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How Does A Bequest Work?

A bequest is a clause you put in your will that sets aside a portion of your assets to an individual, organization, or charity. Once it's time, your chosen executor will be in charge of distributing them based on what you put in your will. Bequests are flexible, and you have the power to put any conditions or rules you think are appropriate.

The Connection Between Bequests And Wills

Bequests and wills cannot exist without each other. If you don't have a will, there's no legal way to enforce bequests, even if they were your final wishes. For this reason, you need to plan your estate ahead of time to ensure whoever is in charge of it has clear directions of what to do. Having one with formal bequests could also help prevent any disputes among family members and those closest to you.

Why Should You Make A Charitable Bequest In Wills?

Charitable bequests you include in your will offer several significant advantages to consider:

• Tax Benefits: Charitable bequests are tax deductible from your estate's gross value. This factor makes them a good option if you want to reduce your heirs' tax burden once they collect their part.
• Philanthropic Legacy: Leaving a portion of your estate to charity is a chance to help charities you love and continue supporting their mission after you're gone.
• Personal Legacy: Doing a charitable bequest will help you stay true to your values. You'll continue to leave your mark well beyond your lifetime and inspire possibly those closest to you to continue your legacy.

Start Your Bequest Today

Creating a charitable bequest in your will is a step toward creating a profound impact in your community. If you're ready to make a lasting difference, consider making a charitable bequest to Long Island Cares. Together, we can help feed thousands of families on Long Island and further support our community. Remember, the legacy you choose to leave is a gift that keeps giving long after you've passed.

Most of us are familiar with regular donations, but planned giving is another powerful way to contribute to your favorite causes. This type of philanthropy allows you to make a huge impact for years to come. But how exactly does the process work? Let's learn about how you can start with planned giving today.

What Is Planned Giving?

Planned giving is an effective way to make a large impact on a nonprofit organization's mission for years to come. It can also be a central part of your overall financial and estate planning. Unlike spontaneous donations, you can contribute to an organization using planned assets instead of disposable income. These can include life insurance policies, retirement accounts, real estate properties, and more.

How Planned Giving Can Help You

Through setting up planned donations, you'll leave a positive legacy and ensure your favorite cause receives long-term support. This process is also a smart way to reduce estate taxes, qualify for further tax breaks, and even boost your income, depending on your situation.

For instance, setting up a charitable gift annuity provides a steady income stream for you or another beneficiary while furthering your chosen organization's mission. Also, if you have an IRA and are over 70½, you may avoid taxes on transfers of up to $105,000 when you make a gift.

At Long Island Cares, planned gifts are a lifeline to continue our mission of feeding those in need. Your contribution gives us a stable financial base and long-term funding for our many projects. We'll have more resources for combating hunger, supporting communities, and making a lasting difference in people's lives.

Getting Started With Planned Giving

Planned giving is a powerful tool for philanthropists like you who want to give back. It lets you impact a cause you care about while also benefiting from valuable financial perks.

Our organization relies on the generosity of people like you to continue fighting hunger and giving hope to local families around the Island. In 2022 alone, we distributed over 14 million pounds of food to hungry families in the community. None of this would have been possible without your help.

If you're ready to make a real difference, consider making a planned gift to Long Island Cares or contact our staff to learn more about how you can help. Together, we can make a lasting impact and help those most in need.

Charitable Gift Annuities (CGAs) are a win-win situation. The "win-win" comes when you donate to a charity you love, and in return, the charity commits to providing you with fixed payments for life. To learn more, keep reading about how CGAs work and why you should consider one.

Understanding Charitable Gift Annuities

CGAs are a unique blend of immediate tax relief, lifelong income, and the satisfaction of contributing to a valuable cause. When you create one, you donate cash, stocks, or other appreciated assets to the charity. In return, the organization agrees to pay you a fixed dollar amount annually for the rest of your life. This arrangement is like annuities, where your primary investments yield regular financial returns.

Why Should You Consider a Charitable Gift Annuity?

There are lots of great reasons to consider funding a CGA:

• You Can Make a Big Charitable Gift: CGAs let you donate large amounts to causes you care about. The more you donate, the higher your payments will be. That will help you maintain your lifestyle when you retire.
• Get Dependable Payments for Life: You'll enjoy fixed payments that never change, no matter what happens in the markets. Payments are reliable because your favorite charity's total assets back them.
• Receive Partially Tax-Free Payments: Part of every payment is tax-free, which puts more money in your pocket. This is especially attractive when funding CGAs with appreciated investments.
• Claim a Tax Deduction: When you set up a CGA, you'll receive an income-tax deduction.
• Simple to Establish and Maintain: CGAs are easy to set up and keep. Most charities will handle everything and send you hassle-free on-time payments.

Begin Your CGA Journey Now

Establishing a Charitable Gift Annuity (CGA) is an impactful strategy for philanthropists who want to make a difference. It allows you to positively impact your community while taking advantage of significant financial benefits.

If you're looking for ways to give back, consider setting up your CGA with Long Island Cares. Besides the countless financial advantages you'll have, your contribution helps us fund our initiatives and feed hungry families on Long Island. Don't hesitate to learn more about how your planned gift can help sustain and expand our efforts. Together, we can create lasting change and support those who need it most.