At some point in time, we all start thinking about our legacy and what kind of lasting impact our lives will make on our community and the world we live in.
What are we leaving behind? A legacy gift can help fulfill your personal financial goals while providing Food for People with important, long term support. Consider including Food for People in your estate planning, and make a lasting impact on the health of our community.
There are many different ways you can leave a legacy through a legacy gift:
Make a bequest through a will designating Food for People to receive: a specified dollar amount, specific assets, a percentage of your assets, a portion of what remains after all other bequests have been paid, a contingent bequest that takes effect only if the primary intention cannot be met, as well as many other options.
Real Estate, & Tangible Personal Property
Make a gift of real estate and provide the food bank with valuable assets to help plan for the future. If real estate has been held for more than one year you are generally entitled to an income tax deduction equal to the full, fair market value of the property. In most cases, you can avoid capital gain tax.
Retained Life Estate
Receive a large tax deduction by donating a residence while retaining the right to live there for life! Irrevocably deed a property or residence (primary, vacation, or other property) to Food for People, but retain the right to live in it for the rest of your life, a term of years, or a combination of the two.
Publicly Traded Securities/Stocks
Make a planned gift of publicly traded securities (stock shares, bonds, mutual funds) that you already hold, and get tax savings.
Retirement Plan & IRA Asset Donations
Designate Food for People as a beneficiary and make a charitable gift of your retirement plan, without having your gift taxed! *Name Food for People as the beneficiary through you retirement plan directly instead of your will to receive the best tax benefits.
Life Insurance Beneficiary Designation
No longer need your life insurance plan? Use the funds you have already invested to ensure the stability of future food bank services by naming Food for People as the beneficiaries.
Charitable Lead Trusts
You can use a charitable lead trust to make a series of payments (for example, one yearly payment) to Food for People. At some point in the future, the remaining property in the trust will; revert back to you or transfer to someone else you specify, such as your spouse or child.
Charitable Remainder Trusts
A legal agreement that specifies how your assets will be managed. This form of trust can provide income for life, to you or a loved one, - as well as the knowledge that after your lifetime or a set period of time has lapsed, the remaining trust assets will be used exactly as you have specified.
If you are interested in leaving a legacy of continued support to Food for People, the first step is to contact a financial planner or attorney to discuss the options that work best for you. If you are new to the process and need more information about how to proceed, please contact David Reed, Development Director at Food for People, at (707) 445-3166, extension 306. If you have already made Food for People apart of your estate plans please let us know!
If you already have a will or living trust, you can easily amend that document to add Food for People as a beneficiary. The following is suggested language for a will or an amendment to an existing will:
“I hereby give to Food for People, Inc. the Food Bank for Humboldt County, located at 307 W. 14th St., Eureka, CA 95501 [cash amount, a percentage of net estate, or description of property] to be used for its general purposes.”
Food for People, Inc is a 501(c)3 nonprofit. EIN 94-2772549.
To download a Legacy Giving brochure, click here.