Estate Planning
Making a Gift to Goodwill of Greater Washington
Thank you for considering Goodwill in your estate plans! Your gift to Goodwill enables hundreds of people each year to overcome significant barriers to employment, and begin building a better life for themselves and their families. Since 1935, we have been committed to providing
“a hand up, not a hand out” to the most needy in our community and Planned Gifts are a vitally important means to achieving this end. We are always heartened and humbled by the many individuals who remember our Goodwill in their estate plans. Gifts from these generous and visionary individuals ensure the continuity of our organization and perpetuate vital programs and services for generations to come.
We are very grateful for your support of our work in our community, and are happy to work with you to accommodate your Planned Giving needs. Here is a brief overview of the different ways in which you might include Goodwill of Greater Washington in your estate planning. (Please note this information is provided for educational purposes only and should not be construed as legal or financial advice. Please consult with your legal or tax advisor for further information.)
Types of Gifts
Goodwill of Greater Washington can accept gifts in several forms, such as cash, publicly traded or closely held securities, unencumbered real estate, paid-up life insurance policies, retirement assets and tangible personal property. In order for a gift of personal property valued at over $5000, such as antiques, jewelry, furniture or collectibles, to qualify as a charitable contribution for tax purposes, it must be appraised and donors must attach qualified appraisals to their income tax returns. For gifts of marketable securities, no appraisal is required.
Giving Options
BEQUESTS
A charitable bequest is the simplest and most common form of providing an ultimate gift for a charitable cause. A bequest is a provision in one’s last will and testament where a gift or property is transferred from an estate to a charitable organization, such as Goodwill. Making a bequest can be as simple as inserting a few sentences into a new will, or can be added as a simple amendment (called a ‘codicil’) to an existing will.
Bequests can be structured in many ways. For example, you can make a gift of a specific item or amount of money or bequeath a percentage or the remainder of your estate after all other debts, taxes and bequests have been fulfilled, such as:
I hereby give, devise and bequeath to Goodwill of Greater Washington, the sum of $_________ or the property described as _________.
I hereby give, devise and bequeath to Goodwill of Greater Washington, the rest, remainder and residue of my estate, or _____% of the rest, remainder and residue of my estate.
You can also make a gift contingent upon certain events, such as:
I hereby give, devise and bequeath $25,000 to my grandson, if he is living; otherwise to Goodwill of Greater Washington.
Other Giving Options include life income gifts, which provide income to the donor during their lifetime, such as Trusts, Gift Annuities and Pooled Income Funds. At this time, Goodwill of Greater Washington is honored to be named as a remainder beneficiary for any trusts, etc., but the agency does not wish to act as a trustee, nor is it licensed to issue annuities. See below for brief descriptions of these types of life income gifts and please consult your tax advisor for further information.
REVOCABLE LIVING TRUSTS
If you have established a revocable living trust to pass your property to loved ones while minimizing probate costs, you can also provide that at the termination of your trust a portion of the assets in the trust be used for charitable purposes that you designate.
CHARITABLE REMAINDER ANNUITY TRUST
This allows you to retain a set amount of income from your property for life or for a specified period. Your funds are held separately and invested for payment of a fixed and regular income for you. When the trust ends, whatever remains in the trust is distributed for the charitable purposes you specify.
CHARITABLE REMAINDER UNITRUST
This allows you to have income from your property for life or for a specified period, but your income will increase or decrease with the value of your assets. You determine the set percentage to go to the charity at the time the unitrust is set up.
CHARITABLE LEAD TRUST
This transfers the specified assets to a trust that pays income to a charity for a specified number of years. At the end of the trust, the assets are returned to you or your beneficiaries.
LIFE ESTATE ARRANGEMENT
This allows you to make a gift of your home to a charitable organization now but retain the security of knowing you may live there as long as you wish. There are also annual tax benefits to this arrangement. You continue to take care of the property, pay the taxes, and receive any income it generates. When you are deceased, the property legally becomes the responsibility of the charity and does not pass through your estate.
Click Here for
our Printable Giving Plans Chart
For More Information
Please be sure to consult with your legal or financial advisor to fully explore all of your Planned Giving options. For your reference, our agency is a 501(c)3 and our legal name is:
Goodwill of Greater Washington
Federal ID# 53-0196588
For more information, or to arrange a gift, please contact:
Stephen Kopalchick
2200 South Dakota Avenue, NE
Washington, DC 20018
(202) 636-4225
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