There are various gift options available to help include charitable interests in your overall estate and financial plan.
A Gift of Life Insurance
An existing life insurance policy that is no longer needed to provide protection or financial security for your family is an ideal means for funding your gift to St. Mary’s. By naming St. Mary’s Foundation for Children as the beneficiary, you can claim an immediate charitable deduction for an amount equal to the fair market value of the policy or your income tax basis in the policy, whichever is less. Or, you may purchase a new insurance policy naming St. Mary’s Foundation for Children as the owner and beneficiary. In this case, the annual premium payments are also tax deductible.
A Gift of Real Estate
You may prefer to fund your contribution with a gift of real estate. This may be done as an outright gift, where the property is given directly to the Foundation, or, if the property is your residence, as a gift with a retained “life estate,” which allows you to take advantage of the immediate tax benefits of a charitable gift even while you continue to live in and enjoy the property.
A bequest is a gift made through a well-crafted will or living trust. A bequest to St. Mary’s Foundation will reduce estate taxes and provide a legacy of support to children with special needs.
Charitable Remainder Trusts
Working with financial planners and attorneys, you may create a Charitable Remainder Trust (CRT) designed to meet your needs while benefiting St. Mary’s young patients and families. Funded by cash or securities, the trust can provide income for retirement or other purposes. The benefits may vary depending on the type of trust you choose, how it is funded, and at what stage in your life you begin, but the advantages remain the same; provision of annual income to you or another recipient, reduction of taxes, avoidance of capital gains taxes on appreciated securities, and ensuring healthcare for generations of children who may need St. Mary’s programs and services.
For more information on Planned Giving, please contact Sean Lally, Development & External Relations at 718-281-8714.