Gifts that cost you nothing now
Simply by signing your name, you can leave a gift that costs you nothing now but will give a child the resources they need to thrive, transforming a life and changing our world.
Once your family and loved ones are provided for, consider a gift in your will or trust or by beneficiary designation. These gifts cost you nothing now. You can change your beneficiaries at any time. And with it, you establish your legacy of love for children in need.
Please let us know if you’ve included a gift for Children International in your will or trust or by beneficiary designation. Providing us with documentation is the best way to ensure that your wishes are honored.
Here are popular ways to make a difference for kids by leaving a gift to Children International:
- A general gift in will provides a gift of a stated sum of money in your will or living trust, typically personal property or assets.
- A residual gift in will provides a percentage of the remainder of your estate after other bequests, debts and taxes have been fulfilled.
- A specific gift in will provides a specific dollar amount or stated fraction of your estate or a specified gift in kind (collections, art, books, jewelry, and so on).
- A contingent gift in will provides a stated share of your estate, only if a spouse, family member or other beneficiary does not survive you.
A gift by beneficiary designation is one of the easiest gifts to give. It costs you nothing now, it doesn’t require an estate plan or a lawyer, and you can change your beneficiaries at any time.
Retirement plan: Most retirement assets, including 401(k)s and IRAs, are among the most heavily taxed, making them an ideal opportunity for charitable giving once you no longer need the assets. Consider making Children International a beneficiary of your retirement assets and leaving other less-heavily taxed assets to your loved ones.
Income taxes to your beneficiaries on retirement assets can be as high as 35%. This means, for example, that a $100,000 IRA will be worth only $65,000 when it gets to your loved ones.
Naming Children International as a beneficiary of your retirement assets generates no income taxes. Children International is tax exempt and eligible to receive the full amount, bypassing any income taxes. This means, for example, that a $100,000 IRA given to Children International will be worth the full $100,000.
Contact your plan’s administrator to specify Children International as a beneficiary. Our Federal Tax ID Number is 44-6005794.
Life insurance plan: A gift of life insurance is an affordable way to make a significant impact on global poverty while also enjoying tax savings during your lifetime. Benefits include:
- A significant gift at a fraction of the value.
- Easy to set up with beneficiary designation.
- Tax savings can be immediately realized.
- Your donation could reduce final taxes of your estate.
- Insurance gifts pass outside of the estate.
CDs, bank accounts, and brokerage accounts: Naming Children International as the beneficiary of a certificate of deposit, a checking or savings bank account, or a brokerage account is one of the easiest ways to help children out of poverty for years to come.
Donor Advised Fund residuals: Final distribution of contributions remaining in a Donor Advised Fund is governed by the contract you completed when you created your fund. We hope you will consider naming Children International as a “successor” of your account. Or, you can name Children International as the successor for a portion of the account value, leaving the remaining portion for your heirs to continue your philanthropic legacy.
As with all gift planning, you should consult with your tax advisor and lawyer to determine what planned gift strategy is best for your current tax situation and income requirements. Consulting estate-planning professionals will help ensure that your wishes to make a lasting impact will be fulfilled.
For specific information about naming Children International as a beneficiary, please see this sample beneficiary designation.
Please contact Sarah Shubert for more information or if you have questions at 816-943-3780 or email@example.com