Gifts that Cost You Nothing Now
Once your family and those you love are provided for, consider giving a gift for Big Brothers Big Sisters of Central Ohio in your will or trust or by beneficiary designation. These gifts cost you nothing now and you can change your beneficiaries at any time. Even better, your passion for igniting the potential of youth will be your lasting legacy.
Please let us know if you’ve included a gift for Big Brothers Big Sisters of Central Ohio in your will or trust or by beneficiary designation. Providing us with documentation is the best way to ensure that your wishes are honored.
Here are the more popular ways to leave a gift for Big Brothers Big Sisters of Central Ohio
- General Gift
- Provides a gift of a stated sum of money in your will or living trust, typically personal property or assets.
- Residual Gift
- Provides a percentage of the remainder of your estate after other bequests, debts and taxes have been fulfilled.
- Contingent Gift
- Provides a stated share of your estate, only if a spouse, family member or other beneficiary does not survive you.
A gift by beneficiary designation is one of the easiest ways to give.
It costs you nothing now and it doesn't require an estate plan or a lawyer. You can also change your beneficiaries at any time. If you choose to name Big Brothers Big Sisters of Central Ohio as a beneficiary of your retirement account, life insurance plan, bank account or other assets it's as simple as requesting a change of beneficiary form from your plan administrator and adding Big Brothers Big Sisters of Central Ohio as a full or partial beneficiary. Forms are often available online.
- Retirement Plan
- Most retirement assets, including 401(k)s and IRAs, are among the most heavily taxed, making them an ideal opportunity for charitable giving once you no longer need the assets.
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Consider making Big Brothers Big Sisters of Central Ohio a beneficiary of your retirement assets and leaving other less-heavily taxed assets to loved ones. Income taxes to your beneficiaries on retirement assets can be as high as 37%. This means, for example, that a $100,000 IRA will be only worth $63,000 when it gets to your loved ones. Naming Big Brothers Big Sisters of Central Ohio as a beneficiary of your retirement assets generates no income taxes. Big Brothers Big Sisters of Central Ohio is tax exempt and eligible to receive the full amount, bypassing any income taxes. This means, for example, that a $100,000 IRA given to Big Brothers Big Sisters of Central Ohio will be worth the full $100,000. Contact your plan’s administrator to specify Big Brothers Big Sisters of Central Ohio as a beneficiary. Our Federal Tax ID number is 31-4379429.
- Life Insurance Plan
- A gift of life insurance is an affordable way to support Big Brothers Big Sisters of Central Ohio while also enjoying tax savings during your lifetime.
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- A significant gift at a fraction of the value
- Easy to set up with beneficiary desination
- Tax savings can be immediately realized
- Your donation could reduce final taxes on your estate
- Insurance gifts pass outside the state
- Donor Advised Fund Residuals
- Final distribution of contributions remaining in a Donor Advised Fund is governed by the contract you completed when you created your fund. We hope you will consider naming Big Brothers Big Sisters of Central Ohio the successor for a portion of the account value, leaving the remaining portion for your heirs to continue your philanthropic legacy.
As with all gift planning, you should consult with your tax advisor and lawyer to
determine what planned gift strategy is best for your current tax situation and incoming requirements.
Consulting estate-planning professionals will help ensure that your wishes to make a lasting impact will be fulfilled.