America’s Grow-a-Row plays a critical role as a supplier of farm fresh, nutritious produce for feeding agencies in the United States. As the cost of produce rises and affordability becomes a greater issue for families struggling with hunger, our focus remains on increasing the amount of produce that we grow, harvest, and glean to donate to these families in need. It’s important for organizations like us to receive donations from generous people (and companies) who want to support our mission. However, not everyone can afford to make a significant donation at this point in their life. One way to contribute without having to commit financial resources right now is through a planned gift. A planned gift allows you to arrange to donate a sum of money, equity, or property to a cause or organization at a future date, often after the donor has passed on, rather than right now. Some of the ways that you can make a planned gift:
Bequest part of your estate.
This involves simply specifying in your will that you are leaving a certain amount of money or other form of capital to a particular organization. Your estate may be subject to estate or inheritance taxes; reserving some of it for charitable giving can therefore result in your or your heirs paying less in taxes with the benefit of your money going directly to the nonprofit organization of your choice.
Name a nonprofit beneficiary of your retirement assets.
Declaring that your remaining retirement assets after you’ve passed should be given to a nonprofit organization is another option. This allows a charitable nonprofit to access your IRA, company retirement, or pension plan tax-free, since such organizations are exempt from paying the sometimes hefty (depending on time of access) taxes on withdrawal from these vehicles. This is a good option if you don’t have close family and want to ensure your retirement assets go to a good cause.
Name a nonprofit beneficiary of your life insurance policies.
You can also arrange for a favored organization to receive your life insurance payout. This is another good option if you don’t have close family that needs the money to cover expenses and you don’t plan on cashing in on the policy.
All these methods of planned giving have the benefit of allowing you to make a donation at a time when you no longer need the money, helping to cement your legacy as a charitable member of the community without burdening you financially here and now. Planned giving isn’t just for the wealthy; we can all make a difference, whether now or in the future. Your gift can coincide with your financial planning goals as well, while ensuring your money goes exactly where you want it to go – and benefits the cause you most care about.
If you would like more information on how to make a planned gift, contact Karla Wallack at karla@americasgrowarow.org.
DISCLOSURE
This information is for information purposes only and is intended to provide general guidance and does not constitute legal, tax, or financial advise. Each person’s circumstances are different and may not apply to the specific information provided. You should seek the advice of a financial professional, tax consultant, and/or legal counsel to discuss your specific needs before making any financial or other commitments regarding the matters related to your condition.
