Gift Planning Menu

Your act of generosity, our longevity.

shield

With gift planning, you can provide long-lasting support for our organization while enjoying financial benefits for yourself.

Gift Planning

Text Resize
Print This
Email This
Request Illustration
Download Brochure

A Bequest to Save Taxes

A Bequest to Save Taxes

Thomas was a widower who had a great love for Boys Home since he lived here for more than six years. As an individual who had directly benefited from our work, Thomas wanted to thank us with a gift from his estate. He had been very successful over the years and credited Boys Home for making that success possible.

Thomas told his attorney that he wished to leave a large bequest to Boys Home as part of his estate plan. Thomas's estate included some stocks, real estate and an IRA. Thomas's attorney recommended that he give the appreciated stock and real estate to his children and leave his seven-figure IRA to charity.

Thomas: A gentleman in the development department at Boys Home told me that if I gave the stock and real estate to my children, these assets would receive a step up in basis at my death. My children could then sell them without paying tax. However, if I gave my children my IRA, the IRA would be subject to estate and income tax. After paying all of these taxes, very little would be left for my family. By giving the IRA to Boys Home, the place and people that saved my life, I could make a nice gift and avoid any additional tax for my estate and children.

Thomas contacted his IRA custodian to obtain a beneficiary designation form. He filled out the form and designated Boys Home as the 100% recipient of his IRA account. Thomas's attorney then specified in Thomas's will the bequest of his other assets to his children.

Thomas: I was so impressed with my attorney's advice that I named him executor of my will!

Thomas called and notified us of his bequest. He was pleased that because Boys Home was a tax-exempt institution, we would receive the full amount of the IRA value when he passed away, creating his legacy for the future.

*Please note: The names and image above are representative of a typical donor and may or may not be an actual donor to our organization.
Print This
Email This
Request Illustration
Download Brochure
scriptsknown