Your Planned Giving and Why It Matters

Bequests are the most common and simple way to leave a planned gift, and the advantages make it easy to see why:

Simplicity. As little as one sentence is all that’s needed. Here’s a sample of bequest language:

I give and bequeath the sum of $_____ (or % of my estate) to the Center for Practical Bioethics, 13725 Metcalf Avenue, #427, Overland Park, KS 66223, federal tax identification number 48-0985815, in support of its general philanthropic purposes.

Affordability. Your gift occurs after your lifetime, so it does not affect your current income.

Flexibility. Until your will goes into effect, you are free to modify your plans as needed to reflect life’s changes.

Versatility. There are four ways to leave a bequest.
• Specific Bequest: Designate the amount of money or specific asset (e.g., property, securities) you wish to give.
• Percentage Bequest: Designate the percentage of your estate you wish to give.
• Residuary Bequest: Instruct that any remaining part of your estate be given to the Center for Practical Bioethics after distributions are made to loved ones.
• Contingent Bequest: Instruct that the Center for Practical Bioethics receives assets in the event that a beneficiary in your will is no longer living.

A gift of stock is one of the easiest methods to make a gift. If the stock has appreciated, the donor not only avoids the capital gains tax on the appreciation but also receives a charitable deduction for the full fair market value of the stock at the time of contribution.

Even though stock gifting has been around for decades, it has just now become accessible and easy for all through the online solution, DonateStock.

With a Charitable Lead Trust, you transfer cash or appreciated property to a trust, which makes payments to the Center for Practical Bioethics for a period of time after which the assets of the trust are transferred to your beneficiaries. With a Charitable Remainder Trust, you transfer cash or appreciated property to a trust which generates a potential income stream for you or other beneficiaries, with the remainder of the donated assets going to the Center. While these trusts are irrevocable, they are particularly useful for managing capital gains and gift taxes for assets that have appreciated in value.

Make an annuity gift now and receive a lifetime income for yourself or a designated loved one in exchange for a gift of cash, stock or securities. Upon your death, the gift remainder supports the Center for Practical Bioethics.

A retirement plan is a good way to transfer assets to the Center for Practical Bioethics following death because of the income tax consequence. Most inherited assets are free from income tax. However, an heir will pay income tax on disbursements from a decedent’s retirement plan such as a profit-sharing plan, Section 401(k) plan or IRA. If you are going to make a charitable bequest, it is usually better to transfer assets subject to income tax to a tax-exempt charity – such as the Center – and to transfer assets not subject to income tax to heirs.

You may have purchased life insurance when you needed protection for your family, business or estate. In later years, you may have found you no longer need that insurance. If you want to achieve immediate tax benefits, you could consider irrevocably assigning an insurance policy to the Center for Practical Bioethics.

In addition to gifting an existing life insurance policy, a new life insurance policy can be purchased from your life insurance professional naming the Center for Practical Bioethics as owner and beneficiary. The initial premium payment plus subsequent insurance premium payments made by the donors are deductible as charitable contributions.