Your act of generosity, our longevity.
With gift planning, you can provide long-lasting support for our organization while enjoying financial benefits for yourself.
Using a Beneficiary Designation to Make a Gift to Charity
Joanne and her late husband Hal had been longtime supporters of Boys Home. Recently, Joanne's children encouraged her to update her estate plan. Joanne thought that was a great idea. In fact, she had been thinking about meeting with her attorney to discuss how she could make a significant gift to Boys Home.
Joanne: Hal and I were passionate about Boys Home of Virginia's mission. He especially enjoyed our annual trip to the Boys Home Christmas Tree Farm to buy our tree and interacting with the boys. After Hal passed away, I wanted to make a gift that would honor his memory.
When she met with her attorney, Joanne explained her goals and described her assets. She'd inherited Hal's IRA, which when combined with her own, would provide her with the necessary retirement security she needed. She even had enough to allow her to take regular vacations and splurge on gifts for the grandkids.
I had originally thought about leaving my IRA to our children and other
assets to charity. My attorney suggested a different strategy and told me
that an IRA is a great gift to leave to charity. He explained that if my
son and daughter inherited the IRA, my estate would pay estate taxes and
they would pay income tax on the IRA. But, by giving the IRA to charity and
other assets to the children, they will still receive a nice inheritance,
and we avoid income and estate taxes entirely!
Joanne: Making a gift of my IRA was easy! I contacted my IRA custodian, who emailed me an IRA beneficiary designation form. I completed the form, named Boys Home of Virginia as the primary beneficiary of my IRA and mailed it back to the custodian. I know Hal would be very happy. Best of all, I can continue to use my IRA for as long as I live, and when I pass away, it will go to Boys Home.