You can be assured that your support will continue in perpetuity by including TPCS in your will. TPCS is committed to utilizing your gift in the best way possible by continuing its mission to provide a school environment that promotes the whole child. Contributions through your will can be made in a number of different ways. You may give:
- A Percentage: “I give, devise, and bequeath to TPCS of Santa Cruz, California, _____ % of my estate to be used for its charitable purposes.”
- A Specific Dollar Amount: “I give, devise, and bequeath to TPCS of Santa Cruz, California, $xxx,xxx to be used for its charitable purposes.”
- A Residue: (Whatever is left after other bequests have been granted.) “All the residue of my estate, including real and personal property, I give, devise, and bequeath to TPCS of Santa Cruz, California, to be used for its charitable purposes.”
( Note: The above wording is suggested. Consult your attorney when preparing any legal document.)
Although life insurance is an under-used form of charitable giving, its flexibility allows almost anyone to make a meaningful contribution. Possibilities include:
- Give a Percentage – A percentage of your life insurance policy may be allotted as a gift to TPCS.
- Give a Paid-Up Policy- Many life insurance policy holders have policies that have outlived their original purpose. Policies, such as those for a college education, those insuring a business, or those protecting a mortgage can be ideal gifts to charitable organizations like TPCS. As an added benefit, the donor can receive charitable income tax deduction benefits for the replacement value of the policy.
- Buy a New Policy- Donors that would like to make a much larger gift than is otherwise affordable may opt to purchase a life insurance policy and name TPCS as owner and beneficiary. The future premiums paid are deductible as cash contributions.
- Buy Insurance to Replace a Bequest – Some donors may have assets they wish to bequeath to TPCS but would like to make a more immediate contribution. They may replace their assets by purchasing a life insurance policy for an amount equal to their value. By doing so they have the satisfaction of giving now and receiving the tax deduction now, when they need it the most. The beneficiaries still receive the same amount.
- Add a Beneficiary – Some donors may opt to add TPCS as a secondary or final beneficiary on a new or existing policy. Almost any one can do this, regardless of their financial circumstances. By doing so, if the first beneficiary(ies) predeceases you, TPCS becomes the new beneficiary. Because it’s not definite, the donor does not receive any income tax benefits from such a gift; but if TPCS does receive any funds, they will be deducted from federal estate taxes.