How to Leave a Legacy
Everyone hopes that they will have a positive lasting impact on the lives of their loved ones and they hope that they can provide for their loved ones after they have passed. Some also hope to have the same impact on their community and for the organizations that they have supported during their lifetime.
These aspirations are related to person’s legacy and a way to ensure your legacy is through estate planning. Thoughtfully planned, estate gifts may provide important personal benefits, provide for family members and can provide a future gift to Big Brothers Big Sisters of Erie, Niagara and the Southern Tier.
Big Brothers Big Sisters of Erie, Niagara and the Southern Tier’s Legacy Society was established to honor donors who want to ensure that the children or future generations will have the opportunity to have a Big Brother or Big Sister in their life.
TO BECOME A MEMBER is quite simple. You are entitled to membership in Big Brothers Big Sisters’ Legacy Society by naming the Big Brothers Big Sisters of Erie, Niagara and the Southern Tier as a beneficiary in your will, trust, retirement account or as beneficiary or owner of an insurance policy.
When you inform us of your gift, we will respect your wishes for participation, recognition or anonymity, as you prefer. Details of your gift will be held in the strictest of confidence.
Please let us know your plans. We would like to thank you now, rather than your heirs or executor, and express to you the importance of your gift.
For more information please contact Thomas J. Guagliardo, CFRE, Chief Executive Officer at 873-5833 ext. 220
You can make a gift (bequest) to Big Brothers Big Sisters of Erie, Niagara and the Southern Tier through your will in the following ways:
A percentage of your total estate
In using this approach, your gift adjusts with changes in the size of your estate.
The remainder or a percentage of the remainder of your estate
After your specific gifts to loved ones have been made, you may designate that the entire remainder or a percentage of the remainder shall go to Big Brothers Big Sisters of Erie, Niagara and the Southern Tier.
A gift of a specific amount
You specify a dollar amount to be given to Big Brothers Big Sisters of Erie, Niagara and the Southern Tier. With this kind of gift, it is especially important to keep your will up-to-date.
Life Insurance Policy
How do I arrange a gift from my life insurance?
Simply contact your life insurance company and request a “Change of Beneficiary/Ownership” Form. Designate us as the new owner and beneficiary of your policy.
What are the tax implications of a gift of life insurance?
If you give your policy to us while you are still alive, you will receive an immediate income tax deduction for the current value of the policy. If you pay any future premiums to keep the policy active, these payments are also tax deductible. If you retain ownership of the policy, benefits payable to us at death can save federal and state estate taxes depending on the size of your estate and your state of domicile. Any death benefits passing to heirs will not be subject to income or inheritance taxes, but may be subject to federal and state estate taxes.
How do I arrange a gift from my retirement plan?
Simply contact your IRA or retirement plan administrator and request a copy of the Change of Beneficiary Form. You can fill this in as you wish and include the Big Brothers Big Sisters of Erie, Niagara and the Southern Tier for a portion or all of the remainder of your plan’s assets.
What are the tax implications of a gift of retirement plan assets?
For gifts at death, any portion of your retirement plan assets that are given to a qualified charity will also qualify for income tax, inheritance tax, federal and state estate tax deductions as applicable to the size of your estate and your state of domicile. Any assets coming out of your plan to your heirs may be subject to all of the taxes mentioned above.