In just days, you will be receiving your IRS tax forms -- and April 15 is right around the corner. You can make this time of the year your most productive ever by talking with your financial advisor about developing a plan that takes care of those you love and ensures the success of our movement for future generations.
Remember that this kind of "planned giving," as it is called, is not only for the wealthy. It also allows supporters of modest means to make a substantial gift while protecting themselves and their families.
In addition, when you set up an estate plan that provides support to NOW or NOW Foundation, you are entitled to membership benefits in our Visionary Circle. Members receive special invitations to NOW events around the country, as well as public recognition in this publication and in the annual National Conference program book.
Here are a few of your many options:
Wills: You may save significant federal and state taxes by providing for NOW Foundation through your will. With taxes taking a huge bite out of many estates, it is important to ensure that your interests are protected and your wishes for the distribution of your property are followed. You can do this while ensuring a strong future for feminist activism.
Life Insurance: By transferring ownership of your life insurance policy to NOW Foundation and making us the beneficiary, you receive the maximum possible tax benefits, which may include a full deduction of the policy's cost basis or cash surrender value. If you choose not to transfer ownership, your estate could also have significant tax benefits simply by listing NOW Foundation as the beneficiary or as an alternate beneficiary.
Real Estate: By giving an outright gift of property, you receive immediate tax benefits for its full value. You can gain substantial benefits, even if you wish to continue occupying the property for your lifetime, by transferring ownership to NOW Foundation and retaining the right to reside there.
Charitable Remainder Trusts: By establishing a trust with NOW Foundation as the beneficiary, you receive immediate tax benefits based upon your age and the amount of the trust, and you can still receive regular payments of the income earned on the trust for your lifetime or the lifetime of any beneficiary you choose.
Retirement Plans: These plans deserve special attention, because a distribution after the employee's death could be subject to both income tax in the year of death and estate taxes on whatever remains -- and excess accumulations could cost you another 15 percent excise tax. Naming a tax-exempt beneficiary, such as NOW Foundation, would ensure that 100 percent of your hard-earned money is used for a cause you care about and not whittled away by taxes.
Living Trusts: These popular trusts can allow your estate to avoid costly probate and protect your assets so that your wishes are carried out. You can retain full power over the trust assets during your lifetime.
For more information regarding the Visionary Circle, estate plans, tax benefits and providing for the future of women's rights through NOW Foundation please call 202-628-8669, ext. 130.
June 2002 update: If you have any questions about supporting NOW, please give us a call at 202-628-8669. NOW Gift Planning Director Liz Gilchrist (ext. 112) will be able to answer your questions. Also, more information on easy and effective ways to support NOW is available on our website.