Family Compass
Empowering families to build a better tomorrow for their children.
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Planned Giving


QUICK AND EASY WAYS TO SUPPORT OUR FUTURE

 

For decades Family Compass has benefited from the generosity of people who remembered this important organization in their estate planning.  Such support is extremely important to us and is greatly appreciated.  Here are several ways you might consider including a gift in your plans.

 

1. Ask Your Heirs to Give a Gift to Family Compass

A few good reasons to make use of this unique charitable planned giving strategy are:

  • You already have your plans the way you want them, and you don’t want to revise your will.
  • Your estate will not be able to take advantage of a tax deduction for bequests to charity.
  • You trust your heirs to carry out your wishes, even if they are not legally required to do so.

If you are leaving most of your assets to your children, grandchildren, a few close friends, etc., you could arrange with one or more of them to donate a small portion of their inheritance to us in your memory.  They would get an income tax deduction for the gift when they make it, reducing the cost to them.


2. Name Family Compass as One of the Beneficiaries of Whatever Remains in Your IRA or Retirement Plan

Most people won’t need all the money in their IRA or other retirement plan.  If you leave the remainder to your heirs, there will be income tax to pay, and maybe state or federal estate taxes.  If you leave the remainder to Family Compass, there will be no taxes due.  Changing the beneficiary of an IRA is not difficult to do.  Simply request a change of beneficiary form from the company managing the plan and follow the instructions.

 

3.Arrange for the Remainder in a Savings or Stock Account to go to Family Compass

It is possible to rename a bank savings account in such a way that at your death whatever remains in the account passes automatically to Family Compass.  While you are living, only you can put money in or take anything out of the account.  This is a revocable arrangement, meaning you always can become the sole owner again.  It is easy to do.  Simply tell the bank officer that you want to rename the account as “(Your name) in trust for (organization’s name)”.

The terminology for a stock account future gift is a TDO, or transfer on death account.  Speak with your broker and say you want to rename the account in such a way that anything in the account at your death automatically becomes the property of Family Compass.

4. Make Family Compass a Beneficiary of a Life Insurance Policy you already Own

If you have life insurance, you have probably named your spouse, children or other relative as the beneficiary.  We are not suggesting that you change that, just that you include Family Compass as well.  We’re happy for whatever you choose to leave Family Compass!  As with the gift from an IRA, it is a fairly simple matter to request a change of beneficiary form from the insurance company and follow the instructions.

5. Make Family Compass the Beneficiary of Your Will

Family Compass may be named as beneficiary under a will in many ways. These include (a) gifts of specific property, whether it is real property or personal property; (b) a gift of a stated amount of money; and (c) a percentage of the remaining estate after specific gifts are made. 

6. Irrevocable Trusts: Charitable Remainder Unitrusts and Charitable Remainder Annuity Trusts. While the principal of these trusts cannot be withdrawn, there are additional benefits to you as donor through immediate income tax deductions and fund management.  You will receive yearly income from the trust as well as an immediate partial federal income tax deduction for the interest that ultimately passes to the Family Compass.

7. Charitable Gift Annuities: Involves a transfer of cash or other property to Family Compass. In return, payment to you as the donor of a specified amount determined by age is made to you, the donor, during your lifetime. The rates paid are the most recent ones adopted by the Committee on Gift Annuities as agreed to by most major charities. There is an immediate income deduction for the present value of the amount ultimately to pass to Family Compass; part of the income received by you the donor is also tax free.

8. Gift of Home or Farm Retaining a Life Estate: Through this gift, you as donor retains use of the property for your lifetime. The federal income tax deduction will be based on the present value and figured on the prospective years of using the property before it goes to Family Compass.

Family Compass has an Administrative Manager experienced in estate planning.  For more information on other ways to help Family Compass Get Ready for the Future, call or email: 

 

Cory Jackson, Administrative Manager

cjackson@family-compass.org

214-370-9810, ext. 105