Legacy Giving
For many of our donors, legacy giving is the perfect way to express support for our hunger-relief efforts. Legacy gifts help us to secure and distribute food and groceries to those in need, raise public awareness of hunger in our country, and promote viable solutions to hunger and waste.
Legacy gifts often provide financial benefits to the donor, too. Tax savings, current cash payments, supplemental support for family and friends -- these and other benefits are available depending on a donor's circumstances and objectives.
The American Council on Gift Annuities (ACGA) has decided to lower their suggested rates effective July 1, 2008. America’s Second Harvest – The Nation’s Food Bank Network offers the ACGA rates to our prospective gift annuitants. If you would like to take advantage of the current, higher rates, you may do so by setting up an America’s Second Harvest charitable gift annuity before July 1st. Please contact our individual philanthropy team at 1-800-771-2303 x6642 for more information or to request a personalized illustration of the tax and financial benefits of establishing a charitable gift annuity. The information and personalized illustrations are available at no cost or obligation.
• An Introduction to Planned Giving
• The van Hengel Society
• Bequests made through Wills or Revocable Living Trusts
• Gifts that Pay Income for Life (Gift Annuities and Charitable Trusts)
• Gifts of Beneficiary Designations
• Donating Real Estate
• Endowment and Memorial Gifts
An Introduction to Legacy Giving
A legacy gift results from the donor's careful consideration of a number of important factors, including the purpose of the gift, the assets to be used to fund the gift, the gift's timing, its effect on income-tax and estate-tax planning, and its impact on the donor's family members and friends. A legacy gift is best made with the counsel of one's legal, tax or financial advisor.
America's Second Harvest provides information on legacy giving as a guide to help our donors choose the approach that works best for them. Please consider this site as a resource to help you meet your philanthropic goals. The information provided here is for illustrative purposes only and should not be considered investment, legal, accounting, tax or other professional advice.
To speak with an individual philanthropy officer about legacy giving, please contact us at plannedgiving@secondharvest.org or call us at 1.800.771.2303 x 6642.
The van Hengel Society honors individuals who make legacy gifts to benefit America's Second Harvest. The Society brings together supporters who seek to lay a strong foundation for our efforts to create a hunger-free America.
John van Hengel changed the way the world approaches hunger when he started the world's first food bank in Phoenix, Arizona. In 1979, John helped to establish America's Second Harvest, laying the foundation for an organization that now feeds more than 23 million people every year.
Members of the van Hengel Society receive a certificate of membership, special reports about the latest initiatives of America's Second Harvest and acknowledgement in our annual reports.
Please contact us at plannedgiving@secondharvest.org or call us at 1.800.771.2303 x 6642 for more information about becoming a member of the van Hengel Society.
Bequests made through Wills or Revocable Living Trusts
A bequest is often the most realistic way for many donors to make a significant contribution to America's Second Harvest. We are pleased to provide the following information to help you and your attorney establish your estate plans.
• Why Create a Will or Revocable Living Trust?
• Engage Legal Counsel
• Types of Bequests
Why Create A Will or Revocable Living Trust?
Wills and revocable living trusts are very important estate planning tools. Either allows you to name guardians for your minor children and to determine who will receive your property after your death, in what amounts and proportions and under what circumstances. Tax considerations also may impact the provisions of your will or living trust.
You have an opportunity in your estate plan to provide not only for your family and friends, but also for charity. Besides cash, you may also leave stocks, bonds and other types of property to charity.
Engage Legal Counsel
Most experts agree that hiring an attorney with experience in estate planning will save you and your beneficiaries time and money in the long run. While you determine what goes into your will or trust, your attorney will make sure it is a proper legal statement of how you wish your possessions to be distributed.
Types of Bequests
When writing
or updating your will, you can also make a real difference in the fight against
hunger in America by naming America's Second Harvest as a beneficiary.
Here are some common
bequest options you can use:
• Specific bequest: Determine a specific dollar amount or asset
that you wish to leave to America's Second Harvest.
• Residual bequest:
After you have provided for your loved ones, name America's Second Harvest to
receive a percentage or all of your residuary estate.
• Contingent bequest:
America's Second Harvest receives a bequest only in the event of the
death of other beneficiaries.
To speak with an individual philanthropy
officer about leaving a bequest to America's Second Harvest, please contact us
at plannedgiving@secondharvest.org
or call us at 1.800.771.2303 x 6642.
