Planning For Your Future
Planned giving is an excellent opportunity to meet your charitable goals at a level you never thought possible, gaining benefits for you and your loved ones, and helping to ensure that the Food Bank of Central New York is there for years to come, providing food for your hungry neighbors.
Giving Through Your Will
The simplest form of planned gift is a bequest in your will. In addition to being an important legacy to your community, a bequest to the Food Bank may enable you to reduce or eliminate federal estate taxes. Moreover, it will enable you to fulfill your philanthropic goals without affecting your family's current financial security.
You may leave a specific dollar amount to the Food Bank (for example, $10,000 or $25,000) or a percentage (ie. 10% or 25%) of your estate. Another option is to leave stocks, bonds or other property. You may also designate your gift to a particular Food Bank program (ie. Kids Cafe or Fresh Foods), that may be particularly meaningful to you.
Here's some language you can provide to your attorney to ensure that your wishes are carried out properly:"I give to the Food Bank of Central New York, a 501(c)(3) non-profit corporation headquartered in Syracuse, NY, $XX or XX% of my estate or specific property to be used for its general purposes."
Giving Through Your IRA or Retirement Plan
Another option is to make the Food Bank a beneficiary of your IRA or other retirement plan. The balance of your retirement plan may be worth more when given to the Food Bank than to your heirs, because by doing so you can escape both the income and estate tax levied on the residue left in the account. Give the most taxed asset in your estate to the Food Bank, and leave more favorably taxed property to your heirs. You can still continue to make withdrawals during your lifetime and you may change the beneficiary if your circumstances change.
Giving Through Life Insurance
Do you have a paid-up life insurance policy you no longer need? Make the Food Bank of Central New York the owner and beneficiary of the policy and be eligible for an immediate income tax deduction for the cash surrender value of the policy. You gain the satisfaction of making a significant gift to the Food Bank without adversely affecting your cash flow.
Give a Gift That Pays You Back
Call us if you are looking for additional information on Charitable Gift Annuities, Deferred Gift Annuities, Charitable Remainder Annuities and Charitable Remainder Unitrusts.
Please consult with an attorney with experience in estate planning if you plan to make a bequest to the Food Bank. This modest investment will save you time and money in the long run. While you determine what goes into your will, your attorney will ensure that it is a proper legal document that meets all of the requirements of state law. Your attorney can also suggest ways to save you and your beneficiary's estate taxes, probate costs and other legal expenses.
For the other planned giving options described above, also consult your financial advisor in addition to your attorney to ensure that the plan you are considering is right for you and your family.
Ahead of the Game?
Please let us know is you have already included the Food Bank of Central New York in your will or estate plan. We would like the opportunity to recognize and thank you for your thoughtfulness and generosity.