A planned gift to Juvenile Law Center demonstrates your commitment to ensure rights, dignity, equity and opportunity for youth in the child welfare and justice systems for years to come. Your gift may be used for operating needs, to generate investment income, or for a particular program you wish to benefit.
Planned gifts can be of any size and are often the single major gift that individuals make in their lifetime. Donors who want peace of mind can retain control over their assets for their lifetime, knowing that every dollar is there if needed, and the gift only happens if there are assets remaining in the estate.
Bequest / Gifts by Will
A simple way to leave a legacy to Juvenile Law Center is by making a bequest in your Will. A bequest is a gift, made after the donor’s estate is settled. It can be a specific sum of money, another asset, or a portion of one’s residuary estate (the amount remaining after specific allocations have been made).
If you already have a Will, you can include Juvenile Law Center by making a codicil. If you don’t already have an estate plan, now may be a good time to establish one.
Sample codicil language:
“I give to Juvenile Law Center, Inc., a private, non-profit, 501(c)(3) organization currently headquartered at 1315 Walnut Street, Ste 400, Philadelphia, PA 19125 the sum of $ (or % of my residuary estate) for the unrestricted use and purposes of the organization.”
Here are other ways to support Juvenile Law Center through a charitable bequest, along with commonly used language:
- A residual bequest grants the residue, or portion of the residue, of your estate to Juvenile Law Center after explicit bequests have been made; "I give to Juvenile Law Center, Inc., a non-profit organization located at 1315 Walnut Street Ste. 400, Philadelphia, PA, 19107, all (or percent) of the rest, residue and remainder of my estate, both real and personal property of whatever kind and wheresoever situated."
- A specific bequest of a stated dollar amount or specific securities; "I give to Juvenile Law Center, Inc., a non-profit organization located at 1315 Walnut St., Ste 400, Philadelphia, PA 19107, the sum of dollars (or describe the specific property or security you intend to give)."
- A contingent bequest in case one or more of your bequests cannot be fulfilled; "If any of the above-named beneficiaries should predecease me, I hereby give his/her share of my estate to Juvenile Law Center, Inc., a non-profit organization located at 1315 Walnut St., Ste 400, Philadelphia, PA 19107."
- A life income bequest gives income to someone close to you with the principal reverting to Juvenile Law Center after his/her lifetime.
Life Insurance Gift
Making a gift of life insurance can be a cost-effective way to make a major gift to Juvenile Law
Center. You can name “Juvenile Law Center, Inc.” as a beneficiary on a new or an existing life insurance policy.
Transferring ownership of a paid-up existing policy that you no longer need is an excellent and simple way to benefit Juvenile Law Center. Under certain circumstances you may be entitled to an income tax deduction for such a gift.
Also, continuing to pay the premiums on a new or existing policy where ownership has been transferred to Juvenile Law Center can be an attractive strategy to young donors because the premium cost is relatively low. Whether the donor makes one single premium payment for the policy or pays premiums annually, each payment produces a charitable income tax deduction.
Retirement Plan Gifts
Two ways to use retirement assets as a charitable gift are outlined below. To make a gift in the future, include Juvenile Law Center as a beneficiary of remainder assets in your account; to make a current gift from your IRA, if you have reached the age when you must take withdrawals, you may transfer IRA assets directly to Juvenile Law Center.
Designate Juvenile Law Center as a Beneficiary
Retirement plans such as an IRA, 403(b) or 401(k) can also be a means of providing a planned gift to Juvenile Law Center. Funds remaining in your retirement accounts at death are considered part of your estate for federal tax purposes and could result in additional estate tax. Any retirement funds that remain after payment of estate taxes will also be subject to income taxes when received by your heirs. You could choose to avoid this double taxation by funding a planned gift to Juvenile Law Center with excess retirement funds and leaving other, less heavily taxed assets to loved ones.
You can designate a specific amount from your retirement plan to any number of heirs before the remaining funds benefit Juvenile Law Center. Or you can provide for a contingent, charitable gift to Juvenile Law Center in the event that your heirs do not survive you.
You may be able to complete the change yourself, in just a few minutes, if you manage your account online. Or, ask your plan administrator for more information and a Change of Beneficiary form. You can then designate “Juvenile Law Center.” as a beneficiary to receive all or a portion of your retirement plan assets according to the conditions you select. You will need this information:
- Legal name of the organization: Juvenile Law Center
- Employer Identification Number: 23-1976386
- Date organization was founded: October 8, 1975
Juvenile Law Center is a nonprofit organization under section 501(c)(3) of the Internal Revenue Code. Our tax identification number is 23-1976386. The name and address to include in your Will is:
Juvenile Law Center
1315 Walnut Street, Ste. 400
Philadelphia, PA 19107
We encourage you to seek the advice of your financial advisor, an estate planning attorney and/or CPA to discuss potential tax implications of any option you are considering.
For more information on planned giving opportunities, please contact:
Rosie McNamara-Jones, Director of Development