Include a gift to The New York Women’s Foundation in your will or living trust. You may wish to make your bequest unrestricted or direct it to a specific purpose. You may also wish to indicate a specific amount, a percentage of the balance remaining in your estate or trust, or even a specific asset, such as securities or other marketable property. A bequest allows you to retain your assets during your lifetime. In addition, under current tax law, there is no upper limit on the estate tax deduction for your charitable giving.
Please let us know if you have already included The New York Women’s Foundation in your estate plan or if you are considering doing so.
Charitable Remainder or Lead Trusts
A Charitable Remainder Trust allows you to make a significant gift toward the future of The Foundation while providing an income for yourself and family or friends.
You transfer cash, securities, or other assets into a trust. The required minimum for this type of gift is $100,000. The trustee invests the assets, and the trust pays a percentage of the value of its principal, which is valued annually, to you or beneficiaries you name. When the trust terminates, the remainder passes to The New York Women’s Foundation to be used as you have directed.
- Receive income for life or a term of years in return for your gift.
- Receive an immediate income tax deduction for a portion of your contribution.
- Pay no upfront capital gains tax on appreciated assets you give.
- You can make additional gifts to the trust as your circumstances allow for additional income and tax benefits.
A Charitable Lead Trust allows you to provide income for The Foundation while preserving assets for your heirs
You contribute securities or other assets to a Charitable Lead Trust. Our suggested minimum gift is $1,000,000. The trust makes annual payments to The New York Women’s Foundation for a period of time. When the trust terminates, the remaining principal is paid to your heirs.
The trust may be a Charitable Lead Annuity Trust (fixed payments) or a Charitable Lead Unitrust (fixed percentage).
- Income payments to us for a term reduce the ultimate tax cost of transferring an asset to your heirs.
- The amount and term of the payments to The Foundation can be set so as to reduce or even eliminate transfer taxes due when the principal reverts to your heirs.
- All appreciation that takes place in the trust goes tax-free to the individuals named in your trust.
- Control over when your heirs inherit trust assets.
Gifts of Life Insurance
If you have a life insurance policy that is no longer needed for your family, designating The New York Women’s Foundation as a beneficiary offers a simple way to support our work. You transfer ownership of a paid-up life insurance policy to The Foundation, which elects to cash in the policy now or hold it. You receive an income tax deduction equal to the cash surrender value of the policy.
You can leverage your retirement assets to benefit you and your family, and support The New York Women’s Foundation far into the future. Because retirement assets are subject to both income and estate tax, they are often considered among the best assets to leave to charity. As a charity, The Foundation would not pay taxes on these assets and would have full use of them. Name The New York Women’s Foundation as a beneficiary of your 401(k), 403(b), or other qualified retirement plan. Pass the balance of your retirement assets to The Foundation by contacting your plan administrator.
Important! Tell The Foundation about your gift. Your plan administrator is not obligated to notify us. So if you don’t tell us, we may not know.
- Continue to take regular lifetime withdrawals.
- Maintain flexibility to change beneficiaries if your family’s needs change during your lifetime.
- Your heirs avoid the potential double taxation on the assets left in your retirement account.
Bank and Investment Accounts and Commercial Annuities
You may leave a legacy for The New York Women’s Foundation by naming us as a Transfer-on-Death (TOD) or Payable-on-Death (POD) beneficiary on a bank or investment account or a commercial annuity, where permitted by state law and the financial institution. Please contact your financial advisor.
IRA Charitable Rollovers
The IRA Charitable Rollover provides you with an excellent opportunity to make a gift during your lifetime from an asset that would be subject to multiple levels of taxation if it remained in your taxable estate.
- You must be age 70½ or older at the time of gift.
- Transfers must be made directly from a traditional IRA account by your IRA administrator to The New York Women’s Foundation. Funds that are withdrawn by you and then contributed do NOT qualify. Gifts from 401k, 403b, SEP and other plans do not qualify.
- Gifts must be outright. Distributions to donor-advised funds or life-income arrangements such as charitable remainder trusts and charitable gift annuities do not qualify.
Benefits – Qualified Charitable Distributions:
- Can total up to $100,000.
- Are not included in your gross income for federal income tax purposes on your IRS Form 1040 (no charitable deduction is available, however).
- Count towards your required minimum distribution for the year from your IRA.
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