You can provide for the Newman Foundation a variety of ways, including through your estate. Planned or deferred gifts enable the Foundation to plan for the future because they will be realized at some later date. You can make a planned gift by naming the Newman Foundation as a beneficiary in your Will or by naming the Foundation as owner and beneficiary of a paid-up life insurance policy. A gift of life insurance entitles you to a tax deduction equal to your cost basis in the policy or its replacement cost, whichever is less.
You can make a planned gift to the Newman Foundation and receive an income for life through the establishment of a charitable gift annuity or charitable trust that names the Foundation as a beneficiary. Your attorney can advise you of the various types of charitable trusts and the estate tax benefits of each, and assist you in setting up a planned gift that is tailored to your personal needs. You may also want to talk with your attorney or financial advisor about the tax benefits of naming the Newman Foundation as a beneficiary of your retirement plan.
Bequests
One of the easiest ways to make a gift to the Foundation is by leaving the Newman Foundation a bequest in your Will. There are several ways you can do this. You can (1) give a specific amount of money to the Foundation; (2) give a specific item of property to the Foundation; or (3) give a specified percentage of the residue of your estate to the Foundation (the residue of your estate is that which is left over after all specific gifts have been made, whether charitable or non-charitable).
The following simple language can be used to make your gift:
“I give and devise to The Newman Foundation, Inc., or its successor, the sum of _________ Dollars ($_________) to be used for such charitable purposes as the governing body of The Newman Foundation, Inc. deems appropriate; provided, however, that at the time of such gift, The Newman Foundation, Inc., or its successor, must be a charity as described in Sections 170(c) and 2055(a) of the Internal Revenue Code.”
OR
“I give and devise ________ percent (________%) of my residuary estate to The Newman Foundation, Inc., or its successor, to be used for such charitable purposes as the governing body of The Newman Foundation, Inc. deems appropriate; provided, however, that at the time of such gift, The Newman Foundation, Inc., or its successor, must be a charity as described in Sections 170(c) and 2055(a) of the Internal Revenue Code.”
A bequest may be included in the body of a will or as an amendment (codicil). Gifts made through a bequest typically provide an estate tax deduction. Please consult your attorney and/or financial advisor for specific information.
The Newman Foundation Inc.
628 North Broadway
Lexington, KY 40508
Please contact our office at 255-0880 with any questions.
