Leave a legacy by supporting the Tourette Association of America via bequests, charitable IRA distributions, gifts from your estate and will, and more. When you include the TAA in your will or as a beneficiary, you provide the opportunity for us to continue our mission of providing support and hope to the Tourette Association of America for generations to come. A gift through your estate is a way to create a legacy and continue your support after your lifetime and yet still offers you the flexibility to adjust your gift if your life circumstances change.
Ways that you can support the TAA with a planned gift:
Name the TAA in your Will or Trust
There are different types of bequests:
- Specific Bequest: A specific bequest is a gift of a particular dollar amount or property. For example: I bequeath (dollar amount or description of personal property) to the Tourette Association of America.
- Residuary Bequest: The most common and simple to designate, a residuary bequest is a gift of all or part of the property remaining in your estate after debts, expenses and specific bequests have been paid. You control what percentage of your estate is given to an individual or charity. This method automatically adjusts the size of your bequest according to the value of your estate. In the event of unexpected changes in the size of your estate value, you can have peace of mind that your intentions will be fulfilled without the estate running out of assets to distribute. For example: I bequeath (___%) of the rest, residue and remainder of my property, both real and personal, to the Tourette Association of America.
- Contingent Bequest: A contingent bequest is a gift which takes effect only if the primary beneficiary or beneficiaries of the bequest should predecease you. For example: If neither my spouse nor any descendant of mine survives me, then I give, bequeath and devise all the rest, residue and remainder of (property or account) to the Tourette Association of America.
Information for the Attorney Drafting your Bequest
The full legal name of the TAA is: The Tourette Association of America. Our legal address is 42-40 Bell Blvd, Suite 205; Our Federal Tax Identification Number is 23-7181992.
Consult with your attorney or other advisors to make sure that the gift you choose makes sense as part of your overall estate plan.
Designate the TAA a TOD (Transfer on Death) Beneficiary of an Account or Policy
TOD Gifts may take the following forms:
Retirement Plans: Many people do not know that when retirement plans such as pension funds, 401ks, 403bs, and IRAs are left to an individual other than a spouse, they can be subject to income taxes and estate taxes. If given to the TAA, these funds would escape all income and estate taxes and reduce the size of your total taxable estate.
Life Insurance: If you own a life insurance policy that is no longer needed for the protection of your family or for other purposes, you may use it to make a gift. One way to give a life insurance policy to the TAA is to name the Tourette Association of America as the owner and irrevocable beneficiary of the policy. In doing so, you qualify for an income tax deduction for the cash value of the policy. Alternatively, you could name the TAA as the beneficiary of the policy. In this case, your estate would be entitled to an estate tax deduction equal to the value of the policy.
Financial Accounts: Many people’s primary assets are held in savings, checking and brokerage accounts. Designation of these assets incurs no cost to you and allows whatever balance (or portion thereof) remaining to pass to the TAA at your death.
Completing the Designation
Naming the TAA as beneficiary of any of the abovementioned gift types is easy: Contact a representative of the institution that manages your account or policy, and request a “change of beneficiary form.”
Life Income Gift
If you wish to make a substantial gift but you wish to receive some income for the property, you might consider a charitable trust in which you irrevocably transfer cash or property to a trustee. The trustee in turn will distribute a certain percentage or amount of the annual income available from the assets back to you or the Tourette Association of America. Those payments can continue for your life or for a specified term of years. The remainder interest in the property would then pass to the TAA. You would be entitled to an income tax deduction for the value of the charitable remaining interest, based on the number and ages of the life income beneficiaries and the percentage of income payments you and the trustee agreed upon. Types include Charitable Gift Annuities (CGA), Charitable Remainder Trusts (CRT), and Charitable Lead Trusts (CLT).
Endowed funds are carefully managed for growth and will help the TAA in perpetuity. Endowed funds may also serve as distinguished tributes to loved ones by bearing their names. A minimum of $100,000 is required to establish an endowed fund.
Leverage Matching Gifts from Your Workplace
Many companies match charitable gifts made by their employees, retirees and directors. Please consult your company’s human resources department to learn more about how your workplace matches charitable contributions to hospitals, and how you might be able to increase the value of your individual donation in this way.
Monthly donors provide reliable support that helps the TAA continue its mission all year. To set up a monthly gift, please visit our donation page on our website at www.tourette.org.
To learn more about any of the above ways to give, please contact the Development Office at 718.224.2999.