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Estate Planning and your Club

kbrownpa

kbrownpa

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I still receive the monthly e-newsletter from a local club where I used to be a member for many years. They are starting a Legacy Program and are asking members to join the program by remembering the club in their estate planning.

This is the first time I've heard of such an initiative in a private club. I did a quick search and could not find this issue discussed previously.

I personally would not include my golf club in my estate planning. I have no problems supporting the charity events held at the club. I had no problems writing a check when an assessment was warranted/needed. I support causes I believe in when I'm in a position financially to do so.

Is this a sign of the times? Is this a common practice? Is it a bit tacky? Is it a money grab? What say you?
 
SO tacky IMO
 
It's a bit much. Never heard of it and not something I would ever consider.
 
Ugh, not good form at all...


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what are they asking? I have known clubs that allow the membership to transfer to an heir, so if that is all they are asking i am ok with it. But if they are asking you to leave the club $$ after you die, that is rediculous
 
I thought they meant "if you plan on moving houses, remember us". But estate planning is the testament-stuff I understand and that's WAY beyond what I consider anyone to tell me anything about! (Except for my accountant and the tax guys)
 
They are specifically asking for a contribution via will, trust, insurance policy or some other type of deferred contribution.
 
I guess there is no harm in them asking. Who knows, maybe someone leaves them money and they get a windfall. Personally, I have a hard time envisioning any scenario where I would ever leave money to a CC.


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It's actually quite common with social/athletic clubs. I get so much joy and satisfaction out of the Missouri Athletic Club and spend so much time there that if I die wealthy, I would certainly consider leaving them a few $$ as a Thank you for all the great years of enjoyment.
 
My wife is a trusts and estates attorney and she has never come across this. A lot of people will leave something to a church though. I enjoy my country club a lot, but I feel my dues and gratuities are sufficient appreciation.
 
That's pretty tacky IMO. The owner(s) of the Club had better be just this side of Bankruptcy to even suggest something like that.
 
I would have to side with tacky, extremely. Things must be going downhill imo.
 
I'm not going to get into a big discussion on this, but if your golf club operates as a non-profit corporation, it can make sense in some circumstances. One, it's possible your 'legacy' gift will provide more money in the future than your current giving. Two, and you would need to talk to an attorney or tax advisor, but leaving money to a non-profit can actually provide a substantial tax advantage for your estate without reducing the amount you give to your beneficiaries.

~Rock
 
kbrownpa said:
They are specifically asking for a contribution via will, trust, insurance policy or some other type of deferred contribution.
Click to expand...

That's just goofy if you ask me. No way in this world would I even consider leaving a dime to country club.
My vast wealth of hundreds of dollars will go to either my wife or other immediate family.
 
Let's see....country club or kids? Come on man! If I was still a member there, that would change immediately.
 
Sox Fan said:
Let's see....country club or kids? Come on man! If I was still a member there, that would change immediately.
Click to expand...
I agree completely. My first thought was that I'd be a little sad if my life ever reached a point where it was so lacking in family, friends, churches or meaningful charities that I would leave money to a CC. But who knows, maybe others have a particularly unique relationship with their club.
 
I have heard of colleges and universities asking their alums to remember them in their wills but a country club is a first. I don't know though... it might be nice to do something like that provided that I got to choose where the money was spent... like a devious sand trap in front of a green...
 
That is fairly odd, Church's yes, golf club, no way.

My FIL willed his membership at a prominent suburban Philadelphia club to me and after a year wait period it was formally transferred, that arrangement is fairly common but estate planning, not a chance in hell.
 
I'm going to Facebook everyone I've ever met asking them to remember me in their estate planning!
 
No way would I do that, that just crazy !!!! I could see leaving some to a church but to a golf club, can't see it.
 
Depends on the terms. Augusta requires a percentage of estate. I've heard of clubs waving equity in exchange for % of estate. If it's a way to defer some of the initiation expense then it might make sense. A lifetime of great golf in exchange for 5% might be reasonable. 95% for heirs and charity is still plenty. So, depends...
 
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