Your commitment to YouthFriends is important, and we invite you to strengthen that commitment by considering a planned giving opportunity. A planned gift is a lasting investment in YouthFriends, advancing our mission and ensuring our ability to continue serving Greater Kansas City’s youth as we’ve done for nearly 15 years.
YouthFriends contracts with The Greater Kansas City Community Foundation & Affiliated Trusts in Kansas City, Mo., to invest and manage planned gifts made to the organization. Our planned giving options provide a way of planning for YouthFriends future along with your own.
Here are ways you can support YouthFriends through a planned gift:
I am writing my will or trust
One of the easiest and most common planned gifts is a gift to YouthFriends through your will. You can make a gift to YouthFriends without parting with your assets during your lifetime.
The following language might be of assistance:
"I give and bequeath the sum of $___________ (or ____% of my estate) to YouthFriends, Kansas City, Mo., to be used in support of its general charitable purposes."
I have a retirement plan
Retirement plans (i.e. IRA, 401(k) 403(b)) have tax-benefits for accumulating assets but at death they may be subjected to both income and estate taxes. Without planning, more than 60% of the value of your tax-deferred accounts may go to paying taxes. Gifting these accounts makes use of the full value of the assets.
To name YouthFriends as a beneficiary of your retirement account, the first step is to request a "change of beneficiary" form. You can name YouthFriends as sole or partial beneficiary, or a contingent beneficiary in case you are predeceased by your primary beneficiary.
I have excess life insurance
Another way to provide to YouthFriends is to name the organization as a beneficiary of any individual or group term life insurance policy. You will obtain an estate tax deduction for insurance proceeds that pass on to YouthFriends upon your death. You can gift a new or existing policy as well as designate YouthFriends as the beneficiary.
By leaving an insurance policy to YouthFriends, the proceeds will not be subject to estate taxes upon your death. If you choose to transfer your policy to YouthFriends during your lifetime, you may qualify for an income tax charitable deduction and you may deduct the cost of future payments.
To name YouthFriends as a beneficiary of your life insurance policy, the first step is to request a "change of beneficiary" form from your insurance company. You can name YouthFriends as sole or partial beneficiary, or a contingent beneficiary in case you are predeceased by your primary beneficiary.
I need income for my gift
A charitable remainder trust (CRT) is an irrevocable trust that produces either a fixed or fluctuating income for life or a term of years that the donor specifies. This option is particularly useful for assets that have appreciated in value and for managing capital gains and gift taxes. In a charitable remainder trust, YouthFriends would receive the remainder after a beneficiary of the donors' choosing receives income for a period of time.
My heirs come first
In a charitable lead trust, YouthFriends receives the income for a period of time after which the assets are passed to the donor's beneficiary.
Charitable lead trusts (CLT) are often viewed as the opposite of a charitable remainder trust. A donor transfers property to the lead trust, which pays a percentage of the value of the trust assets, usually for a term of years, to YouthFriends. At the end of the trust term, the remaining assets in the trust and any growth it has realized are passed to your heirs. Although there is no income tax deduction when you create a charitable lead trust, your gift or estate tax is greatly discounted and any growth is passed to your heirs, gift and estate tax-free
I have real estate to give
Now: The gift of land, a house or vacation home provides you with a tax deduction for the full market value of the property. You also avoid capital gains tax and remove the asset from future estate taxes.
Future: You may prefer to give real estate, while retaining a life tenancy. By deeding the property to YouthFriends now, you receive a sizeable tax deduction, but you maintain the right to occupy and otherwise enjoy the full use of the property for your choice of a term of years or the lifetime of one or more individuals. At the end of the term, the property is sold and the proceeds used to support the mission and programs of YouthFriends.
Many donors, once they have completed arrangements with their lawyer or financial planner, send a copy of the specific section of their will or trust document that details their commitment to YouthFriends. Although this is not necessary, it assists us with our planning and allows us to keep you updated on our work.
Please use the following information when including YouthFriends in your gift planning:
Legal Name: YouthFriends
Address: 1740 Main Street
Kansas City, MO 64108
Tax ID: 43-1854792
The YouthFriends Planned Giving page is intended to provide general information, not legal or tax advice. We recommend consulting with your lawyer or financial advisor about your individual circumstances.
For more information on opportunities for making a planned gift to YouthFriends, please contact Laura Norris, president, at norris@youthfriends.org or 816.842.7082.
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