Planned giving does not need to be complicated or expensive. It can be as simple as:
designating Sheffield Place as a beneficiary on a life insurance policy or retirement plan,
including the agency in your will or trust,
establishing transfer-on-death or payable-on-death designations on bank and brokerage account and real estate.
Unrestricted Bequest Language
"I give devise and bequest to Sheffield Place, (state: " % of my estate", "the sum of _____" or "the residue of my estate") under this will after the deduction of all debts, funeral expenses, and administration expenses, but before the deduction of any death, inheritance or estate taxes, it being my intention to exonerate this bequest from contributing to the payment of any such taxes."
Designated Bequest Language
"I give, devise and bequest to Sheffield Place, (state: " % of my estate" , "the sum of _____" or "the residue of my estate") with the instruction that these funds be used for ________________, provided however, that should changing circumstances render this use of funds no longer practical or desirable, the Board of Trustees of (organization name) may make such changes in their use as it deems advisable."
If you are 70.5 years of age or older, you can make a qualified charitable distributions to Sheffield Place directly from your IRA without having to pay income taxes on the money. The law that allows direct transfers no longer has an expiration date. The transfer generates neither taxable income nor a tax deduction, so you benefit even if you do not itemize your deductions. Please consult your tax or financial advisor.
By supporting Sheffield Place, you are empowering homeless mothers and children to heal from their trauma and helping them become self-sufficient. Sheffield Place is happy to work with you and your tax adviser.
Please consult legal and tax advisers about the arrangements best suited to your needs.This information is not intended as legal or tax advice.