BOCA HELPING HANDS ENDOWMENT FUND, INC.

 

 

 

PLANNED GIFTS TO BOCA HELPING HANDS

 

Leaving a Legacy

 

There are numerous methods available to make planned gifts to assist Boca Helping Hands in its endeavors.  Boca Helping Hands has established the Boca Helping Hands Endowment Fund, Inc. to be the recipient of any planned gifts.  As with any planned gift or issue involving one’s estate, you should seek out the legal and financial advice of an attorney or tax professional.

 

For more information please contact 

Boca Helping Hands' Honorary Board Member
David Gart, Esq.
Shutts & Bowen, LLP
(561) 650-8533
dgart@shutts.com

 

 

*Specific Gifts

 

In your Last Will and Testament you may designate the Boca Helping Hands Endowment Fund, Inc. (hereinafter referred to as “the Endowment Fund”) to receive a specific bequest of cash or other liquid assets such as a particular stock or bond, upon your death.

 

 
*
Individual Retirement Accounts and Other Retirement Assets

 

 You may designate Boca Helping Hands as the beneficiary of your Individual Retirement Account (“IRA”) or other retirement assets.  By naming the Endowment Fund as the beneficiary of a tax-deferred retirement account, you can avoid  income and estate taxes on the account at the time of your death.

 

*Life Insurance

 

To the extent you have an existing insurance policy, or in the event you would like to purchase a new insurance policy, you can name the Endowment Fund as the sole beneficiary or partial beneficiary of the insurance upon your death.

 
*
Residential Real Estate

 

You may retain a life estate in your residence and give the remainder interest to Boca Helping Hands.  When you create this type of interest during your life, you receive a charitable deduction in the year the gift is made even though the remainder interest is not received by Boca Helping Hands until your death.  The income interest can be for your life, and if married, your spouse’s life as well.

 

*Other Real Estate  

 

You may designate the Endowment Fund to be a recipient at the time of your death of other real estate you own.  The real estate should be readily marketable, without environmental issues, and donated to the Endowment Fund without any debt.

 

*Charitable Lead Trust

 

This type of trust may be established during your life or at death pursuant to your Will.  With a charitable lead trust, a charity is given a certain percentage interest, for example five percent (5%) of the principal of the trust to be paid out annually over a number of years and at the conclusion of the term of the trust, the balance of the trust assets are distributed to the remainder beneficiaries named in the trust document.  If a charitable lead trust is created during your life, you will receive an income tax deduction upon its creation.  If a charitable lead trust is created at death, you will receive an estate tax deduction.  Many individuals use charitable trusts in conjunction with their estate plan.


* Charitable Remainder Trust

 

The charitable remainder trust is the reverse of a charitable lead trust.  You can retain a percentage of interest on the principal balance to be paid to you or another individual for certain number of years or for life.  If life interest is chosen then upon your death or the death of the named individual, the property will pass to a charity.  Similar to the charitable lead trust, this trust may be created during your life with a resulting income tax deduction or at death with a resulting estate tax deduction.  If created at death, you may give one or more individuals an income stream from the property for a certain numbers of years or for life with the remainder passing to the Endowment Fund.