A planned gift to the First Unitarian Society of Westchester is an especially meaningful way to help ensure a bright future for the First Unitarian Society of Westchester. By using the resources you have accumulated during your lifetime, you can help ensure that the community we value remains vital for many years in the future. Additionally, some planned gifts may include a provision for you, or someone you designate, to receive funds during your lifetime.
Through your will and estate planning, you have the satisfaction of deciding exactly how and where to give, knowing that your gifts will continue to support your personal priorities. When you invest in the First Unitarian Society of Westchester by planning a gift, you may receive the benefits of:
A reduction of income and estate taxes;
Avoidance of long term capital gains;
An effective rate of return;
A potential increase in income for you, your family and/or another beneficiary;
And, with every estate gift you make, you leave an important and lasting legacy for future generations of congregants of the First Unitarian Society of Westchester and the community at large.
Opportunities to give are many, with varied levels of complexities. It is recommended you contact your attorney or financial advisor for help in understanding the options.
Consider letting us know that you have included a gift to FUSW in your estate plans. Your example may encourage others to also make a gift and provide for the future of our congregation. Thank you, The FUSW Finance Committee.
How to Make a Gift by Will or a Trust Making a gift by will is easy. What follows are guidelines and suggestions for naming the First Unitarian Society of Westchester to receive a gift from you through your Last Will and Testament and/or Revocable Trust. Here you will find very basic information about different kinds of estate gifts, including sample language you might use in your legal documents. Most of this information may be used to make a gift through a family trust, a life insurance policy, or an individual retirement account.
Suggested Bequest Language Please share the following suggested bequest language with your attorney to assist in drafting a will or codicil that will achieve your charitable estate plans.
General Bequest I give all my real and personal property to the First Unitarian Society of Westchester, 25 Old Jackson Avenue Hastings-on-Hudson, NY 10706, for the FUSW's unrestricted use.
Specific Bequest I give _____ [$ amount, description of property, or % of estate] to the First Unitarian Society of Westchester, 25 Old Jackson Avenue Hastings-on-Hudson, NY 10706, for FUSW 's unrestricted use.
Residuary Bequest I give all [or _____ %] of my remaining assets of any kind to the First Unitarian Society of Westchester, a New York religious corporation located at 25 Old Jackson Avenue, Hastings-on-Hudson, NY 10706, for the FUSW's unrestricted use.
Restricted Bequest for a Permanent Endowment I give _____ [$ amount, description of property, or % of estate] the First Unitarian Society of Westchester, a New York religious corporation located at 25 Old Jackson Avenue Hastings-on-Hudson, NY 10706, for its unrestricted use, to be invested according to the policies adopted by its Board of Trustees, income only to be used for the general purposes of the Society [or for a specific purpose].
Restricted Bequest for Specific Purpose I give _____ [$ amount, description of property, or % of estate] to the First Unitarian Society of Westchester, a New York religious corporation located at 25 Old Jackson Avenue, Hastings-on-Hudson, NY 10706, for its restricted to _____ [describe or name of program]. If at any time in the judgment of the Board of Trustees it is deemed impossible or impracticable to carry out the above purpose, the Trustees shall determine a purpose as near as possible to that described above.
General / Specific Bequests Like other kinds of gifts, bequests can be given for general or specific purposes and uses.
A Bequest for General Purposes This type of bequest is especially appreciated because it can be put to use where there is greatest need. A bequest made without restrictions usually is added to the permanent unrestricted endowment, providing general support that may last forever.
A Bequest for Specific Purposes Many people want to give to something special, a type of gift sometimes called a “restricted bequest.” Restrictions may be designed to ensure your gift will do what you want it to do.
Restricted / Unrestricted Bequests Both restricted and unrestricted bequests are made in the following ways:
Specific Bequest Give a specific asset or collection of assets in the form of cash, securities, or other property. Retirement plan benefits, IRAs, savings bonds, and other items known as “income with respect to a decedent” (IRD) are particularly tax effective gifts to charity. You may designate an amount or a percentage of the property.
Residuary Bequest Give all or a percentage of what remains of your estate after all specific bequests have been satisfied and debts and expenses have been paid. You may specify that charitable gifts be fulfilled first with IRD assets to the extent needed to reduce your tentative estate tax.
Contingent Bequest Give all or a portion of your estate in the event that a named beneficiary is not alive when you die. This type of bequest can avoid costly litigation or prevent property from reverting to the state for lack of heirs.
Testamentary Charitable Remainder Trust A trust document is created during your lifetime, with a “pour-over” will provision to designate which assets are to be placed in a trust with the income paid to one or more beneficiaries for their lifetimes. Upon the death of the last income recipient, or after a term of a specified number of years, the trust terminates and assets are transferred to the FUSW Endowment Fund, completing your gift.
Non-Cash Gifts and Gifts of Special Assets Retirement Savings Many individuals today have large qualified retirement savings in tax qualified savings vehicles such as an IRA, 401(k), 403(b), SEP or Keogh plan. These assets have been growing tax-free for years. Once the owner begins to receive payments from the qualified plans, the distributions are taxed. At death, the assets remaining in these plans are also included in the owner’s taxable estate. A retirement plan may be an excellent source of funds for making a gift to the First Unitarian Society of Westchester.
If you name someone other than your spouse as the beneficiary of your retirement plan at your death, the assets may be subject to both income and estate taxes. Your heirs may be left with less than 25 cents on the dollar from your plan. If these plans are left to charity, however, the full amount will generally be received and used according to your wishes. The full amount is still included in your taxable estate but is fully deductible as a charitable gift. Other assets can then be left to family members that would not generate income taxes.
Real Estate The growth of real estate values over the years has greatly enhanced interest in making real estate gifts to charity. A gift of real estate may consist of all or a partial interest in many types of property, such as a residence, vacation home, farm, ranch, condominium, cooperative apartment, or commercial property.
Real estate gifts may be made outright to the Society or to a Charitable Remainder Trust, which would then provide income for you and/or loved ones. You can even contribute your personal residence but continue to live there for the rest of your life. This type of gift of a future interest in your home lets you continue to enjoy your home, without diminishing your standard of living, while obtaining a substantial income tax charitable deduction.
If you have questions or would like additional information about including the Society in your will or making other planned giving arrangements, please contact the FUSW Office at 914.478.2710. We would be delighted to make arrangements to speak with you and your advisor to help you determine how you may structure a gift that best suits your needs.
For more information, please contact us: The First Unitarian Society of Westchester, a New York religious corporation located at 25 Old Jackson Avenue, Hastings-on-Hudson, NY 10706 ATTN: Board of Trustees 914.478.2710 / email@example.com
NOTICE When arranging an estate gift, it is strongly recommended that you contact your attorney or financial advisor. If you have questions or would like additional information about including the Society in your will or making other planned giving arrangements, please contact the FUSW Office at 914.478.2710.
First Unitarian Society of Westchester 25 Old Jackson Avenue, Hastings on Hudson, NY 10706 914-478-2710