Planned Giving is exactly what it sounds like: choosing to leave something to the National LGBTQ Task Force in your estate. This kind of gift not only makes a lasting statement about what matters to you, but it also helps ensure that our work can continue on far into the future.
Despite what you may think, you don’t have to be rich to leave a charitable estate gift. You don’t have to be rich to even have an estate. Everyone has assets, everything from cash to the china you received from your mother. No gift is too small or too large. The National LGBTQ Task Force Legacy Circle is the special group of donors who’ve shown their commitment to us and the work we do by providing for us in their estate plans.
The information provided on the National LGBTQ Task Force website is for educational purposes only and is not intended to convey legal advice. The National LGBTQ Task Force strongly urges you to consult with an estate planning professional in your area to receive the best guidance for your individual situation.
Ways to Make a Planned Gift
A bequest is a gift that you leave through your will. A will is a legal document that directs how your property will be distributed after your death. If you don’t have a will, the state will determine how your property passes when you die. If you live in a state that doesn’t recognize marriage equality, in all probability your partner will not be entitled to inherit anything from you if you don’t have a will leaving your property to him or her. Certainly without a will none of your assets will pass to the organizations you support.
You can make a charitable bequest to the Task Force by leaving a specific sum of money or a specific piece of property or by leaving a percentage of your estate. You can leave a residual bequest by leaving the remainder of your estate or a percentage of the remainder after gifts to other beneficiaries have been made. You can leave a contingent bequest by stipulating that the charity receives a gift only when certain conditions have been met, for example, the charity receives only if your spouse or partner predeceases you.
Sample language for leaving a bequest to the National LGBTQ Task Force Foundation:
“I hereby give, bequeath, and devise (the sum of $________), (________ percent of my property both real and personal), or (the name of a specific piece of property) to the National LGBTQ Task Force Foundation, which has its principal place of business at 1325 Massachusetts Ave NW, Suite 600, Washington, DC 20005, and whose 501 (c)(3) tax identification number is 52-1624852.”
Another way to leave a charitable gift to the National LGBTQ Task Force is to name the Task Force as the beneficiary of all or a portion of your retirement fund. Leaving a gift of all or a portion of your retirement fund to the Task Force may also provide you with substantial estate tax benefits. To make a gift of retirement assets, simply name the Task Force as the beneficiary or contingent beneficiary of all or a portion of your retirement fund.
You can leave a charitable gift to the National LGBTQ Task Force Foundation by naming it as the beneficiary or contingent beneficiary of all or a portion of the proceeds of a life insurance policy.
A Trust is a legal document by which a person (the settlor) transfers assets out of his or her name and into the name of the trust or the trustee. If the trust is established during the settlor’s lifetime, the settlor may also serve as the trustee. Transferring one’s assets to a trust during one’s lifetime is one way for the person to avoid the probate process. A trust can also provide for the distribution of one’s assets upon his or her death.
A living trust is a trust that is created during the settlor’s lifetime. A charitable gift can be made to the National LGBTQ Task Force Foundation by providing that all or a part of the trust assets are transferred to the Task Force upon the death of the settlor. A charitable remainder trust allows the settlor or other trust beneficiaries to receive the income from the trust for a period of time. After the period of time, the remaining trust assets (or a portion of them) will be transferred to the Task Force. A charitable lead trust would pay to the Task Force an annual income for a period of time, after which, the principal of the trust reverts to the settlor or to other trust beneficiaries.
Frequently Asked Questions
I don’t own much. Do I need a will?
You may not think you have “assets,” but you do; everyone has them. Assets are everything from a bank account, a car, your mother’s china and even your father’s pocket watch. If you don’t have a will, the state will determine who inherits your assets when you die. It’s especially important for LGBT people to have a will to ensure that those they love but with whom they have no legal relationship will inherit from them. We can’t stress that last point enough.
I’d like to leave a gift to the National LGBTQ Task Force, but I’m not rich. What can I do?
Contrary to what a lot of people think, you don’t have to be rich to leave a charitable estate gift. No gift is too small . . . or too large. You can name the Task Force as a beneficiary of a life insurance policy or of a retirement account. If you own your home, you can direct your executor or trustee to sell your home and distribute the proceeds or a portion of the proceeds to the Task Force. Part of the beauty of leaving a planned charitable gift is that you don’t have to write a check today!
Can I provide for my spouse/partner and also leave a gift to the National LGBTQ Task Force?
Most people want to be sure a spouse or partner is taken care of, and there are many ways to do this. You can provide for your loved ones through a life insurance policy and leave a portion of your estate assets to the Task Force. Or you can leave your entire estate to a loved one and leave a gift to the Task Force by naming it as a life insurance beneficiary. You can provide that your loved one receives an income during his or her lifetime and leave a residuary gift to the Task Force when your loved one dies. These are just a few of the ways you can provide for your loved one and also for the Task Force.
Contributions to the Task Force Foundation are tax-deductible to the full extent allowed by the law. Gifts to the Task Force Action Fund are not charitable gifts for purposes of the charitable tax deduction.
If you’d like more info on becoming a member of the Task Force Legacy Circle, please contact Saurabh Bajaj, at email@example.com or 415-378-2971.
Please let Saurabh know if you’ve already included the Task Force in your estate plan.