Planned Giving
Regardless of your health or age, plans should be made regarding the future of your assets. Most importantly, you should work with your attorney to prepare a Will which gives an accurate direction for your estate's distribution to your loved ones and causes which you embrace. Whatever your wishes, it should be in writing with copies given to other family members, designated administrators and your attorney. Equally important, a Will should be updated at least on a five year cycle to account for personal changes, IRS and other government regulations.
If you decide to make provisions for Our House Foundation in your Will/Bequest, a suggested wording follows: "I give, devise and bequeath to the Our House Foundation with offices at 76 Floral Avenue, Murray Hill, NJ, the sum of $________ to be used in efforts to help in the care of those with developmental disabilities."
Once you have made the decision, please notify Our House Foundation in advance of your wishes and provide a copy of your Will stating your intentions. These steps will enable us to comply with your wishes and be guided by them.
Making Provisions Now Will Help Your Family in the Future
Our House Foundation is deeply committed to the safety and welfare of all its residents and people it serves each year. We face challenges on a daily basis and need resources to continue to give them the best care possible. As cuts in government funding continue, we must rely more and more on the generosity of our community.
Writing a Will is the first and most important step in securing the future for anyone in your family.
A bequest in your Last Will and Testament will ensure that the funds allocated to Our House Foundation will be used to support our efforts and aims. Such a bequest may consist of a designated amount, a gift of securities, real estate or other assets in your estate. Keep one copy of your Will in a safety deposit box, one copy at home, a copy with your lawyer and send one copy to the administrative office of Our House Foundation. Please be assured that we will keep any documents you send us confidential.
An outdated Will can result in problems and expensive legal action. If there is a death of someone mentioned in your Will or a divorce, re-marriage, birth, etc., it is advisable to draw up a new Will. The best way to change a Will is to add a Codicil which is a legal document made up by an attorney that describes any changes you wish to make.
There are many ways to lend financial support to Our House Foundation. Some of them can result in significant savings in estate taxes and capital gains and others offer attractive income for life and income for your loved ones. Above all, you will have the knowledge that you are making a valuable, sound investment in the programs, efforts and mission provided by Our House Foundation to help people with developmental and learning disabilities. In the absence of a Will, the laws of the state will determine how your assets are distributed. Also keep in mind that once you apply for Medicaid, the government will oversee your finances. If you wish to help Our House Foundation, make donations while you are still in control of your own finances. You'll be happy that you were able to provide for its continued operation.
As a way to pay tribute and grateful recognition for planned gifts to Our House Foundation, we will enroll each donor in The Legacy Society. A plaque listing the names of donors who share our long term goal of sustained service will be placed in our Headquarters. Legacy Society members will receive regular correspondence regarding the activities of Our House.
The Our House Foundation Tax Identification Number is 22-2856145.
Sample Bequests
A Specific Amount:
I give, devise and bequeath to the Our House Foundation with offices at 76 Floral Avenue, Murray Hill, NJ, the sum of $________ to be used in efforts to help in the care of those with developmental disabilities.
A Percentage Bequest:
You can designate which percentage (up to 100%) of your estate you want to bequeath to Our House Foundation. As the value of your estate grows, your bequest will also grow.
A "Rest and Residue" Bequest:
In many Wills which are itemized, there are leftover funds or items which, after distribution, are considered "residue". You may name Our House Foundation for the "rest and residue," thereby preventing the government from making any decisions regarding your estate.
Final Contingency Bequest:
Many Wills are made up, left in a box, and at the time of probate, all the heirs are gone. This will make the Will invalid at probate if you do not name beneficiaries that survive you. In that case, the court decides how to divide your estate. If no heirs are found, the estate is confiscated. If you name the Our House Foundation as the final contingent beneficiary, you ensure that the IRS will not confiscate your estate.
Life Insurance Gifts:
A gift of one of your life insurance policies to Our House Foundation can result in an income tax deduction at the time of your gift. If you continue to pay the premiums on the policy, they can also be deducted as a charitable contribution. Check with your financial adviser. Our House Foundation can be named as a primary or contingent beneficiary of a new or existing policy without transferring ownership of the policy.
Retirement Plan Gifts:
For those who have savings in tax-deferred retirement accounts, IRAs, 401 (k), funds withdrawn from these accounts are usually taxed at both high income and high estate tax rates. According to those specializing in charitable gifts, they advise that less than 30% in a retirement account actually reaches the beneficiary. Please specify Our House Foundation as an intended beneficiary.
Real Estate Gifts:
A donation regarding real estate can give you a substantial tax benefit. You may choose to receive lifetime income or retain life use of the property for which there are substantial tax benefits.
Stocks and Bonds Gifts:
The best way to handle the transfer of stocks and bonds to benefit Our House Foundation is to have your broker transfer them directly to Our House Foundation. You will receive a twofold benefit: a charitable deduction for present market value and no tax appreciation. For other types of charitable giving, we suggest you speak with your financial advisor.
A List of Recommended Attorneys for Advice on Planned Giving
Robert D. Borteck Anita Siegel
Edwards Angell, LLP Schenk, Price, Smith & King
51 John F. Kennedy Parkway 10 Washington Street
Short Hills, NJ 07078 Morristown, NJ 07963-0905
(973) 921-5288 (973) 539-1000
rbortek@EdwardsAngell.com
www.EdwardsAngell.Com
Andrew Grumet Shirley Whitenack
Herrick, Feinstein LLP Schenk, Price, Smith & King
2 Penn Plaza, 11th Floor 10 Washington Street
Newark, NJ 07105 Morristown, NJ 0963-0905
(973) 274-2011 (973) 539-1000
agrumet@herrick.com
www.herrick.com
David Hardin
Lindabury, McCormick, Estabrook & Cooper, PC
40 Morris Avenue
Summit, NJ 07901
(908) 273-1212
Bruce Mantel
430 Mountain Avenue
Murray Hill, NJ 07974
(908) 464-5900
Gilbert Owren
Drummond & Owren
13 Beechwood Road
Summit, NJ 07901
(908) 277-2727
Mary Lou Parker
Pitney, Hardin LLP
PO Box 1945
Morristown, NJ 07962-1945
(973) 966-6300
Sandra Sherman, Partner
Riker, Danzig, Scherer, Hyland
& Perretti
One Speedwell Avenue
Morristown, NJ 07962-1945
(973) 966-6300