In order to care for tomorrow's child, Presbyterian Home for Children has formed The Children's Home Foundation of Black Mountain, NC. This is a separate corporation formed to secure funds for the support of the Presbyterian Home for Children, and other related services for children in need in the State of North Carolina. The Foundation is a long-term investment fund whose purpose is to ensure that Presbyterian Home for Children is available to serve children as long as there is a need. Interest from gifts to the Foundation will maintain the Home into the future. A Board of Trustees, two-thirds of whom are also members of the Board of Directors of Presbyterian Home for Children, governs the Foundation. The Foundation is irrevocably tied to Presbyterian Home for Children.
Planned Giving
Presbyterian Home for Children has begun the Hazel Johnson Legacy Society, a recognition society established to honor those who have remembered the Home in their estate planning.
A gift that qualifies a donor for inclusion in the society is a "planned gift" that can be given in the a variety of ways including:
• A bequest in a will or trust;
• Beneficiary designation on an IRA, retirement account, or insurance policy; • Naming the Home as the beneficiary of a life income plan such as a charitable gift annuity or charitable remainder trust. Gifts may be made either to the Foundation or to Presbyterian Home for Children. Unless otherwise directed by the donor, gifts to the Foundation will be permanently restricted, and will provide interest income to operate Presbyterian Home for Children.
What is a Planned Gift?
A planned gift is a term commonly used to describe a wide variety of giving vehicles that allow you to give to charity during your lifetime and/or after your death, while also meeting your current income needs and providing for your heirs. In most cases, it is a gift that you make today that will not be realized during your lifetime. It is entirely right and appropriate for each of us to use our Last Will and Testament to leave behind a powerful message about the ideals, values and organizations that were important to us during our lifetimes. Planned giving is typically done in conjunction with estate planning, and is a viable option for donors of all income levels. From a donor's perspective, planned giving is attractive for many reasons. It may allow you to make larger gifts than you otherwise could out of your current assets. Depending on how a planned gift is set up, it may also let you receive a stream of income for life, earn higher investment yield, or reduce your capital gains or estate taxes. Planned gifts often appeal to people who want to benefit a charitable organization, but aren't certain how much of their assets they'll need for themselves during their lifetimes.
Planned Giving Options
The most common types of planned giving vehicles are beneficiary designations, gift annuities, charitable remainder trusts, charitable lead trusts, and charitable bequests. The easiest type of planned gift to make is a Beneficiary Designation. By designating a charity as the beneficiary or partial beneficiary of your life insurance, 401(K), or retirement account, you can enjoy some flexibility in your charitable giving as well as certain tax advantages. The designated charity will receive the specified assets upon your death, and you have the option of changing the eventual recipient throughout your life. To make a beneficiary designation change, obtain a beneficiary designation form from your Human Resources officer at work, or from the company providing the account. A charitable gift annuity provides you with lifetime income. To establish a gift annuity, you contribute funds or assets to a nonprofit organization, and that nonprofit in turn makes fixed annuity payments to you from its general assets for the rest of your life. You receive an immediate income tax deduction for a portion of the gift, and a portion of each annuity payment is treated as a tax-free return of the investment. The portion of the gift not used for payments benefits the nonprofit organization. A charitable remainder trust allows you and/or other designated beneficiaries to receive income from a trust for your lifetime(s), or for a period of years not to exceed 20. At the end of that time, the balance of the trust is transferred to a charity that you have selected. You can take a charitable deduction for a portion of the gift you make to the trust in the year the trust is formed. (In some cases, additional funds may be added in later years.) A charitable lead trust allows you to designate a charity to receive a regular, fixed amount from a trust for a specified time period or the lifetime of a designated person. At the end of that time period, the remainder of the trust passes to your designated heirs or other non-charitable beneficiaries. The term "charitable bequest" is used to describe anything you give or leave to charity from your estate through a will or a living trust. An "estate" is any property, money or personal belongings that you may have at the time of your death. Most people leave an estate when they die, even though they may not have a great deal of wealth. Even an individual with a small estate can arrange to leave a charitable bequest. You can arrange to bequeath a gift from your estate in several different ways. You can set aside a specific dollar amount, leave a percentage of your estate, or leave any assets left over after your family has been provided for. Some people use a bequest to give a charity something they own, such as a car, home, art or jewelry. Others leave a paid life insurance policy or other financial investments, such as stocks, bonds or CDs. These gifts may provide tax savings. Presbyterian Home for Children would be delighted to receive gifts of property, but has a policy that reserves the right to examine the implications of a gift of property beforehand. Gifts of property include real estate, homes, autos, art, boats, life insurance policies (either naming the Home as beneficiary or as owner of the policy), and other similar items. If you think you would like to make the Home the recipient of such a gift, please contact the Development Office at 828-686-3451 x 31.
Using a Professional Advisor
While the Home is delighted to work with you on caring for tomorrow's child in need, Presbyterian Home for Children cannot give estate planning or legal advice. Please consult your attorney or other professional advisor before making a commitment. More than 95% of people give to charity in their lifetime, but only 5% will leave a gift in their will.
Sarah Thomas
Director of Development & PR
80 Lake Eden Road
Black Mountain, NC 28711
828-686-3451 x31
