Five Easy Ways To Make A Gift
B’nai Torah Foundation
Five Ways to Leave a Gift to Charity
Mark W. Glickman, CFRE
1. Bequest in a Will or a Trust: The easiest way to leave a gift is to include it in your will, or in a codicil (amendment) to your will. Sample language is: “I bequeath X percent of my estate [or $X of my estate] to the B’nai Torah Foundation, 6261 SW 18th Street, Boca Raton, FL 33433, EIN #65-0276400.”
2. Testamentary Gift from an IRA or Pension Plan: These assets are often taxed very heavily in your estate. Any portion left to charity is not taxed. Therefore, if you are considering leaving a gift to charity, it makes the most sense to use an IRA or pension plan to make the charitable donation, and leave other assets to your children.
Contact the financial institution that manages your IRA, and request a copy of their Beneficiary Designation form. Be sure you have the EIN number for the charity, as well as its correct address. Sign the original form, and make two copies. Send all three to the company, and request that they date stamp and sign the two copies, and return them to you. Keep one for your files, and give the second copy to the charity. This will help to ensure that your wishes are carried out.
3. Life Insurance – While age is not an impediment to using life insurance to make a charitable gift, youth is a greater opportunity. There are several ways to use this vehicle to make a gift:
a. Contribute an existing policy, making the charity the owner and beneficiary of the policy. You will receive a tax deduction for the fair-market value of the policy at the time of donation (not the face value).
b. Contribute a portion of a large existing policy, leaving the balance to your original beneficiaries. Contact the insurance company to get their Beneficiary Form, and makes copies (see IRA above). You will not receive a tax deduction for this legacy gift.
c. Purchase a new policy, making the charity both the owner and beneficiary of the policy. The charity will be billed for the annual premium, and notify you when it is due. You will make your check payable to the charity, and your annual gift to cover the cost of the premium payment is tax deductible.
4. Charitable Gift Annuity – This is a simple contract between the donor(s) and the congregation. No attorney is required. CGAs can be set up to provide annuity income for one person, or for two persons, who need not be related.
Here’s how a charitable gift annuity works: You transfer cash or marketable... More>>Next Page >> | 
