Planned and Charitable Giving

Many individuals wish to contribute money to charities, religious organizations and other groups during their lifetime and after death. Many recognize that they don’t have the current cash flow to make as large a gift as they would like. Remember charities as part of your estate plan has many advantages and may fully express your intended generosity.

Planned giving can take many forms. In addition to the personal generosity planned giving reflects, it may present donors with significant tax benefits, both individually and for one’s estate. The most basic way to remember a charity in your estate plan is through the use of a specific bequest in your Last Will and Testament. A specific bequest in a Will may read, “I hereby give, bequeath and devise the sum of $10,000.00 to (the charity of your choice).” A specific bequest may also take the form of leaving real estate, artwork, or other property.

Individuals may also consider establishing a Charitable Remainder Trust for the benefit of the charity of their choice. By utilizing a Charitable Remainder Trust, an individual places money or property in Trust. The donor receives income from the Trust for a term of years or for life, with the remainder of the Trust assets going to the charity. In return, the donor is reducing the size of her estate, possibly reducing or eliminating estate taxes. In addition, there may be significant capital gains savings to the donor by donating highly appreciated property to the charity through a Charitable Remainder Trust.

In addition to the use of bequests and Trusts, donors may consider naming a charity as the designated beneficiary on a life insurance policy, annuity or retirement account.

Importantly, many aspects of planned giving benefit the Foundation and the donor/member. In addition to the tax benefits, the donor gets the comfort of knowing that she has provided a lasting legacy to the charity of your choice.

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393 Old Country Rd Suite 203 Carle Place, NY 11514  |  Phone: 516.538.9700
1441 Broadway Suite 5019 New York, NY 10018  |  Phone: 646.569.5523