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One of the most important ways you can help BARC ensure the future of programs for people with mental retardation is through planned gifts. Planned giving offers you an excellent way to generate additional income and, at the same time, make a sizeable gift to BARC. A form of private philanthropy reinforced by federal and state tax laws, planned giving includes:
• Bequests
• Life insurance policies
• Real estate
• Retirement plan and IRA designations
• Trusts
• Income-producing gifts
Making a planned gift is surprisingly easy. If you don't have a will, or if your existing will has not been reviewed for several years, a visit to your attorney is highly recommended. Your bequest should be carefully drafted to ensure that it does what you intend it to do. However, it can be as simple as the following example:
"I bequeath to BARC, an organization providing programs and services to people with mental retardation in Baltimore, Maryland, the sum of ____ dollars ($) [or a specific insurance policy, trust, stock or real property] to be used for its general purposes."
If you recently signed your will, there is no need to rewrite it. Instead, you can provide for a gift through a codicil, a legal modification to a will that saves the time and expense of revising an entire document. A bequest by codicil could be phrased like this:
"I add to my existing will dated _____ the following provisions: I bequeath to BARC, an organization that provides programs and services to people with mental retardation in Baltimore, Maryland, the sum of _____ dollars ($) [or a specific insurance, trust, stock and real property] to be used for its general purposes.
Questions? Contact Michael Howard at 410-296-2272 or mwhoward@baltimorearc.org.
If you are considering making a bequest to BARC—or have already done so—please click here.
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