Gifts that Pay Income for Life (Gift Annuities and Charitable Trusts)
Many of our donors provide generous support for America's Second Harvest and enjoy lifetime income and significant tax benefits by establishing charitable gift annuities and charitable trusts.
A charitable gift annuity is a simple contract between you and America's Second Harvest. In exchange for your irrevocable gift of cash, securities or other assets, America's Second Harvest agrees to make fixed cash payments (in quarterly installments) for the life of one annuitant, usually the donor, or the lives of two annuitants, typically the donor and the donor's partner. Payments begin immediately after the gift is made. Annuitants must be 65 years of age or older.
With a deferred payment gift annuity, your income payments begin at a future date that you specify. Because payments are deferred, you will receive a higher annual income, which may be used as a source of guaranteed retirement income. Annuitants must be 35 years of age or older at the time the gift is made.
Financial benefits of gift annuities may include a federal income tax charitable deduction, reduced and deferred capital gains tax on appreciated property, reduction of one's taxable estate, and enhanced cash flow.
The minimum contribution required to establish a gift annuity is $10,000. Cash, stock, mutual fund shares, real estate or other property may be used to fund an annuity. Your annuity is administered by America's Second Harvest at no cost to you. America's Second Harvest follows the American Council on Gift Annuities' suggested rates.
A charitable remainder annuity trust (CRAT ), an irrevocable trust, typically provides income to one or two beneficiaries, the remainder going to charity. The donor specifies in the trust document how income is to be determined, to whom it is to and for how long, and to which charity or charities the remainder will be distributed. You may add funds to your trust whenever you like. Each year, a fixed percentage of the trust's current value is paid to your income beneficiaries.
With a charitable remainder unitrust (CRUT ), a fixed amount of the fair-market value of the trust, determined annually, is paid out. The amount paid will vary with the investment performance of the trust.
Through a charitable lead trust (CLT ), you can provide for the future transfer of assets to your heirs in a tax-efficient manner, while providing investment income to America's Second Harvest for a set period of years.
Financial benefits of charitable trusts may include a federal income tax charitable deduction, reduced and deferred capital gains tax on appreciated property, reduction of one's taxable estate, and enhanced cash flow.
To speak with an individual philanthropy officer confidentially or request a complimentary, no-obligation gift illustration, please contact us at plannedgiving@secondharvest.org or call us at 1.800.771.2303 x 6642.
Gifts of Beneficiary
Designations
A beneficiary designation
is the simplest way to make a legacy gift to America's Second Harvest. When you
complete your beneficiary designation form, just name America's Second Harvest
as a full or partial beneficiary and provide our tax identification number. In
addition, these gifts bypass probate and go directly to all beneficiaries.
Here
are some common designation options:
• Retirement plans [e.g., traditional IRA, Keogh,
401(k)]:
Including America's Second Harvest as a beneficiary enables you to avoid
substantial income taxes that would have been due if a retirement plan were left
to non-spousal heirs. It is strongly advised that you name America's Second
Harvest as a beneficiary of a retirement plan through your designation form and
not through your will, which may jeopardize tax benefits.
• Insurance policies:
There are a number of ways you can name America's Second Harvest as a
beneficiary of an insurance policy, whether through your employer or a separate
policy that you hold. Such a gift may provide you with current and future tax
benefits.
• Savings accounts: Designating America's Second
Harvest as a beneficiary of a savings account is simple and allows full use of
savings during your life.
For more information about beneficiary designations, please contact us at plannedgiving@secondharvest.org or at 1.800.771.2303 x 6642.
Our staff will work closely with you and your advisors to facilitate a gift of residential or commercial real estate or time shares. Through a retained life estate arrangement, you can donate a remainder of interest in your home to America's Second Harvest and retain lifetime residency rights for you and your partner. A gift of real estate may result in significant tax benefits while providing major support for our hunger-fighting work.
Please contact us at plannedgiving@secondharvest.org or at 1.800.771.2303 x 6642 for more information about donating real estate.
You can pay lasting tribute to loved ones through gifts made in their names to the America's Second Harvest Endowment Fund. Unrestricted gifts to our endowment fund will sustain our core programs and be listed in our annual report. Cash, stock, mutual fund shares, life insurance, real estate or other property may be used to fund endowment gifts.
For more information, please contact us at plannedgiving@secondharvest.org or at 1.800.771.2303 x 6642.
