"Planned Giving" offers a wide variety of giving methods that allow you to give to SFFFK during your lifetime and/or after your death. A gift made by will or living trust can be simple to arrange. A provision or amendment prepared by your attorney at the time you make or update your will or trust is all that is necessary. Gifts via wills and living trusts are popular because they are easy to arrange and may be changed at any time you choose.
Ways to give through wills and trusts:
• Residuary bequest: Give only the remainder, or residue, of your estate—that is, what remains after all other bequests to friends and loved ones are satisfied.
• Unrestricted Bequest: Leave a specific dollar amount. A gift of a particular amount may be designated for general use or for a special purpose you discuss with a representative of SFFFK.
• Charitable Bequest: Provide for a gift of a specific property. Real estate, stocks, and other items of value are examples of properties SFFFK receives as charitable bequests.
• General bequest: Designate that a percentage of your estate be given through your will or living trust.
• Contingent Bequest: Name SFFFK to receive a contingent bequest in the event other heirs are not there to receive their legacies.
• Trust Bequest: Arrange a trust as part of your estate plan to provide cash flow to a loved one, with an eventual gift to SFFFK after that person's lifetime or another period of time you choose.
• Endowment Bequest restricts the principal of your gift, requiring the SFFFK to hold the funds permanently and use only the investment income they generate. Creating an endowment in this manner means that your gift will continue giving indefinitely. To establish an endowment fund, the terms of your will or living trust might read (Note - The SFFFK requires a minimum $500,000 gift to establish an endowment fund):
These future gifts count toward all gifting levels at a 5:1 ratio as opposed to a direct cash gift. An example of this would be a $5,000 cash gift would achieve the same gifting level as a $25,000 future bequest of your will, trust or other vehicle. Please contact us for more information.
To plan a bequest to SFFFK, please inform your attorney of your wishes and ask for advice regarding the best form for your gift.
Options using life insurance and retirement plans
Many people have life insurance or retirement plans with significant balances. In some cases, these assets total more than is needed for a comfortable retirement, and could give rise to heavy estate taxes. In that case, it may be wise to consider using these funds to make charitable gifts now or in the future. A simple change of beneficiary form may be all that is required for gifts of what remains in your accounts. As in the case of gifts through wills and revocable living trusts, such gifts can be arranged to take place only if loved ones predecease you, or in the event of other circumstances you specify. Consult your retirement plan benefits advisor or your life insurance professional to provide more details.
Banks and Brokerage Accounts
One of the easiest ways to provide a gift to charity involves naming a charitable beneficiary for any funds that remain in a bank or brokerage account at your death. The gift is arranged by completing a simple P.O.D (Pay on Death) form for a bank account or a T.O.D (Transfer on Death) form for a broker account. Your bank branch officer or financial officer can assist you.
For additional information contact us through our online form
The information on this site is for educational purposes only and is not intended as legal, tax or investment advice. If you are considering a planned gift to the Sanctuary Friends Foundation of the Florida Keys, we highly recommend you consult with your own tax and legal advisors to determine the best options for you.