Planned gifts include bequests through your will, the designation of Barclay Friends as a beneficiary on a life insurance policy or retirement account or a charitable gift annuity. All these gifts are structured to meet your specific financial objectives while also benefiting Barclay Friends. These gifts can offer significant advantages of favorable income, as well as savings on capital gains and estate taxes. These options allow you to transfer cash real estate or other assets – while in some cases retaining an income from the assets for life.
Bequests
Bequests are not just for the wealthy. Anyone can make an extraordinary gift that can help provide for the financial future of Barclay Friends. Planned gifts are often thought of as leaving a legacy that benefits not only you and your family, but also the future of our community.
Include Barclay Friends in your will or a codicil to your will. Flexible and revocable, a bequest allows you to make a gift that costs you nothing during your lifetime.
- Give a percentage of the residue of your estate—the amount left after taxes and expenses are satisfied and specific bequests have been paid. E.g., “I give 25% of the rest, residue, and remainder of my estate to Barclay Friends.”
- Give a specific dollar amount or an item of property—e.g. “I give Barclay Friends $25,000” or “I give Barclay Friends 100 shares of IBM stock.”
- Make your bequest contingent—e.g. “I give Barclay Friends $25,000 if my children predecease me.”
Beneficiary Designations
Name Barclay Friends as the beneficiary of your retirement account. This is as simple as contacting your financial institution for a change of beneficiary form for your Individual Retirement Account (IRA), 401(k), or 403(b).
Name Barclay Friends as a beneficiary of your life insurance policy. For many people, life insurance affords a practical means of making a significant gift through a new or paid-up life insurance policy. If you make Barclay Friends the owner of the policy as well as beneficiary, you may receive current income tax benefits.