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Help ensure the future of Families First of Palm Beach County for many years to come with a legacy gift.
Legacy Giving: Leaving a Lasting Legacy with Families First of Palm Beach County
Families First of Palm Beach County empowers families of all histories and challenges to grow strong in every way. Strong, empowered families create healthy, resilient homes and communities for generations to come. This organization provides a multi-disciplinary approach in empowering families to build resilient homes and grow strong in every way with an acknowledgment to their histories and experiences.
Today, Families First of Palm Beach County has expanded its focus to include children from prenatal to 22 (those still in school) and their families through our seven programs. Maternal Child and Infant Mental Health Department includes TOPWA, Healthy Families, Infant Mental Health, and Child First. Behavioral Health and Community Supports Department includes Behavioral Health Services, Kin Support Project, and Bridges to Success.
More than 51,000 children and families have benefited from our services, thanks to our enlightened founders who recognized the value to families, and our entire community, of prevention and early intervention.
With your help, we can continue to grow and serve more children and families that need our services in Palm Beach County.
What is Legacy Giving?
It is a method of philanthropy that allows individuals to arrange charitable donations during their lifetime or through their estate plans.
Legacy giving offers several benefits to both donors and the organizations they support. Here are some key benefits of Legacy giving:
Impactful Philanthropy: Legacy giving allows donors to make a lasting impact on the organizations or causes they care about. By making a legacy gift, individuals can contribute significantly to the long-term sustainability and growth of an organization.
Flexibility and Customization: Legacy giving offers a wide range of options that can be tailored to meet the donor’s financial and philanthropic goals. Donors can choose from various Legacy giving vehicles, such as bequests, charitable gift annuities, charitable remainder trusts, qualified charitable distributions from retirement account, or beneficiary designations, based on their personal circumstances and preferences.
Tax Advantages: Depending on the structure, legacy giving may offer tax benefits to donors. These benefits can include income tax deductions, capital gains tax savings, or estate tax deductions. Donors should consult with their financial advisors or tax professionals to understand the specific tax advantages applicable to their situation.
Estate Planning and Legacy: Planning your giving provides an opportunity for individuals to leave a meaningful legacy. By including charitable organizations in their estate plans, donors can ensure that their values and philanthropic priorities are continued beyond their lifetime.
Donor Recognition and Involvement: Many organizations express gratitude and recognition for Legacy gifts, honoring the donor’s generosity and commitment. Donors may have the option to be recognized publicly or remain anonymous, depending on their preferences. Legacy giving can also provide opportunities for donors to become more involved with Families First of Palm Beach County, attending special events or engaging in philanthropic discussions.
Personal Fulfillment: Legacy giving allows individuals to align their charitable giving with their personal values, creating a sense of fulfillment and purpose. Knowing that their support will make a difference and positively impact the lives of others can bring great satisfaction and joy to donors.
It’s important for individuals considering Legacy giving to consult with financial advisors, tax professionals, and legal experts to fully understand the specific benefits and implications based on their unique circumstances.
Ways to Make a Legacy Gift to Families First of Palm Beach County
Bequests: Including Families First of Palm Beach County in a will or trust is a common way for individuals to make a Legacy gift and leave a lasting impact on the organization. Here’s an explanation of how individuals can include Families First of Palm Beach County in their will or trust, designating a specific amount or percentage of their estate:
- It’s advisable to consult with an estate planning attorney who can provide guidance and ensure that your wishes are legally documented. They can help you draft or update your will or trust to include Families First as a beneficiary.
- Decide on the specific amount or percentage of your estate that you wish to leave to Families First. This can be a fixed dollar amount, a percentage of your estate, or even specific assets.
- In your will or trust document, clearly state that you want to include Families First as a beneficiary.
- To avoid any ambiguity, clearly express your intentions regarding the use of the gift. If you have any specific preferences for how the funds should be allocated or if you want the gift to be used for a particular program or initiative, make sure to specify that in your document.
- Estate plans should be reviewed periodically, especially if there are significant life events or changes in your financial situation. Make sure your will or trust reflects your current wishes and any updates regarding your Legacy gift to Families First of Palm Beach County.
- While it’s not mandatory, it can be helpful to inform your loved ones about your decision to include Families First in your estate plans. This can help ensure that your wishes are understood and respected.
- Consider notifying Families First of your Legacy gift. This can help the organization express gratitude, keep you informed about their work, and provide you with any necessary information or documentation.
Life Insurance: Supporters who wish to name Families First of Palm Beach County as a beneficiary of their life insurance policy can do so by following these steps:
- Start by reviewing your existing life insurance policy or considering the option of acquiring a new policy if you don’t have one already. Evaluate the policy’s terms, coverage, and any associated costs or fees.
- Contact your Insurance Company: Get in touch with your life insurance company or insurance agent to discuss the process of naming Families First as a beneficiary. They can provide you with the necessary forms and guide you through the required steps.
