ways to leave a legacy gift to SASP simply by filling out a form to make beneficiary designations outside your will or trust. This can be done without changing any existing will or trust, but should be coordinated with any existing legal document.

Using retirement plan assets results in a very tax-advantaged charitable gift. This is so because if left to individuals (other than a spouse), such assets will subject your heirs to income taxes. It is more tax-advantaged to leave other types of assets to your heirs and gift the more heavily-taxed retirement plan assets to SASP.

In addition to retirement plan assets, almost any financial arrangement that allows you to name a beneficiary can be repurposed to benefit SASP with all or part of its remaining value. Gifts are to be designated to Sri Aurobindo Sadhana Peetham with our Taxpayer ID number 95-442-5564, if requested.

Here are some popular ways to designate us as a beneficiary of your estate:

 

IRAs, 401(k) plans, 403(b) plans or other retirement savings arrangements

Retirement plan assets can be the best assets to leave to charity. Naming SASP as beneficiary of all or part of a retirement account left at death can save income taxes, estate taxes or both. Individual recipients must pay the income tax on these assets, which have been accumulated tax-free. But SASP, as a nonprofit organizaton, is exempt from any income tax that would otherwise be due. So it is wise tax planning to leave these funds to SASP and other assets to family and friends.

How: Simply ask the custodian or trustee of your account for a new beneficiary form, or check on your custodian's website for an on-line form. Use SASP's legal name, "Sri Aurobindo Sadhana Peetham" and Taxpayer ID No. 95-442-5564. Note: In general, married individuals will need the written consent of their spouses to make gifts from retirement accounts. Check with your account manager.

 

Bank Accounts at banks, savings and loan associations, and credit unions

Those who have financial accounts at banks, savings and loan associations and credit unions generally may direct that their deposits (checking, savings, share accounts, certificates of deposit) be paid on death ("POD") to a particular individual - or to SASP. The designation can be revoked any time prior to death and in no way affects the depositor's control over the funds in the account.

How: Ask the manager of your account for details and the appropriate form. Use SASP's legal name, "Sri Aurobindo Sadhana Peetham" and Taxpayer ID No. 95-442-5564

 

Brokerage Accounts for stock, bond and mutual fund holdings

If you own stocks, bonds or mutual fund shares in brokerage accounts, you may name SASP as a "TOD" (transfer on death) beneficiary.

How: Check with your broker for details and the appropriate form. Use SASP's legal name, "Sri Aurobindo Sadhana Peetham" and Taxpayer ID No. 95-442-5564

 

FURTHER DISCUSSION


Please keep in mind that good estate planning requires coordinating the provisions of your will and/or living trust with all the beneficiary designations you've made on IRAs, life insurance policies, and other financial accounts.

Please let us know of any beneficiary designation you make on SASP's behalf. Although we understand that your gift is revocable, we want to be sure that your intentions are fulfilled.

For more information on all types of giving, please contact Dakshina (dakshina.sasp at gmail.com) or Earl Blauner (eblauner at comcast.net).

 

"In order to be realized upon earth, this creation must utilize the already existing material means and powers,
but in a new way, adapted to the new needs.
One of the most essential powers is the financial power." - The Mother