Creating A Bar Foundation Legacy
Many friends of our organization and lifelong supporters of access to justice choose to remember the Philadelphia Bar Foundation during their estate planning.
Among planned giving options, bequests continue to be one of the most popular . Also, a growing number of donors now benefit from charitable trusts that provide lifetime incomes, tax benefits and the opportunity to leave a legacy to the Bar Foundation. These and other planned gifts help you combine philanthropy with effective financial and estate planning.
Just a simple designation in your will or living trust creates a legacy for the Bar Foundation and will not affect your cash flow during your lifetime. Click here for Sample Bequest Language
With a gift of $25,000 or more, the Bar Foundation will establish at your request a fund bearing the name you designate. These named funds offer ways for friends, family members, neighbors, colleagues, foundations or law firms to commemorate special individuals, such as a colleague in our legal community or an individual who has demonstrated exceptional dedication to expanding access to justice.
Individuals and families or other groups may combine gifts made over time to meet the minimum amount. Once a named fund is established, gifts may be designated to the fund at any time. Families and friends may choose to let others know that the fund has been established and invite others to join them in support of this lasting tribute.
Generally, named funds support the Foundation’s Endowment or a broad organizational priority. However, funds may be directed to a mutually agreed upon specific purpose that fits within the Bar Foundation’s mission and organizational goals.
Charitable Remainder Trusts
This is a terrific way to make a gift, receive fixed payments and defer or eliminate gains tax. A Charitable Remainder Trust provides you with a steady cash flow and can be more beneficial than keeping a particular asset or selling it outright.
In addition, donors receive a current tax deduction for the charitable remainder interest and reduce estate taxes. A trust can be established during your lifetime or become effective under a Will or living trust.
Charitable Lead Trusts
A Charitable Lead Trust can greatly reduce or avoid possible gift and estate tax on trust assets passing to your family based on income first going to the Bar Foundation for a period of years, with the remainder trust assets passing to your heirs.
Lead Trusts are also appealing to owners of assets they wish to pass intact to the next generation, such as a family vacation home.
Gifts Of Life Insurance
In donating a policy, you can often take an immediate deduction as well as deduct future premium payments. You'll get the proceeds out of your taxable estate and because life insurance costs “pennies per dollar” of coverage, it's a great way to make an extraordinary gift at a modest cost.
Gifts Of Retirement Assets
Your retirement fund can be taxed up to 80% if passed on to heirs, but its tax free to the Bar Foundation. Often, between paying taxes and receiving a deduction, using a lifetime withdrawal to make a charitable gift is a “wash” for tax purposes.
Thank you for taking time to explore the benefits of Planning Giving with the Philadelphia Bar Foundation. Your planned gift helps ensure that the Bar Foundation will continue to achieve excellence while advancing access to justice for all Philadelphians.
Individuals who make planned gifts will be recognized members of the Bar Foundation’s Legacy Society.
For more information, contact the Bar Foundation's Executive Director, Jessica Hilburn-Holmes, or call at 215-238-6334.
Click here to view our Case for Support
The official registration and financial information of the Philadelphia Bar Foundation may be obtained from the PA Department of State by calling toll free, 1 (800) 732-0999. Registration does not imply endorsement. Interested donors are encouraged to consult with their personal legal and financial advisors when contemplating a gift.