Have a positive and lasting impact on children in your community – today and for years to come – by including Big Brothers Big Sisters of Erie, Niagara & the Southern Tier in your estate planning.
Thoughtfully planned, estate gifts may provide important personal benefits, provide for family members, and provide a future gift to Big Brothers Big Sisters of Erie, Niagara & The Southern Tier.
Our Legacy Society was established to honor donors who want to ensure that the children or future generations will have the opportunity to have a Big Brother or Big Sister in their life. They do so by naming BBBSENST as a beneficiary of their will or trust (bequest), a life insurance policy, or a retirement account.
Bequest a Will or Trust
How do I arrange to bequest a will or trust to your organization?
You can make a gift (bequest) through your will in one of the following ways:
- A percentage of your total estate. In using this approach, your gift adjusts with changes in the size of your estate.
- The remainder or a percentage of the remainder of your estate. After your specific gifts to loved ones have been made, you may designate the entire remainder or a percentage of the remainder.
- A gift of a specific amount. You specify a dollar amount to be given. With this kind of gift, it is especially important to keep your will updated.
Life Insurance Policy
How do I arrange a gift from my life insurance?
Simply contact your life insurance company and request a “Change of Beneficiary/Ownership” form, and designate Big Brothers Big Sisters of Erie, Niagara & The Southern Tier as the new owner and beneficiary of your policy.
What are the tax implications of a gift of life insurance?
- If you give your policy to us while you are still alive, you will receive an immediate income tax deduction for the current value of the policy.
- If you pay any future premiums to keep the policy active, these payments are also tax deductible.
- If you retain ownership of the policy, benefits payable to us at death can save federal and state estate taxes depending on the size of your estate and your state of domicile.
- Any death benefits passing to heirs will not be subject to income or inheritance taxes, but may be subject to federal and state estate taxes.
How do I arrange a gift from my retirement plan?
Simply contact your IRA or retirement plan administrator and request a copy of the “Change of Beneficiary” form. You can fill this in as you wish and include the Big Brothers Big Sisters of Erie, Niagara & The Southern Tier for a portion or all of the remainder of your plan’s assets.
What are the tax implications of a gift of retirement plan assets?
- For gifts at death, any portion of your retirement plan assets that are given to a qualified charity will also qualify for income tax, inheritance tax, and federal and state estate tax deductions as applicable to the size of your estate and your state of domicile.
- Any assets coming out of your plan to your heirs may be subject to all of the taxes mentioned above.
Let Us Know About Your Plans!
Contact us to let us know about your planned gifts to Big Brothers Big Sisters, or to find out how to get started!
Kara L. (Hite) Cantrell
Director of Development & Community Relations
Phone: (716) 873-5833, ext. 245
Our Annual Report
Be-A-Friend Program, Inc. is a not-for-profit agency recognized as a 501(c)(3) tax-exempt charity by the Internal Revenue Service. Contributions to the program qualify for a tax deduction as allowed by law.