Inheritance and Legacy Giving - Metro Justice has been catalyzing social movement in Rochester for over 50 years. You can help us us do it for 50 more by setting up a charitable gift for Metro Justice in your will, living trust, or with a wealth transfer insurance plan.
- Including Metro Justice in your will or living trust:
- In order to name Metro Justice among your beneficiaries, we provide our full legal name, location, and tax ID number to be included in your will or living trust.
- A lawyer or estate planner can assist in the editing or drafting of these documents to include Metro Justice.
- Required Minimum Deductions from IRAs:
- Also, current members who are 70.5 years old or older and required to make Required Minimum Deductions from IRAs might consider donating directly from your IRA to Metro Justice Education Fund, which means the amount you choose to donate is not taxable and fulfills the Required Minimum Deduction. This could be particularly helpful for those who chose to take the now larger standard deduction instead of itemizing on the 1040 tax form.
- Using Single Premium Life Insurance to Transfer Your Gift to Metro Justice:
- Single premium life insurance is a valuable investment when it comes to wealth creation and transfer. With this type of life insurance, a single premium is deposited, creating an immediate death benefit that is guaranteed until the owner passes away. The death benefit will depend on the amount deposited, gender, age and health of the insured. In many cases, the single deposit will be multiplied by a factor of two or more when the death benefit is calculated. Typically, the younger the insured, the higher the benefit received.
- For instance, a 65-year-old healthy, non-smoking woman who deposits $100,000 into a single premium life policy could pass $200,000 or more in death benefit to her beneficiaries. Moreover, the benefit is income tax free to her recipients!
- Single premium life insurance can also benefit the insured or the purchaser during his or her lifetime. The cash value in a fully funded policy will grow quickly and can provide income to the purchaser if needed. In turn, the purchaser can also surrender the policy for its cash value at any time. A few policies guarantee the cash value to be no less than the one-time deposit. This way, if the insured needs to surrender the policy due to unforeseen circumstances, he or she is guaranteed to get the investment back.
- The insured also has the option of taking a loan against the policy instead of surrendering the contract if desired.
Members of Metro Justice’s Finance Committee are prepared to offer any additional information on how to set up your inheritance or legacy gift. To get started contact our Fundraising and Membership Director, Andrew Thomas, at (585) 397-3535 or email@example.com.