Estate and Planned Giving

Planned giving allows you to maximize your income tax deduction, reduce your estate tax burden, and provide income for those significant in your life. Planned gifts typically come from a donor’s assets rather than income and can be either outright or deferred. Because each of these methods have specific tax advantages, we recommend you consult your personal financial and legal advisors.

Wills and Charitable Bequests

A will is the easiest and most effective means to ensure that you fully provide for your family and that your assets are distributed as you wish. The most common planned gifts are bequests through wills. Giving through your will allows you to retain full control of your property during life, while still providing a beneficiary in your will by making a specific dollar bequest or by giving a percentage of your estate. The Boys JIM Club of America can also be named as a contingent or secondary beneficiary. The language in your will can be as simple as the following phrase:

“I hereby bequeath to The Boys JIM Club of America, P.O. Box 58, Bemus Point, New York, 14712, … (state the dollar amount, the percentage of residual amount of estate, or fully describe the asset being given).”

A gift to The Boys JIM Club of America through your will provides several benefits:

  • You retain full control of your property during your lifetime.
  • Charitable gifts made through your will are tax-deductible, resulting in significant estate tax savings.
  • You may specify that your bequest be used for general purposes of The Boys JIM Club of America or you may designate the funds for a special area of interest.
  • Your gift supports the ongoing work of The Boys JIM Club of America.

This information does not constitute legal or financial advice and should not be relied upon as a substitute for professional advice. The Boys JIM Club of America encourages you to seek professional legal, estate planning, and financial advice before choosing your course of action.

If you have any questions about how to make a planned gift to The Boys JIM Club of America, please contact our Treasurer at giving@boysjimclub.org.

Beneficiary Designations

You can name The Boys JIM Club of America as a beneficiary of a life insurance policy, individual retirement account, or qualified retirement plan such as a 401(k), 403(b), Keogh, or profit sharing plan. To do this, request a beneficiary designation form from the company issuing the policy or plan and fill it out according to your wishes.

A gift to The Boys JIM Club of America through beneficiary designations has several benefits:

  • By donating a life insurance policy that you no longer need, you can make a significant gift at little cost to you.
  • On a policy that is not yet paid up, in some cases, you can deduct the premium payments that you are making on this policy to receive an income tax deduction for the value of the policy.
  • Retirement plans are often the most heavily taxed assets in your estate. Most of the taxes can be avoided if the plan balance is given to a charity.
  • If you intend to give some assets to your children or other individuals and some to a charity, consider making the charitable gift from the balance remaining in the qualified plan. The charity will not owe income tax upon receipt of the gift, whereas designated individuals will, and your state will receive an estate tax deduction equal to the value of the plan balance given.
  • Your gift supports the ongoing work in the The Boys JIM Club of America.

 
This information does not constitute legal or financial advice and should not be relied upon as a substitute for professional advice. The Boys JIM Club of America encourages you to seek professional legal, estate planning, and financial advice before choosing your course of action.

If you have any questions about how to make a planned gift to The Boys JIM Club of America, please contact our Treasurer at giving@boysjimclub.org.