Remembering Planned Parenthood Federation of America in your will is a wonderful way for you to make a lasting gift. Large or small, your bequest will make an important contribution to our long-term strength and our ability to carry on with our activities.
But what if you don't have a will or living trust? You are not alone. Most Americans don’t have a will.
Without a will, the laws of your state will decide how your estate is divided. Typically, the probate court will divide your estate among your closest surviving family members according to a formula, and none of your estate can go to Planned Parenthood Federation of America or any other charity. If you wish to have a say in how your estate is distributed, you must have a will or living trust. We encourage you to work with an experienced attorney to create a will or living trust that accomplishes your goals for your estate.
Ways you can define a charitable gift in your estate plan
There are several ways that you can define the size of your charitable gift to Planned Parenthood Federation of America. They are:
- A gift that will be made from the remainder of your estate once all other bequests, debts, and taxes have been paid. For example, you give 25% of the remainder of your estate. Often called a "residuary bequest," this approach assures that your family will be taken care of before your estate makes a bequest to us.
- A gift of a particular amount of money. For example, you give $25,000.
- A gift of a specific item or items. For example, you give 1,000 shares of ABC Corporation.
- A gift that will be made only if one or more conditions are met. For example, you give $25,000 provided your spouse does not survive you.
While it is possible to restrict your gift, we ask that you consider making an unrestricted gift without any restrictions. This allows Planned Parenthood to use your gift where it is needed the most in any given year.
Examples of this include:
- enhancing staff and resources in areas of the country that are underserved or under attack
- supporting new leaders and advocacy for the reproductive rights movement
- investing in new technologies to allow more individuals to obtain health services from our accredited affiliates
- building programs to make sexual health information for accessible, especially for young people
To avoid any possible question that your bequest is to our organization, be sure to include our full legal name and our federal tax identification number in your bequest language:
Legal name: Planned Parenthood Federation of America, Inc.
Current address: 123 William Street, 10th Floor New York, NY 10038
Tax identification number: 13-1644147
We are happy to provide you with sample bequest language to assist you and your attorney. You have complete flexibility to change your bequest at any time. If circumstances change in a way that makes you want to revise your gift to us, you can.
Tax benefits
Because your bequest is revocable, you do not receive an income tax charitable deduction when you create it. Rather, your estate will receive an estate tax deduction for the full value of your bequest in the year it is made. Depending on a variety of factors, including the size of your estate and estate tax law at the time your estate is settled, this deduction may or may not save estate taxes.
Bequest alternatives
In addition to adding bequest language to your will, here are a few other simple ways for you to make a bequest to us:
- Make Planned Parenthood Federation of America a designated beneficiary of a life insurance policy.
- Make Planned Parenthood Federation of America a designated beneficiary of an IRA or other retirement plan.
- Make Planned Parenthood Federation of America a designated beneficiary of savings bonds.
- Instruct your bank to "pay on death" to Planned Parenthood Federation of America some or all of a specific bank account.
- Instruct your brokerage firm to "transfer on death" to Planned Parenthood Federation of America some or all of a specific brokerage or other financial account.
Please let us know if you have included Planned Parenthood Federation of America in your estate plans. We would welcome the opportunity to thank you for your thoughtful gift and to confirm that we can carry out your wishes.
Jean French, a widow, has been a supporter of Planned Parenthood Federation of America for many years. Jean is in good health now, but does not want to be a financial burden to her children should she require expensive health care in the future.
Planned Parenthood Federation of America is one of two charities to which she has been most dedicated. She would like to make a lasting gift to each of them in memory of her husband. After discussing her options with her estate planning advisor, she decides to create a residuary bequest in her will for each of her two favorite charities. Each charity will receive 50% of the remainder of her estate after all other obligations, such as taxes and bequests to her children and grandchildren, have been taken care of.
Benefits
- Jean’s assets will remain available to her should she need them.
- The revocable nature of her gift will minimize the possibility that she will ever need financial help from her children.
- If her estate is worth what she expects when it is settled, she will be able to provide generous legacy gifts to the two charities that have meant the most to her and her late husband.