GIFT & ESTATE PLANNING
Want to make a lasting impact for Interfaith Neighbors and future generations in Monmouth County? From gifts to endowment, gifts of stock, gifts of your retired vehicle or including Interfaith Neighbors in your estate plans, there are multiple ways to make a profound impact in addition to your annual support.
Purchasing a new car? Consider donating your old car to benefit Interfaith Neighbors. Contribute to our endowment fund to honor a beloved family member. Transfer gifts of stock or a life insurance policy. There are many strategies you can use to make a long-term impact.
PLAN YOUR LEGACY
Call Interfaith Neighbors Development office to discuss how you can leave a lasting legacy that can impact future generations with a current or deferred gift 732.775-0525, ext. 220 or at [email protected] .
Gifts of Stock
Making a gift of stock is easy! Simply print our stock transfer form. Send a copy to your financial manager with your intended gift instructions and send a copy back to us here at Interfaith Neighbors so we can watch for your gift and acknowledge it properly. Making a gift of stock
Gifts to Endowment
If you are interested in making a gift to the Joseph J. Marmora Endowed Fund for Rental or Mortgage Assistance or Interfaith Neighbor’s general endowment, please contact Stephanie A Ferrier, Senior Development Officer, at 732.775-0525, ext. 220 or at [email protected].
Bequests
A charitable gift from your estate can enable you to achieve your financial goals and benefit Interfaith Neighbors. No other planned gift is as simple to implement or as easy to change should you ever need the assets during your lifetime. A bequest may be right for you if:
- You would like to make a gift to Interfaith Neighbors.
- You want the flexibility to change your mind.
- You want continued access to your wealth, should you need it.
- You are concerned about outliving your resources.
Remembering Interfaith Neighbors in your will is a wonderful way to make a lasting gift. Large or small, your bequest will make an important contribution to our long-term strength and our ability to serve our neighbors.
But what if you don’t have a will or living trust? You are not alone. Most Americans don’t have a will. If you die without a will, the laws of your state will decide how your estate is divided. Typically, the probate court will divide your estate among your closest surviving family members according to a formula, and none of your estate can go to Interfaith Neighbors or any other charity. If you wish to have a say in how your estate is distributed, you must have a will or living trust. We encourage you to work with an experienced attorney to create a will or living trust that accomplishes your goals for your estate.
Ways you can define a charitable gift in your estate plan.
There are several ways you can define the amount of your charitable gift to Interfaith Neighbors. They are:
- A gift of a particular amount of money.
- A gift of a specific item or items. For example, 1,000 shares of ABC corporation.
- A gift that will be made only if one or more conditions are met. For example, you give $25,000 provided your spouse does not survive you.
- A gift that will be made from the remainder of your estate once all other bequests, debts, and taxes have been paid. for example, you give 25% of the remainder of your estate. Often called a “residuary bequest,” this approach assures that your family will be taken care of before your estate makes a bequest to others.
Ways to specify how we may use your bequest.
There are several options for telling Interfaith Neighbors how we may use your bequest, once we receive it. They are:
- An unrestricted bequest – this is a gift for our general purposes. This can be the most useful kind of gift because it allows us to put your gift to the best possible use at the time we receive it.
- A restricted bequest – this is a gift for a specific use, such as a special project or program that is important to you. It is best for you to consult with us before placing restrictions on your bequest to be sure we can carry out your wishes.
- An endowed bequest – this is a gift where your bequest is invested along with the rest of our endowment spending policy. This approach assures that your gift will continue to benefit us long after you are gone. An endowed bequest can be restricted or unrestricted.
- An honorary bequest – this is a gift made in honor of someone else. Any form of bequest can also be an honorary bequest. We would be pleased to recognize the people you wish to honor with your gift.
Make sure we can carry out your wishes.
It is very important that your bequest be accurately and clearly described in your estate plan so that we can carry out your wishes as intended. We are pleased to consult with you regarding the terms of your bequest to make sure we understand and are able to carry out your intentions. In order to avoid any possible question that your bequest is being make to our organization, be sure to include our full legal name and federal tax identification number in your bequest.
Legal Name: Interfaith Neighbors, Inc.
Current Address: 810 Fourth Avenue, Asbury Park, NJ 07712
Tax Identification Number: 22-2896129
We are happy to provide you with sample bequest language to assist you and your attorney. With any bequest, you have complete flexibility to change your bequest at any time.
Because your bequest is revocable, you do not receive an income tax charitable deduction when you create it. Rather, your estate will receive estate tax deduction for the full value of your bequest in the year it is made. Depending on a variety of factors, including the size of your estate and estate tax law at the time your estate is settled, this deduction may or may not save estate taxes.
Charitable IRA Rollover
The federal government recently extended legislation that makes it more attractive for certain individuals to support organizations like Interfaith Neighbors with funds from an Individual Retirement Account (IRA). This special provision allows some people to exclude from taxable income certain transfers of IRA assets that are made directly to charities like Interfaith Neighbors.
To qualify, the gift must be made by an individual aged 70 ½ or older; transferred from an IRA directly to a permissible pubic charity, such as Interfaith Neighbors, and completed in the 2019 calendar year for the 2019 tax year. If you have not already taken your required minimum distribution, a qualifying rollover gift can count toward this requirement.
Speak with your financial advisor to see if a Charitable IRA Rollover can both support Interfaith Neighbor’s cause and improve your tax obligations.
For more information, please contact Stephanie A Ferrier, Senior Development Officer, at 732.775-0525, ext. 220 or at [email protected].
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