Home » Planned GivingPlanned GivingThrough a Planned Gift to The Montclair Foundation, you can create a future fund that will award grants in perpetuity to the causes you care about. A Planned Gift empowers you to create the framework now for giving to your favorite causes after your death. Your planned gift may be in the form of a bequest in your will or trust document; life income plans, such as a charitable remainder trust or charitable gift annuity; gifts of remainder interest in a residence; charitable lead trust; or a gift of life insurance; retirement plan assets; or other forms. In addition to working with us, we recommend you consult with your attorney and tax/financial advisors to determine the best vehicle to meet your goals. Bequest by Will or Trust A bequest to the Foundation can be easily made through a simple designation in a will or trust to either establish a fund or add to an existing fund. Suggested language can be provided to your attorney to be included in your estate planning documents. The Foundation accepts bequests in several forms, including specific sums or assets, a percentage of the estate or trust, residue of the estate, and contingent bequests. Retirement Plan Assets Gifts of retirement plan assets may include IRAs or assets in qualified retirement plans such as Section 401(k) and 403(b) plans, and plans designed for self-employed people. Retirement plan assets accumulate on a tax-deferred basis and may be subject to income tax, in addition to estate tax. When making a charitable contribution, it is usually best to transfer an asset that is subject to income tax (like a retirement plan) to a tax-exempt organization such as The Montclair Foundation, and leave the assets not subject to an income tax to your heirs. Retirement plan assets can be contributed directly to The Montclair Foundation at death by naming the Foundation as a beneficiary on a beneficiary designation form provided by your retirement plan administrator. Retirement plan assets generally may not be transferred directly to any charity during your lifetime. However, income may be distributed from the plan to the donor and then contributed to the charity. Potentially taxable income will result from the distribution, but it may be offset by a charitable deduction. The charitable IRA Rollover, when in effect, allows certain IRA distributions directly to charity without including the distribution as taxable income to the donor. Charitable Lead Trust (CLT) A charitable lead trust is the mirror image of a charitable remainder trust. Either a fixed or variable income is paid annually to the donor’s fund at the Foundation while the assets are in the trust. The remaining property is eventually returned to the donor or, more typically, the donor’s children or other loved ones. These trusts can be created during your lifetime or at death, with significant savings in gift or estate taxes possible because of the charitable distributions from the trust to the Foundation. Charitable Remainder Trust (CRT) A charitable remainder trust allows you to make a gift to the community, receive income, and receive a substantial charitable income tax deduction. It is a trust that pays either a fixed or variable income for named beneficiaries’ lives, or for a fixed term not exceeding 20 years, or a combination of the two. An individual or bank/trust company selected by the donor, manages the trust. When the trust term expires, the remainder is then distributed to a fund at the Foundation. Charitable Gift Annuity (CGA) A charitable gift annuity is a simple contract between you and The Montclair Foundation that gives you the opportunity to make a charitable gift and secure a stream of income for life. Under this agreement, you may transfer assets (cash or securities) to the Foundation in exchange for the Foundation’s commitment to pay a fixed amount to you for the remainder of your lifetime. Upon the termination of the gift annuity, the remaining assets are then contributed to your fund at the Foundation. Life Insurance The contribution of a life insurance policy or its proceeds often allows a donor who otherwise can make only modest annual gifts to make a major gift. There are several different ways you can contribute a life insurance policy as a gift to The Montclair Foundation. First, you may irrevocably name the Foundation as the owner of an existing policy. The Foundation then names itself as the beneficiary of the policy and will receive the death benefit upon your demise. You may be able to deduct a calculated value of the policy itself as a charitable gift. Also, gifts to enable the Foundation to pay any future premiums are eligible for a deduction in the year when the gifts are made to the Foundation. Second, you may simply name the Foundation as the beneficiary of a life insurance policy that you continue to own. No income tax deduction is available for premiums paid, but the proceeds are free of estate tax. Have a Question? For more information contact Anita Peterson at (973) 744-4752 x6 Contact Today Donations are appreciated The Montclair Foundation/Van Vleck House & Gardens depend on the generosity of volunteers and donors. We are grateful for your support. Make An Impact
A charitable lead trust is the mirror image of a charitable remainder trust. Either a fixed or variable income is paid annually to the donor’s fund at the Foundation while the assets are in the trust. The remaining property is eventually returned to the donor or, more typically, the donor’s children or other loved ones. These trusts can be created during your lifetime or at death, with significant savings in gift or estate taxes possible because of the charitable distributions from the trust to the Foundation.
A charitable gift annuity is a simple contract between you and The Montclair Foundation that gives you the opportunity to make a charitable gift and secure a stream of income for life. Under this agreement, you may transfer assets (cash or securities) to the Foundation in exchange for the Foundation’s commitment to pay a fixed amount to you for the remainder of your lifetime. Upon the termination of the gift annuity, the remaining assets are then contributed to your fund at the Foundation.
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