There are a variety of ways in which you can make a significant gift to Tennyson Center for Children as you plan for your retirement years and for the future distribution of your estate. Planned giving can come in a variety of different forms and can help ensure our future by:
- Touching the lives of others while creating a legacy.
- Finding peace of mind through a wide variety of tax benefits.
- Helping Tennyson Center for Children achieve its goals for current and future generations.
Gifts through a Will or Living Trust
An excellent way for you to support Tennyson Center for Children is to leave us a bequest in your will. Here are several ways you can make a bequest to Tennyson Center for Children.
A bequest is generally a revocable gift, which means it can be changed or modified at any time. You can choose to designate that a bequest is used for a general or specific purpose so you have the peace of mind knowing that your gift will be used as intended. Bequests are exempt from federal estate taxes. If you have a taxable estate, the estate tax charitable deduction may offset or eliminate estate taxes, resulting in a larger inheritance for your heirs.
To make a bequest, you should speak with your attorney. Your attorney can help you include a bequest to Tennyson Center for Children in your estate plan. Please reach out to Jessica Snider if you have any questions.
Gifts of Retirement Assets
Not everyone wants to commit to making a gift in their wills or estates. Some prefer the increased flexibility that a beneficiary designation provides by using an IRA Charitable Rollover or a Gift of Life Insurance which are great planned giving options.
You may be looking for a way to make a big difference to help further our programs. If you are 70½ or older, an IRA charitable rollover is a way you can help continue our work and benefit this year.
Benefits of an IRA Charitable rollover
- Avoid taxes on transfers of up to $100,000 from your IRA to our organization
- Satisfy your required minimum distribution (RMD) for the year
- Reduce your taxable income, even if you do not itemize deductions
- Make a gift that is not subject to the deduction limits on charitable gifts
- Help further the work of our organization
How an IRA charitable rollover gift works
- Contact your IRA plan administrator to make a gift from your IRA to us.
- Your IRA funds will be directly transferred to our organization to help continue our important work.
- Please note that IRA charitable rollover gifts do not qualify for a charitable deduction.
When the original purpose for a life insurance policy no longer applies—such as educating children now grown or providing financial security for a spouse—your policy can become a meaningful way to support our work. There are three ways to give life insurance to Tennyson Center for Children:
This gift is as simple as updating your beneficiary designation form with the policyholder. You can designate us as the primary beneficiary for a percentage or specific amount. You can also make us the contingent beneficiary so that we will receive the balance of your policy only if your primary beneficiary doesn’t survive you.
Make an outright gift of an existing policy: You can name us as the owner and beneficiary of an existing policy. You qualify for a federal income tax charitable deduction when you itemize on your taxes. If you continue to pay premiums on the policy, each payment is tax-deductible as a charitable gift if you itemize.
Make an outright gift of a new policy: You can take out a new policy and irrevocably name Tennyson Center for Children as the owner and the beneficiary of the insurance contract. This method may be particularly attractive for the younger donor. Whether you make one single premium payment for the policy or pay annual premiums, each payment is tax-deductible as a charitable gift when you itemize on your taxes.
It is very simple to name Tennyson Center for Children as a beneficiary. Start by requesting a change-of-beneficiary form from your policy administrator or download the form from your provider’s website. Make your desired changes and return the form to establish your gift.