Feed the future by joining The Red Sock Society. You’ve made a difference by supporting our work with your valuable time, funds, and food donations. As part of your Estate Planning, you can help ensure that future generations grow up healthy – not hungry – by making a planned gift to Food Finders Food Bank. Your legacy gift helps us to secure and distribute food to those in need and promote solutions to hunger, now and for years to come.
You can help provide enough food for the households served by Food Finders for generations to come via an estate gift. For example, if you typically make an annual gift of $250 to the Food Bank, by making a $5,000 estate gift, the interest generated on that principal would continue to provide $250 every year indefinitely to help the Food Bank feed hungry households.
It’s Not Difficult to Give a Legacy Gift
A beneficiary designation is the simplest way to make a legacy gift to the Food Bank. When you complete your beneficiary designation form, just name “Food Finders Food Bank” as a full or partial beneficiary and provide our tax identification number (31-1020198). In addition, these gifts bypass probate and go directly to all beneficiaries.
Here are some common designation options:
Retirement plans [e.g., traditional IRA, Keogh, 401(k)]: Including the Food Bank as a beneficiary enables you to avoid substantial income taxes that would have been due if a retirement plan were left to non-spousal heirs. It is strongly advised that you name “Food Finders Food Bank” as a beneficiary of a retirement plan through your designation form and not through your will, which may jeopardize tax benefits.
Savings accounts: Designating the Food Bank as a beneficiary of a savings account is simple and allows full use of savings during your life.
The following is suggested language for unrestricted bequests to be used for the greatest current need of the Food Bank:
I give to Food Finders Food Bank, Inc., a not-for-profit corporation organized under the laws of the state of Indiana and located in Lafayette, Indiana, ___percent (___%) of my estate OR (the sum of $______) OR (all my right, title and interest in the described property: ________________) OR (all rest, residue and remainder of my estate) to be used in such manner as the board of directors of said corporation shall, in its sole discretion, determine.
Gifts Via Life Insurance Policies
One way to “gift” life insurance is to designate your charity of choice as the beneficiary. You will retain ownership of the policy, keeping access to the policy’s cash value. You will still be allowed to change your beneficiary at a later time, if you choose.
You can also transfer ownership, assigning your charity of choice as BOTH owner and beneficiary. This method will NOT allow you to change your beneficiary or have access to the cash value of the policy, but it will provide tax benefits. If your charity of choice is a 501-c-3 (like the Food Bank) then the premiums you pay on the policy should be tax deductible.
Similar benefits also apply to annuities.
Gifts of Securities Are Also Accepted
If you sell appreciated securities, you could lose up to 25% of your appreciation to taxes. But when you donate a gift of stock or securities to the Food Bank, you avoid capital-gains taxes, thus preserving the full value of your gift. Your tax advisor can help you.
There can be significant tax advantages for you or your family in exploring planned giving options, including gifts of stocks and bonds, charitable gift annuities, trusts, and estate gifts. To learn more about making a planned gift to Food Finders, contact our Development Department at (765) 471-0062.
Legal Name: Food Finders Food Bank, Inc.
Street Address: 1204 Greenbush Street Lafayette, IN 47904