The Guardian Society
The Guardian society is made up of individuals who have included the Children’s Home in their estate planning. A future gift of any size, receivable upon the passing of the donor, qualifies for inclusion in the Guardian Society. A simple bequest, an IRA bequest, a charitable remainder trust, paid life insurance, or other such option naming the Children’s Home as beneficiary will qualify an individual or couple for membership. The Children’s Home pledges to maintain confidentiality of donor information, and careful stewardship of estate gifts, which will help ensure the future of our mission.
What impact will your gift have on the Children’s Home of Poughkeepsie?
Over the past 160+ years of the Home’s history, many caring individuals left a portion or all of their estates to help ensure the future of our mission. The Home’s administrators and board have carefully stewarded those gifts and the resulting investment account is what helps the Home provide the high quality level of care for which it is well known. Some gifts have been used for needed capital improvements to enhance the experience for our children. There is an ongoing need to improve and maintain our facilities. Drawing on a portion of the earnings each year enables the Home’s staff to give the children in our care some “extras” not covered in the rate. These include art therapy, more social workers per capita than mandated, cultural, sports, and educational outings, and subsidies for older youth who have aged out of care but need occasional financial or other help as they work toward full independence. With the constantly increasing cost of living and cuts in State and Federal dollars, more dependence upon private funding will be needed to maintain the quality of care desired.
Bequest
A simple bequest in your will naming the Children’s Home of Poughkeepsie as recipient of either a specified amount or a percent of your estate will help ensure the future of the Home’s mission. Suggested wording for a bequest is: “I give and bequeath unto the Children’s Home of Poughkeepsie, New York, ______ .“ (insert amount desired, percent or specific securities, etc.).
Charitable Remainder Trust
This is a planned giving option designed to provide a current benefit for the donor and funding for the Children’s Home upon the donor’s passing. The donor receives an immediate charitable tax deduction, income for their lifetime and perhaps others as well, with the remainder going to the Children’s Home of Poughkeepsie to further our mission.
Charitable Fund Designation
Many donors today have set up charitable funds with their asset managers for the purpose of making charitable gifts while living. You can designate that a sum be granted to the Children’s Home from your account upon your passing. Simply fill out the form your asset manager can provide to make this designation.
Retirement Plan Beneficiary Designation
This is as easy to set up as a bequest. Simply list the Children’s Home of Poughkeepsie as a beneficiary on the beneficiary form provided by your retirement account administrator. If you want both your heirs and the Children’s Home to benefit, it is generally best to designate a percent of the remainder rather than a set amount. As always, you should discuss the options with your professional advisor/estate attorney before changing your plan, to ensure that you make the most tax-sensitive decisions.
Transfer of Account Asset
If you have a bank account or investment account that your surviving heirs do not need, you can simply fill out a form designating that a portion or the whole of the holdings in the account will be transferred on death to the Children’s Home of Poughkeepsie. Your banker or broker can provide you with the appropriate form and give you the particulars governing their institution.
Paid Life Insurance Beneficiary
You may wish to have your paid life insurance policy proceeds donated to the Children’s Home if your surviving heirs do not need the funds. It is best to designate a person and/or a charity as the beneficiary of your life insurance policy rather than your estate to avoid increased costs of settlement.
The gift options outlined herein are just some of the ways to leave part of your estate to a charity such as the Children’s Home of Poughkeepsie. We strongly urge you to consult with your financial advisor or estate planning attorney to determine the most tax-beneficial and comfortable means for your gift.
If you have questions or have included the Children’s Home of Poughkeepsie in your estate plans
and want to join the Guardian Society, please contact:
Theresa Kerin, Director of Development
845-452-1420 x155
tkerin@childrenshome.us