Although many people think of a will as the easiest way to transfer assets after their lifetime, it doesn’t cover everything. In fact, retirement plans, IRAs, life insurance, and commercial annuities are not controlled by the terms of your will, but instead, use separate beneficiary forms to determine who receives them. These beneficiary designations pass outside of your will, making them an effective and easy way to leave a legacy.
Planned or “Legacy” giving is a method of supporting a charity that enables generous individuals to make larger gifts than they could make from their income. While some planned gifts provide a life-long income to the donor, others use estate and tax planning techniques to provide for charity and other heirs in ways that maximize the gift and/or minimize its impact on the donor’s estate.
Types of Planned Gifts
A Gift Through Your Will
Gifts established in your will can be a particular item, a specific dollar amount, or a percentage of your estate. The federal estate tax can take approximately 40% to 50% of one’s estate at the time of death. To include PPH in your will, the following is sample bequest language:
“I give, devise, and bequeath $_______ (sum of money), or ______% (percentage) of my estate, or all the rest, residue, and remainder of my estate to The Philadelphia Protestant Home, a nonprofit organization located at 6500 Tabor Avenue, Philadelphia, PA 19111, Federal Tax ID #23-1396804.”
Charitable Gift Annuities
Our charitable gift annuity program, administered through the United Church Funds, was created as a service to our many friends who have expressed a desire to make a gift of significance, while still retaining income from the gift property during their lives.
A charitable gift annuity is a contract in which you exchange a gift of cash or securities for a guaranteed, fixed income each year for the rest of your life! It is truly a win-win situation for the donor and The Philadelphia Protestant Home.
Do you have a life insurance policy you no longer need? Perhaps your other assets have grown to provide the protection you require, and the insurance policy lies forgotten in a safety deposit box. Did you know that the policy could make a wonderful charitable gift to The Philadelphia Protestant Home?
If you have insurance you may like to contribute, or if you are currently paying premiums on a policy and want to discover how this policy might work as a gift, you can name The Philadelphia Protestant Home the beneficiary of your life insurance, or a co-beneficiary.
Retirement plan or IRA
A retirement plan or IRA is typically the largest source of assets that generate taxable income when paid to a beneficiary. Therefore, if you are considering a gift to us after your lifetime, it is usually better to leave taxable assets to us and give non-taxable assets (such as stocks and real estate) to your loved ones.
To complete your gift, simply contact your retirement plan or IRA administrator (or visit their website) and complete a beneficiary designation form naming us as beneficiary and the percentage you’d like us to receive (1–100). Then mail it back to the plan administrator and keep a copy for your records. Beneficiary forms are filled out on your terms and can be changed at any time.
If you name The Philadelphia Protestant Home as a beneficiary in your plans, please use our legal name and federal tax ID.
Legal Name: The Philadelphia Protestant Home
Address: 6500 Tabor Avenue, Philadelphia, PA 19111
Federal Tax ID Number: 23-1396804
The Heritage Society of The Philadelphia Protestant Home
Those who remember The Philadelphia Protestant Home through a planned gift are invited to join The Heritage Society of The Philadelphia Protestant Home. The Heritage Society provides a way to recognize and thank donors during their lifetime(s), and ensure their wishes are properly documented.
You may always choose to remain anonymous in your philanthropy. However, participation in The Heritage Society can be an inspirational experience and may encourage others to look toward how they too may have an enduring impact on future generations of older adults.
Planned giving offers us a way to make a difference, far beyond the measure of one lifetime.
For more information about planned giving, call the Fund Development Office at 215-697-8586, or email firstname.lastname@example.org.