One of the most popular types of legacy gifts, bequests are gifts to New Day designated in your will that are simple, flexible and versatile. All you need is to add a few sentences to your will using legal bequest language. Because the gift is made after your death, you can change your mind at any time simply by changing your will. It’s flexible because you can specify anything from money to a prized possession to a percentage of your estate. Bequests are also entitled to an estate tax charitable deduction for their full value.
Naming New Day as the recipient of your assets, IRAs and retirement plans, or life insurance or insurance annuities allows you to support New Day and often leave your heirs with many tax advantages. For instance, most retirement plans aren’t subject to income tax during your lifetime, but can be taxed as high as nearly 40% upon your death. Life insurance policies are a low-cost way to leave a large gift by naming New Day as the beneficiary. Unlike life insurance, insurance annuities leave your beneficiary with a tax burden upon your death, unless donated to a charitable organization like New Day Foundation.
Endowments are gifts that are a permanent pool of support for New Day programs, because the funds are invested by professionals on behalf of New Day to support our programs for many lifetimes to come. Cash, securities or other assets can be used to create your endowment, or you can join one that has already been established.
To learn more, contact: Gina Kell Spehn
Phone: (248) 648-1105