- On the beneficiary designation form, clearly indicate your intention to name Families First as a beneficiary. Provide the organization’s full legal name, address, and any other details required to accurately identify them.
- Decide on the percentage of the life insurance proceeds you wish to allocate to Families First. You can choose to designate them as the sole beneficiary or include them alongside other beneficiaries, allocating a specific portion of the policy to the organization.
- Carefully review the beneficiary designation form to ensure accuracy and completeness. Make any necessary revisions or additions, and then submit the form to your insurance company as instructed.
- Retain copies of all relevant documentation, including the beneficiary designation form and any correspondence with your insurance company. It’s important to maintain these records for your own reference and to ensure that your wishes are honored.
- Periodic Review: Regularly review your beneficiary designations, including those on your life insurance policy, to ensure they align with your current intentions. Life circumstances and relationships may change, so it’s important to keep your designations up to date.
- Consider notifying Families First of Palm Beach County about your decision to name them as a beneficiary of your life insurance policy. This can help the organization express gratitude, keep you informed about their work, and provide any necessary assistance or information.
Retirement Assets: To designate Families First of Palm Beach County as a beneficiary of retirement accounts, such as IRAs or 401(k)s, supporters can follow these steps:
- Reach out to the institution or company that holds your retirement account, whether it’s an IRA or a 401(k) plan. This can be a bank, brokerage firm, or financial institution.
- Ask the retirement account provider for a beneficiary designation form. They will provide you with the necessary paperwork to update your beneficiary information.
- On the beneficiary designation form, provide the following details about Families First of Palm Beach County:
- Legal Name: Families First of Palm Beach County Foundation, Inc.
- Address: 3333 Forest Hill Blvd. 2nd Floor
West Palm Beach, Florida 33406
- Tax Identification Number (EIN): 45-5184288
- Indicate whether you want to designate Families First of Palm Beach County Foundation, Inc. as the sole beneficiary or specify a percentage or specific amount to be allocated to them. This information may vary based on the retirement account provider’s form and options.
- Carefully review the beneficiary designation form to ensure accuracy and completeness. If required, seek professional advice from your financial advisor or estate planning attorney to ensure your intentions are properly documented. Once reviewed, sign and submit the form to the retirement account provider as instructed.
- Make a copy of the completed beneficiary designation form for your records. It is essential to retain this documentation with your estate planning documents for future reference.
- Regularly review your beneficiary designations, particularly during major life events such as marriage, divorce, the birth of a child, or the passing of a loved one. Ensure that your beneficiary choices align with your current wishes and intentions.
- It’s important to note that retirement account beneficiary designations override any instructions outlined in a will or trust. Therefore, it’s crucial to review and update your beneficiary designations as needed to ensure your retirement account assets pass according to your wishes.
- Always consult with your financial advisor, estate planning attorney, or tax professional for personalized guidance and to ensure that your beneficiary designations align with your overall estate planning goals and objectives.
Charitable Gift Annuities: A charitable gift annuity is a giving option that allows individuals to make a donation to Families First of Palm Beach County while also receiving a fixed income for life. It combines the benefits of philanthropy with financial security.
Here’s how charitable gift annuities work:
- The individual makes a charitable donation to Families First, typically with cash or appreciated assets such as stocks, bonds, or real estate. The donation is irrevocable and becomes a charitable gift.
- In return for the donation, Families First establishes an annuity contract with the donor. The annuity contract guarantees the donor a fixed income stream for life. The income payments are typically made on a regular basis, such as quarterly, semi-annually, or annually.
- The fixed income payments are determined by an annuity rate, which is based on various factors, including the donor’s age, the amount of the donation, and prevailing interest rates at the time of the gift. Generally, the older the donor, the higher the annuity rate, resulting in larger income payments.
- Donors may be eligible for several tax benefits with charitable gift annuities. They can receive an immediate income tax deduction in the year of the gift based on the present value of the remainder interest that Families First will ultimately receive. Additionally, a portion of the income payments may be tax-free, further enhancing the donor’s after-tax income.
- Remainder Gift: After the donor passes away, or in some cases after the death of a surviving beneficiary, the remaining balance of the annuity (known as the remainder interest) goes to Families First as a charitable contribution. This contribution supports the organization’s mission and programs.
Benefits of Charitable Gift Annuities:
- Donors receive a reliable stream of income for life, providing financial stability and peace of mind.
- Donors may enjoy immediate income tax deductions and potential reduction of capital gains taxes if they donate appreciated assets.
- The donation supports Families First of Palm Beach County’s work, helping them fulfill their mission and make a positive impact in the lives of those they serve.
- Donors have the satisfaction of knowing that their gift will leave a lasting legacy and contribute to the organization’s long-term sustainability.
