Planned Giving
Leaving a legacy gift to the Colonial Crossroads Chapter of the American Red Cross is a special way to support the future of the Red Cross and your community. Some people choose to leave a specific dollar amount or asset via a will designation, while others give a percentage of the remainder of their estate. There are also planned gift vehicles that will allow you to make a contribution that will provide income for life for you and/or a loved one.

Bequests
If you are considering including the Colonial Crossroads Chapter in your will, the following suggested language should be shared with your attorney:

"I give, devise and bequeath to the Colonial Crossroads Chapter of the American Red Cross, 695 Springfield Avenue, Summit, NJ, 07901, the sum of $_______ (or otherwise describe the gift or specify a percentage of the estate) to be used for its general purposes."

Establish a Charitable Gift Annuity
This is a simple option available to donors over 55 years of age who make a minimum gift of $5,000. It enables donors to receive income for life (some of which is tax-free), an income tax charitable deduction and favorable capital gains tax treatment.

Create a Charitable Remainder Trust
Although this option involves legal fees for the donor, when such fees are justified by the size of a gift, trusts are attractive vehicles that offer more flexibility than a charitable gift annuity. Trusts can be tailored to accommodate a wide variety of gift assets and meet personal financial and charitable goals.

Provide a gift of Real Estate
When a donor makes an outright, irrevocable gift of real property to the Red Cross, he or she may be eligible for a charitable income tax deduction equal to the full, fair market value of the property. A donor who gives this type of gift may not only save capital gains but also get a large charitable deduction.

Designate the Colonial Crossroads Chapter as the beneficiary of a Retirement Plan such as an IRA or 401k plan
When choosing assets to leave to a charitable organization, many advisors suggest retirement plan assets such an IRA or other qualified retirement plans. If these assets are left to heirs, they are taxed more heavily than any other assets in your estate. Retirement plans are subject not only to estate tax upon your death but also to income tax when distributed to your heirs. Naming the Colonial Crossroads Chapter as a beneficiary of a retirement plan is an easy and attractive means of sharing your generosity while limiting the tax burden on your heirs.

Name the Colonial Crossroads Chapter as the beneficiary of a Life Insurance Policy
Many people have life insurance policies that were purchased when their children were young to provide for the financial security of their family. Once children are grown and the financial security of your heirs is no longer an issue, these assets may be designated for charitable purposes. To provide a gift, donors can simply change the beneficiary of such a policy to the Colonial Crossroads Chapter.

Please let us know if you've designated the Colonial Crossroads Chapter of the American Red Cross in your will, IRA or life insurance policy or have made any other type of planned gift to our Chapter.

For more information regarding any of these planned giving options, please contact the Financial Development office at (908) 273-2076, extension 18.