Ways to Make a Legacy Gift
There are many ways to make a legacy gift in support of the Mississippi Center for Justice. The process can be as easy as adding language to your will or including the Center as a beneficiary of one of your financial accounts.
Bequests are charitable donations usually made through a will or trust. Whether single, married, divorced or widowed, you will need a will to distribute your assets in the way in which you wish. First, of course, you would provide for your loved ones, and any other priorities you may have. After that, you may wish to include a bequest to support the Center’s work. Bequests can be written to suit your exact intentions. For example, you can:
- Make a bequest of a specific amount of money or number of stock shares
- Make a bequest that is contingent on certain conditions, such as a loved one predeceasing you
- Make a bequest of all, or a percentage of the residuary of your estate, after your will’s designated distributions are satisfied
Your IRA or other retirement plan can be a tax-wise source for your charitable gift because when left to individuals such plans can be taxed twice: first, as part of your estate, and second, as income to the recipient. This double taxation can greatly reduce what loved ones receive from an IRA. However, if you instead leave your retirement funds to a charity like the Center, there is no tax and the full value of your IRA goes to work for good purposes. Simply obtain a beneficiary designation form from your fund administrator or from the fund’s website. These forms are usually quite brief and easy to complete.
Many bank and investment accounts allow you to designate a beneficiary for receipt of the funds after the death of the account holder. Such “payable-on-death” accounts (sometimes known as “POD” accounts) would allow your gift to pass to the Center outside of probate, saving time, publicity, and expense. Usually a simple beneficiary designation form available from your fund administrator is all you need to establish this gift.
There are several ways in which the proceeds of a life insurance policy may be contributed to the Mississippi Center for Justice. For example, you may irrevocably assign the assets of a paid policy to the Center, or you may name the Center as a primary or contingent beneficiary of the proceeds of your policy. Please speak with your insurance agent and professional advisors about the process and whether this option might be right for you.
You may establish a multi-year gift fund at the Center either in your name or in honor or memory of another. The fund can be unrestricted or designated for specified purposes and, if you wish, you can participate in decisions regarding recipients, distribution schedules, and amounts. The minimum contribution to establish such a fund is $100,000, or $25,000 at the time of its establishment, with an additional gift of $75,000 pledged over three years. Please contact us for more information and consult with your tax or estate planner about this opportunity.
Charitable trusts are irrevocable trusts that pay you or a loved one income for life, with the remainder going to the Center. They provide an immediate tax deduction to the donor, as well as possible capital gains tax savings over the term of the trust. Please click here to contact us for more information and talk with your professional advisors about this opportunity. Note that the Center will not serve as trustee of any charitable trust.
We would be pleased to talk with you about your options and/or send you personalized information about these or other giving opportunities. To begin the process, please call the Center’s Development Director, Olger C. Twyner, III at 769–230–2839 (email@example.com) or click here to contact us.
Tax Identification Number
If you have decided to make a legacy gift at this time, thank you on behalf of all of us at the Center. Transmission documents should include the Center’s full name and our tax identification number: Mississippi Center for Justice, a nonprofit corporation headquartered in Jackson, MS; tax identification number 13-4203234.
Welcome to Legacy Heroes
If you have already included the Center in your estate plans, we are deeply grateful. So that we can properly welcome you as a Legacy Hero, please contact Olger C. Twyner, III. We look forward to thanking you personally for your important legacy gift in support of the Center’s work.