- It’s important for individuals considering charitable gift annuities to consult with their financial advisor or estate planning attorney to assess their specific financial situation, understand the implications of the gift, and ensure it aligns with their overall financial and philanthropic goals.
- Families First of Palm Beach County or its representatives can provide detailed information on their charitable gift annuity program, including specific annuity rates, payment schedules, and tax considerations.
Charitable Remainder Trusts: Setting up a trust that provides income to the donor or their designated beneficiaries for a certain period, with the remaining assets going to Families First of Palm Beach County, is a powerful philanthropic option. This type of trust is commonly known as a charitable remainder trust (CRT). It allows individuals to support Families First while also benefiting themselves or their loved ones during their lifetime.
Here’s how a charitable remainder trust works:
- The donor (also known as the grantor) creates a charitable remainder trust by transferring assets, such as cash, securities, or real estate, into the trust. The trust is irrevocable, meaning it cannot be changed or revoked once established.
- The trust is structured to provide income to the donor or their designated beneficiaries for a specified period, typically for their lifetime or a set number of years. This income can be distributed as a fixed amount (annuity trust) or a percentage of the trust’s value (unitrust).
- At the time of establishing the trust, the donor may be eligible for an immediate income tax deduction based on the estimated present value of the remainder interest that will ultimately pass to Families First of Palm Beach County. This deduction can help offset the donor’s taxable income in the year of the gift.
- The assets within the trust are invested to generate income, which is then distributed to the donor or beneficiaries according to the terms of the trust. The trust can be managed by a trustee, often a financial institution or a trusted advisor, who oversees the investments and distributions.
- At the end of the specified period or upon the death of the last income beneficiary, the remaining assets of the trust (the remainder interest) are transferred to Families First of Palm Beach County as a charitable contribution. This contribution supports the organization’s mission and programs.
Benefits of Charitable Remainder Trusts:
- Donors or their beneficiaries receive regular income from the trust, providing financial security and flexibility.
- Donors may be eligible for an immediate income tax deduction based on the present value of the charitable remainder interest. Additionally, capital gains taxes on appreciated assets can potentially be reduced or avoided.
- The remainder interest of the trust ultimately benefits Families First of Palm Beach County, enabling the donor to make a significant contribution to the organization’s mission and work.
- Charitable remainder trusts can be effective estate planning tools, allowing donors to provide for their loved ones while supporting charitable causes.
- It is essential for individuals considering a charitable remainder trust to consult with their financial advisor, estate planning attorney, or tax professional to fully understand the legal, financial, and tax implications. They can guide donors through the trust creation process and ensure it aligns with their unique circumstances and philanthropic goals.
- Families First of Palm Beach County or its representatives can provide additional information on how to establish a charitable remainder trust that benefits both the donor and the organization.
The Impact of Your Legacy Gift:
Legacy giving offers Families First of Palm Beach County the opportunity for long-term sustainability and growth, ensuring that the organization can continue its vital work and make a lasting impact on the lives of those it serves.
With your Legacy gift, Families First of Palm Beach County secures a reliable source of future support. Legacy gifts, such as bequests, retirement account designations, or charitable trusts, provide a steady stream of funding that can sustain the organization’s programs and initiatives for years to come.
Legacy giving allows Families First of Palm Beach County to establish a strong financial foundation. It provides a consistent source of revenue that helps the organization navigate economic uncertainties, changes in funding landscapes, and other challenges that may arise in the future.
With the sustained support from Legacy giving, Families First of Palm Beach County can expand its programs and services to reach more individuals in need. It enables the organization to enhance existing initiatives, develop new projects, and respond to emerging needs within the community.
Legacy giving provides the resources necessary for Families First of Palm Beach County to invest in innovation and research. It allows the organization to explore new approaches, technologies, and solutions to address the evolving needs of the individuals it serves. This fosters growth, improves outcomes, and positions the organization at the forefront of its field.
Legacy gifts can contribute to building our endowment for Families First of Palm Beach County. The foundation endowment serves as a permanent investment fund that generates income in perpetuity. The earnings from the endowment can be directed towards specific programs, scholarships, or operational needs, providing ongoing support and financial stability for the organization.
A robust Legacy giving program demonstrates Families First of Palm Beach County’s long-term vision and commitment to sustainability. It can also help attract matching funds and grants from foundations, corporations, and other philanthropic entities that prioritize supporting organizations with solid Legacy giving strategies.
Legacy giving creates an opportunity to engage donors as long-term partners in Families First of Palm Beach County’s mission. It allows donors to leave a meaningful legacy and be part of the organization’s continued success. Building strong relationships with Legacy giving donors can lead to deeper connections, increased involvement, and potential future support.
Supporters should consult their financial advisor or estate planning attorney to determine the best planned giving option based on their individual circumstances.
Please contact Julie Swindler, LCSW, Chief Executive Officer, at 561-318-4221 or firstname.lastname@example.org