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donors | types of funds | establishing a fund | creating a legacy | contact
BEQUESTS:
During the estate planning process a donor will typically provide for his family and loved ones and then look to fulfill his philanthropic wishes. A gift in a will may be used to establish a new designated fund, contribute to an existing fund, create a scholarship or field of interest fund, or remain unrestricted to allow for maximum flexibility. The BACF is able to accept bequests in many forms including specified amounts, gifts of stocks, or other assets. A simple designation in a will or a trust will provide a lasting legacy for an individual or family.
RECENT CHANGES REGARDING IRAs
Thanks to recently passed legislation, American seniors can make the gift of a lifetime by gifting individual retirement accounts (IRA) assets directly to the Foundation free from federal taxes.
In 2006 and 2007, a provision in the new Federal Pension Protection Act of 2006 allows those seniors aged 70 ½ and older to directly transfer UP TO $100,000 from an IRA to a charity this year — and another $100,000 next year — federal tax free. If married, each spouse can transfer $100.000 per year from his or her IRA.
These gifts, made during your lifetime, can be used to establish a designated fund, add to an existing fund, create a scholarship fund or be left unrestricted for maximum flexibility. What a wonderful way to see your charitable giving at work!!
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