There are many ways to make a lasting gift that meets your personal needs and the needs of your heirs.
A Simple Way to Make a Lasting Impact
- Your will is an enduring statement to the people, causes and institutions that you care about. Your will says you care enough to make your intentions clear, and leaves no doubt as to your priorities and your convictions. Learn more about including BKS in your bequest.
Gifts That Pay You Income
Charitable Remainder Trusts
- To establish the trust, donors may transfer cash, securities or other property. The trust makes payments to the donor (and spouse, for example) for their lifetime. When the trust ends, the principal passes to BKS. Donors receive an immediate tax deduction for a portion of their contribution to the trust and pay no capital gains tax on the appreciated assets they donated.
Gifts That Include Brooklyn Kindergarten Society as a Beneficiary
Gifts of Retirement Assets
- When you name Brooklyn Kindergarten Society as a beneficiary of your IRA, 401(k) or other qualified plan, any residual left in your plan when you die passes to BKS tax free.
- If the largest asset in your estate is your retirement plan, you may be surprised to learn that the IRS will impose income tax on the remaining balance in the account if you designate it to a beneficiary other than your spouse. This tax is in addition to the estate tax that may be imposed on the account. For estates fully subject to the estate tax, the result can be that up to 70 percent of the value of your retirement plan will be consumed in taxes before your child, relative or friend receives it.
- Life insurance is an excellent way to give a substantial gift with only a small sum of money. When Brooklyn Kindergarten Society is named the owner of a life insurance policy, all contributions to BKS to pay premiums are fully tax deductible.
- If a fully paid policy is donated to BKS, its value is equal to the policy’s replacement cost. The value of a partially paid policy approximates its cash surrender value. The exact value in either cash or the death benefit can be obtained from the insurance company.
More Giving Opportunities
Gifts of Stock
- A gift of appreciated securities can be an easy and tax-efficient way to make an outright gift to BKS.
Donor Advised Funds
- Recommend Brooklyn Kindergarten Society for a grant from your donor-advised fund.
Charitable Lead Trust
- To establish the trust, donors may contribute cash, securities or other property. The trust makes payments to BKS for a specific number of years, after which the remaining principal goes to the donors’ heirs. Donors qualify for a gift tax deduction and savings on their estate taxes.
- Congress has made permanent a provision enabling people 70–and-a-half-years-old and older to take a tax-free withdrawal of up to $100,000 annually from their IRA (and Roth IRA) and donate it to charity.
Questions? Please email Development@bksny.org or call (718) 623-9803.
Brooklyn Kindergarten Society does not provide legal or tax advice. If you are interested in making a planned gift, please consult with your attorney, accountant, or other qualified professional for advice on estate and tax planning.
Brooklyn Kindergarten Society is 501(c)(3) charitable organization.