The easiest and most common way to make a planned gift to Good Counsel, homes for pregnant mothers and their babies, is through a bequest in your will or revocable trust. The tax laws encourage charitable bequests, so it is an excellent way to support our moms and babies, while reducing your actual or potential estate taxes.
A Will is a statement about what matters most in your life. It is prudent to take care of your family and friends, and it is also good to be mindful about leaving a lasting legacy. By making a will you can clearly express your intentions. Your executor will follow your wishes in administering your estate. As you meet your responsibilities, you may wish to consider a charitable bequest to care for the homeless mothers and babies of Good Counsel.
Bequest gifts can take many forms, such as a specific gift amount, a specific gift type, a percentage of the estate, a percentage of the residue of the estate, or the entire residue, considering all other provisions of your will. Or, a bequest can be contingent, which would take effect only after other provisions cannot be satisfied.
Probably the most popular type of bequest is where the donor designates Good Counsel, Inc. to receive a specific dollar amount or a specific piece of property. As with any charitable bequest, the estate receives a charitable estate tax deduction for the full amount of the bequest.
Because getting started can be hard sometimes, below are examples of wording that should be used in making a bequest to Good Counsel, Inc. If you have any questions, please call Silvana Cowden at 201-795-0637.
Example: Jane Doe wills $10,000 to Good Counsel, Inc.
Sample Language: “I give to Good Counsel, Inc., Federal Tax ID #22-283-1271, a New Jersey not-for-profit corporation, with the mailing address of P.O. Box 6068, Hoboken, NJ 07030, the sum of (a dollar amount) for its general use and purposes.”
The donor gives Good Counsel, Inc. a percentage of the estate.
Example: John Jones leaves 25 percent (25%) of his estate to Good Counsel, Inc. and the balance, 75 percent (75%), is divided between his brother and sister.
Sample Language: “I give to Good Counsel, Inc. Federal Tax ID #22-283-1271, a New Jersey not-for-profit corporation, with the mailing address of P.O. Box 6068, Hoboken, NJ 07030, twenty-five percent (25%) of my estate for its general uses and purposes, with the balance divided equally between my brother, Horatio Jones, of 123 Hometown and my sister, Matilda Jones, of 163 Hometown.”
Percentage of the Estate Residue
After making specific bequests to family and friends, the donor’s estate is divided among others or charities, which may include Good Counsel, Inc.
Example: Mary Franklin leaves $100,000 of her estate to several friends and family members and instructs her executor to distribute 50 percent (50%) of the remainder of her estate to Good Counsel, Inc. and 50 percent (50%) to her church.
Sample Language: “All the rest, residue and remainder of my estate, of whatsoever kind and where so ever situate, shall be distributed as follows: fifty percent (50%) to Good Counsel, Inc.Federal Tax ID #22-283-1271, a New Jersey not-for-profit corporation, with the mailing address of P.O. Box 6068, Hoboken, NJ 07030, for its general uses and purposes, and fifty percent (50%) to my local church.”
Residue of the Estate
The donor, after providing several specific bequests to family and friends, leaves 100 percent (100%) of the residue to Good Counsel, Inc.
Example: Ray Smith leaves his nieces and nephews $250,000 in several specific bequests and instructs his executor to distribute the balance of his estate to Good Counsel, Inc. to establish a memorial in his family’s name.
Sample Language: “All the rest, residue and remainder of my estate, of whatsoever kind and where so ever situate, shall be distributed to Good Counsel, Inc., Federal Tax ID #22-283-1271, a New Jersey not-for-profit corporation, with the mailing address of P.O. Box 6068, Hoboken, NJ 07030, to be deposited into its general endowment fund as a memorial for the deceased members of the Smith family.”
This type of bequest takes effect only if all other conditions fail. This will ensure that the property will pass to Good Counsel, Inc. rather than unintended beneficiaries.
Example: If Martha Black’s brother dies before she does, Martha leaves his bequest to Good Counsel, Inc.
Sample Language: “I give to my brother Matthew Black, of ABC Town Square the sum of $50,000 and if my brother Matthew Black is not living at the time of my death, I direct the amount due him to be paid to Good Counsel, Inc., Federal Tax ID #22-283-1271, a New Jersey not-for-profit corporation, with the mailing address of P.O. Box 6068, Hoboken, NJ 07030, for its general uses and purposes.”
Bequest of Retirement Plan Assets
All retirement plan programs, IRA’s, Keogh’s, 403(b) plans, pension and profit sharing plans require that a primary beneficiary be named when the plan is established. This beneficiary can be changed at any time with no cost and may include a charity. Therefore, you might consider naming Good Counsel, Inc. as a beneficiary of all or a portion of your retirement plan assets.
Bequest Establishing a Charitable Gift Annuity
One of the most beneficial plans for leaving the income of assets to an heir is to use your will to establish a Charitable Gift Annuity agreement in their name. A charitable gift annuity provides your heir(s) a fixed guaranteed lifetime payment, and provides an estate tax charitable deduction for your estate. The rate of payment is established by the beneficiary’s age when the agreement is funded. Good Counsel will receive the proceeds of the annuity upon the beneficiary’s death and apply the proceeds to the project or program you select.
Example: John Franklin wills $10,000 to Good Counsel, Inc. for a Charitable Gift Annuity for his spouse.
Sample Language: “I give to Good Counsel, Inc., Federal Tax ID #22-283-1271, a New Jersey not-for-profit corporation, with the mailing address of P.O. Box 6068, Hoboken, NJ 07030, the sum of $10,000, provided Good Counsel shall pay an annuity to my spouse, Mary Franklin, during her lifetime at the then rate being paid by Good Counsel to annuitants of my spouse’s age and sex at my death. The annuity shall be non-assignable. The payments are to be made quarterly and shall end with the quarterly payment preceding my spouse’s death. I intend to make a charitable gift to Good Counsel and to provide an annuity for my spouse. If Good Counsel has no annuity program or for any reason is unable to obligate itself to make annuity payments to my spouse, I give $2,000 to Good Counsel for its general purposes and direct my executor to purchase for $8,000 from a life insurance or annuity company of good standing in the United States, a non-assignable annuity contract providing for the payment of an annuity, quarterly, to my spouse during her lifetime at the then rate being paid by such company to annuitants who are my spouse’s age and sex at the time of the purchase of the annuity. If my spouse does not survive me or does not wish to receive annuity payments, I give $10,000 to Good Counsel for general uses and purposes.”
Charitable bequests are an excellent method to provide for Good Counsel, Inc. without parting with your assets during your lifetime. Your estate receives the full benefit of an estate tax charitable contribution deduction, and you can specify your preferences about the use of your gift within Good Counsel.
For Further information, please contact:
Good Counsel, Inc.
411 Clinton Street
Hoboken, NJ 07030