Through the Charity Newsies Lasting Impact Society…
Create a Plan Today to Help Support Children and Their Education in the Future
Charity Newsies provides critically needed school clothing to families in need so that kids can go to school. Your gift allows us to ensure that Franklin County’s kids are able to get a good education today so they can grow into thriving members of our community.
Many of our donors choose to invest in the future of our children through planned gifts. Unlike cash donations, planned gifts are typically made from assets in your estate rather than from disposable income. A planned gift is a great way to make a lasting testimonial to your values and create legacy with a lasting impact.
We would be happy to assist you with your charitable goals, whether it’s making a gift today or establishing an investment in the future of kids that will benefit us after your lifetime. Your lasting impact will support children years into the future.
While we are unable to provide you with any specific legal advice (please be sure to consult with your probate attorney and/or accountant and/or financial advisor about that), below is an overview of some of the most common ways you can invest in children.
Gift in Your Will or Living Trust
If you would like to leave assets to Charity Newsies in your will or living trust, the following language may be helpful:
“I give, devise, and bequeath to Charity Newsies, EIN: 31-6401150, located in Columbus Ohio, or its successor organization, a nonprofit organization as described in section 501(c)(3) of the Internal Revenue Code [written amount or percentage of the estate or description of property] for its unrestricted use and purpose.”
Your gift may be a specific amount or a percentage of your estate.
Retirement Plan Assets
Retirement plan assets are a great way to support Charity Newsies and provide tax relief for your loved ones. As soon as a distribution is made from an employee retirement plan, IRA or tax-sheltered annuity, the person will owe federal income tax. Since Charity Newsies is a tax-exempt nonprofit organization, any dollars directed to Charity Newsies will not be taxed.
One of the easiest ways to do this is to name Charity Newsies as the beneficiary of your plan by updating your beneficiary designation form. Charity Newsies can also be named a contingent beneficiary as well.
Through the IRA charitable rollover, a qualified charitable distribution (QCD) enables individuals who are 70½ years old or older to give any amount up to $105,000 annually from your IRA directly to Charity Newsies without having to pay income taxes on the distribution.
By creating a charitable remainder trust, the trust will receive the proceeds of your plan. The trust typically pays income to one or more named beneficiaries for life or for a set term of up to 20 years, after which the remaining assets in the trust would support Charity Newsies.
By creating a donor advised fund, you can designate your donor advised fund as the beneficiary of all or a portion of your retirement plan assets. Charity Newsies will receive the full amount without any federal income taxes.
Charitable Gift Annuity
With a charitable gift annuity, you agree to make an investment in Charity Newsies and you continue to receive a fixed amount each year for the rest of your life. The balance will be used by Charity Newsies. Depending on how the annuity is set up, you may qualify for a variety of tax benefits.
If you are 70½ and older, you can make a one-time election of up to $53,000 to fund a gift annuity using your IRA assets. This amount may not be taxed as income and can count toward all or part of your required minimum distributions.
Charitable Remainder Trust
If you have a more significant estate and are looking for ways to receive reliable payments, a charitable remainder trust may be an option. This type of trust provides you or other named individuals income each year for life or for up to 20 years from the assets you allocate to the trust. At the end of the trust term, the balance in the trust goes to Charity Newsies. Charitable Remainder Trusts have a variety of tax benefits.
Gift of Life Insurance
To support Charity Newsies with a gift of life insurance, you merely need to update your beneficiary designation form with the policy holder. You can designate us as the primary beneficiary for a percentage or specific amount. You can also make us the contingent beneficiary so that Charity Newsies 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 irrevocable policy 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 Charity Newsies as the owner and the beneficiary of the insurance contract. 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.
