For many of our donors, a long-term commitment is the perfect way to express support for our hunger-relief efforts. Planned gifts help us to secure and distribute food and groceries to those in need, raise public awareness and promote viable solutions for food poverty. Planned gifts often provide financial benefits to the donor, too. Tax savings, current cash payments, supplemental support for family and friends — these and other benefits are available depending on a donor's circumstances and objectives.
Introduction Bequests Securities, Life Insurance & Retirement Plans
An Introduction to Planned Giving
A planned gift results from the donor's careful consideration of a number of important factors, including the purpose of the gift, the assets to be used to fund the gift, the gift's timing, its effect on income-tax and estate-tax planning and its impact on the donor's family members and friends. A planned gift is best made with the counsel of one's financial advisor, such as an attorney, accountant, banker, financial planner or insurance professional. Food Bank For New York City helps our donors choose the approach that works best for them. Please consider this site as an information resource to help you in meeting your philanthropic goals. The information provided here is for illustrative purposes only and should not be considered investment, legal, accounting, tax or other professional advice.
Food Bank is pleased to help donors evaluate their giving options and consider opportunities to have a significant impact on the lives of New Yorkers facing hunger.
To speak with a planned giving officer confidentially, please contact Jennifer Joyce, Senior Director, Individual & Major Gifts, at 212.566.7855 ext 2222.
Bequests — Wills or Revocable Living Trusts
Remembering Food Bank For New York City in your will or revocable trust is often the most meaningful way to leave a legacy. These gifts make it possible for Food Bank to plan ahead in the fight against hunger. Following is suggested language for a bequest:
"I hereby give to Food Bank For New York City, located at Hunts Point Cooperative Market, 355 Food Center Drive, Bronx, NY 10474, [cash amount, percentage of net estate or description of property] to be used for its general purposes."
If you are considering other contributions, such as retirement assets, charitable remainder trusts, charitable lead trusts or other types of property (jewelry, art or real estate), please consult your financial advisor.
For further information, please contact Jennifer Joyce, Senior Director, Individual & Major Gifts, at 212.566.7855 ext 2222.
Securities, Life Insurance & Retirement Plans
Each year, many of our committed donors support Food Bank For New York City with gifts of stock or mutual fund shares, life insurance and retirement plan assets. These gifts may enable you to realize tax benefits while giving you the satisfaction of helping one of the country's largest and most effective hunger-relief charities.
If you own appreciated securities (stocks, bonds or mutual funds held by you for more than one year), donating them to Food Bank may allow you to reduce or avoid more capital gains taxes and receive a federal income tax charitable deduction. You can also designate Food Bank as the beneficiary of your securities. Please contact your broker for more information about this simple way to support hunger relief. This type of gift can be especially appealing if you are holding shares that have appreciated significantly in value but yield a low dividend.
Similarly, if you have excess life insurance, you may enjoy tax benefits by designating Food Bank as the beneficiary of an existing life insurance policy. In order to deduct premium payments as charitable deductions, the donor must name Food Bank as both owner and beneficiary of the policy.
At a person's death, qualified retirement plan assets may be subject to both estate tax and deferred income tax, which combined can exceed 80 percent. You can designate Food Bank as a tax-free beneficiary of the remainder of your IRA, Keogh, tax-sheltered annuity, qualified pension or profit-sharing plan. A charitable gift of insurance proceeds or the remainder of retirement plan assets is normally deductible from a donor's estate.
Laure Manheimer supported Food Bank For New York City
throughout her career. When she retired she decided to do more.
"I visited Food Bank's Bronx warehouse and served hot meals
at one of its network sites. By working with hundreds of
partners, they make our support go further.
Each dollar we give provides five meals!
"They teach nutrition education on a small budget and also
help people apply for tax credits and benefits to be more
independent. This directs federal funds back to the city,
preserving jobs and communities--a win-win situation.
Food Bank is essential and efficient. That is why
I included it in my will."
For further information, please contact Jennifer Joyce, Senior Director, Individual & Major Gifts, at 212.566.7855 ext 2222