Planned Gifts - Ways to Give

Life Insurance

Make PBCC the Beneficiary: One of the easiest and fastest ways to make a sizable gift to PBCC that costs nothing now is to make PBCC the beneficiary (or a contingent beneficiary) of your life insurance policy. You retain ownership of the policy, its proceeds will be included in your gross estate, and your estate can take an estate tax charitable deduction. Simply complete the "change of beneficiary" form and send it to your life insurance policy company administrator.

Retirement Plans

  • Retirement plans, when passed on to heirs, can incur as much 60 percent or higher in taxes, because this asset faces double taxation. Not only is the amount of the plan reduced by estate taxes, but the recipient must also pay income taxes on the plan.
  • Consider naming PBCC the beneficiary of your IRA, 401(k), your SEP or ROTH IRA, pension or other retirement plan and leaving other assets to your family. Naming PBCC the primary beneficiary avoids all income and estate taxes on the retirement plan.
  • Inform your financial advisor of your decision, complete, sign and submit the change of beneficiary form and send it to the company’s plan administrator. Your advisor or the company can provide you with the correct form. You must complete the change of beneficiary form in addition to naming PBCC as your retirement plan beneficiary in your will or trust. 

Wills and trusts

Why have a will or trust? If you die without a Will or Living Trust (also known as a Revocable Living Trust or a Family Trust), Probate Courts will distribute your estate according to existing state laws. This can be a time-consuming and expensive process that diminishes your estate. Friends and favorite charities will not be taken into consideration. Having a valid Will or Trust will make you feel secure and confident that your intentions for your family will be carried out and your legacy of charitable giving will continue.

With a will or trust 

  • You direct distribution of your assets to the people and organizations you care about most.
  • You choose an executor to oversee asset distribution and minimize administration expenses.

Without a will or trust

  • The state will decide how your property is distributed, according to government statutes.
  • You won’t get to choose who administers your estate, the court will appoint an administrator.
  • Because the administrator is subject to constant court supervision, the cost of administering the estate may be greater.
  • Specific heirs may not receive the proportion you would have intended for them.
  • Your estate may lose thousands of dollars in needless taxes because you did not take advantage of the tax-saving opportunities available to you.
  • You cannot support your favorite charities, like the Philadelphia Boys Choir & Chorale.

Wills and Living Trusts

You can donate to PBCC in your will or living trust. This is a simple way of providing for PBCC while holding the assets you need during your lifetime. When drafting a will, there are various types of gifts, called charitable bequests, for different needs: 

  • Specific Bequest: Name PBCC the beneficiary of a stated amount of money, a particular piece of property, or a stated percentage of your estate.
  • Residuary Bequest: Designate PBCC to receive all or a portion of the remainder of your estate once all specific bequests (to family and friends) have been satisfied.
  • Contingent Bequest: Name PBCC your contingent beneficiary. Even if you direct your assets to go to family members or friends, it’s important to provide a contingent beneficiary should your primary beneficiaries predecease you.

Bequests to PBCC are deductible from your gross estate and can therefore offer estate tax savings. There is no limit on the amount you can leave to PBCC through your will. Your attorney can simply add a "codicil" to your current will, using language that allocates a fixed amount, a percentage, or the remainder of you estate to PBCC.

A trust can also be modified through a procedure called "amendment". Contact your attorney to amend your trust when you want to change or add beneficiaries, change disposition of assets in the trust, or change trustees.

It’s easy to incorporate PBCC into your will. Suggested bequest wording:

"I give, devise and bequeath to PBCC, a non-profit corporation in the state of Pennsylvania, the sum of $_____ (or _____% of my estate) (or all of the residuary of my estate) to be used for (options include, but are not limited to) operating expenses; scholarships; concerts, appearances and/or touring; commissioned works; facilities; or community initiatives.

Let us leverage your gift

Planned gifts may help us meet private/government or other matching/challenge grant programs.

"It is my desire that PBCC apply for any matching funds or challenge grants from federal, state, private or other sources which might be available as a result of this gift. Furthermore, it is my desire that any funds transferred by this instrument may be used as part of any matching or challenge grant received by the organization."

 
To learn more, please visit our Planned Gifts FAQ page.