Remembering LeGaL in your Will
Choosing to leave LeGaL a gift in your will is a meaningful way to make your commitment to pride, equality, and community part of your legacy. You can support LeGaL by designating a specific sum of money, personal property or real estate, a percentage of your estate, or even leaving LeGaL the remainder of your estate after other beneficiaries receive the portion(s) you designate to them. You could also choose to make a contingent bequest to LeGaL, making LeGaL the beneficiary of your estate if your partner or other beneficiary passes away before you. You may also choose to create a charitable trust through your will that would benefit whomever you choose during their lifetimes, and leave the remainder, after they die, to LeGaL.
Although a bequest to LeGaL would not yield any immediate tax benefits, every dollar contributed is deductible for estate tax purposes, which would help relieve your partner and loved ones of some estate tax burdens. If you have any questions, feel free to contact us at (212) 353-9118 or .
How to Include LeGaL in your Will
To make a bequest to LeGaL, you will need to use the correct language in your will:
“I hereby give and bequeath [cash sum/percentage amount/identity of property] to The Gay and Lesbian Law Association Foundation of Greater New York (LeGaL Foundation), for its general purposes.” We also suggest including LeGaL’s name and address in your will to ensure that your wishes are followed exactly:
|Legal Name:||Lesbian and Gay Law Association Foundation of Greater New York (LeGaL)|
|Address:||601 West 26th Street, Suite 325-20 New York, NY 10001|
|501(c)(3) Tax ID #:||13-3828712|
Designating LeGaL as a Beneficiary
Naming LeGaL on a retirement account or on a life insurance policy, is a simple way to provide for LeGaL’s future without needing to write or re-write your will or living trust. These assets will pass directly to LeGaL without going through the probate process.
You could designate LeGaL as the beneficiary of your Retirement Account by naming LeGaL as a beneficiary of all or a specified percentage of their IRA, 401(k), 403(b), or other retirement plan. Because retirement assets are subject to both income and estate tax, they are often considered among the best assets to leave to charity. Individuals who inherit retirement plan assets must in most cases pay income tax on them. As a charity, LeGaL would not pay taxes on these assets and would have full use of them.
Bank and Investment Accounts and Commercial Annuities
You may choose to leave a legacy by naming LeGaL as a Transfer-on-Death (TOD) or Payable-on-Death (POD) beneficiary on a bank or investment account or a commercial annuity, where permitted by state law and the financial institution.
Life Insurance Policies
If you have a life insurance policy that you and your family no longer need, designating LeGaL as a beneficiary offers a simple way to support our work.
There may be tax and financial planning implications in naming beneficiaries of a retirement plan, so you should consult with your attorney or tax advisor in arranging for the disposition of any of these assets.
Memorial, Tribute, & Honorary Gifts
Memorial, tribute, or honorary gifts are a meaningful way to convey sympathy to the bereaved, memorialize a loved one, commemorate a special occasion or honor a person’s life and accomplishments. Your gift to LeGaL made in honor or memory of this special person helps secure a legacy that extends far into the future.
You can make a memorial, tribute, or honorary gift by donating to LeGaL or mailing a check to the Lesbian and Gay Law Association Foundation of Greater New York (LeGaL), 601 West 26th Street, Suite 325-20 New York, NY 10001.
Please mention the name of the person you are honoring with your gift, and if you would like LeGaL to notify the honoree or family member, please indicate the name and address of the individual you would like us to notify.
Donate Goods or Services
LeGaL hosts several annual fundraisers and silent auctions, and donating goods or services is a great way to support the community, and may even help promote your business. Consider donating goods like gift certificates, tickets to a show/event, memorabilia, a weekend at your vacation home, or services like gym memberships, professional services, spa services, etc.
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