Planned Gifts

Considering a planned gift? Bequests, trusts, life insurance and other planned gift options can have a meaningful impact on Big Brothers Big Sisters of Palm Beach and Martin Counties. Your deferred gift will ensure the longevity of the organization’s programs for generations of youth to come.

Important Information

Legal Name: Big Brothers Big Sisters of Palm Beach and Martin Counties, Inc.

Federal ID Number: 59-2676889

Address: 1700 Kirk Road West Palm Beach

Phone Number: 561-727-3450

 

Bequests

A bequest to Big Brothers Big Sisters of Palm Beach and Martin Counties can easily be included in your will. You can bequeath a percentage of your estate, a lump sum, the remainder of your estate after your heirs are provided for, or even an amount contingent on whom you are survived by.

Sample bequest language:

“I wish to leave __________ to Big Brothers Big Sisters of Palm Beach and Martin Counties, Inc. to be used for its tax-exempt purposes.”

Your gift description may include

  1. General Bequest – a specific dollar amount. Example: I wish to leave $10,000 to Big Brothers Big Sisters of Palm Beach and Martin Counties, Inc. to be used for its tax-exempt purposes.
  2. Specific Bequest –  a specific item of property. Example: I wish to leave all my shares of stock in [name of company] to Big Brothers Big Sisters of Palm Beach and Martin Counties, Inc. to be used for its tax-exempt purposes.
  3. Residual Bequest – a portion of the remainder of your estate after all of your debts have been paid. Example: I wish to leave 10% of the rest, residue, and remainder of my estate to Big Brothers Big Sisters of Palm Beach and Martin Counties, Inc. to be used for its tax-exempt purposes.
  4. Contingent Bequest – a bequest that takes effect under certain conditions. Example: In the event that my spouse predeceases me, I leave [the described property] to Big Brothers Big Sisters of Palm Beach and Martin Counties, Inc. to be used for its tax-exempt purposes.

You may want to include a purpose for the gift:

“My gift is to be used to ________ .”

This language might include:

a. further the mission of the organization

b. provide support for a specific population or program

c. establish a permanent endowment

 

Charitable Trusts

Trusts provide extremely versatile options for increasing income, reducing tax burdens, and making a meaningful gift to Big Brothers Big Sisters of Palm Beach and Martin Counties.

Charitable Remainder Trusts

Charitable remainder trusts allow you or your beneficiaries to earn income on your investments for many years. When you create a charitable remainder trust, you earn a dividend and Big Brothers Big Sisters receives the balance of the trust. Charitable remainder trusts provide remarkable tax benefits because you receive a sizable deduction when you create the trust and you will avoid up-front capital gains taxes by creating a trust from appreciated assets. Your professional tax advisor or attorney can help you choose the type of remainder trust that will meet your income and tax needs.

Charitable Lead Trusts

Charitable lead trusts allow you to provide for your beneficiaries while supporting Big Brothers Big Sisters of Palm Beach and Martin Counties. When you create a charitable lead trust, Big Brothers Big Sisters will receive a dividend annually but your heirs will receive the balance of the trust. This trust option provides little if any tax benefit at the time of the gift but does allow you to make a sizable gift to Big Brothers Big Sisters while providing for your family.

 

Charitable Gift Annuities

Charitable Gift Annuities can provide you with income immediately or during retirement. With a charitable gift annuity, you donate an asset to Big Brothers Big Sisters of Palm Beach and Martin Counties and the organization will provide you with a dividend. You will realize tax benefits at the time of the gift and a portion of the income you receive will be tax-free.

 

Life Insurance

It is easy to name Big Brothers Big Sisters as a beneficiary to a life insurance policy that you may no longer need. It may be a policy that is paid for, one on which you are still paying premiums, or a new policy. For policies that are paid for, you can take a tax-deduction for the replacement cost of the policy.

 

Retirement Plan

A donation of all or part of an IRA or other retirement account can prevent these funds from a double tax burden for your heirs. Because most retirement plans are not taxed as income throughout your life, they may be subject to both income and estate taxes at the time of your death. Whether you leave a retirement plan to a trust or bequeath it directly to Big Brothers Big Sisters, you can make your estate less vulnerable from taxation.

 

Informing Big Brothers Big Sisters of your planned gift will not only allow us to properly recognize your generous contribution but will also assist in our planning.

The information presented above is meant to illustrate possible planned giving options only. None of the information presented here should be considered tax or legal advice. Consult a professional financial planner, professional tax advisor, or attorney to better understand your personal planned giving options.