You can contribute to the Shevchenko Scientific Society, Inc. by planning for a special gift. Cash contributions are always appreciated, however, there are other ways to include the Society in your financial and estate planning. Consult your financial advisors or estate attorney or accountant when establishing your planned giving goals and details of your gift. Whatever your gift, you will be ensuring the Shevchenko Scientific Society’s future and legacy for future generations.
Bequests or Legacy Gift
One of the simplest ways to provide for the future of the Shevchenko Scientific Society, Inc., is through a bequest, which provides a gift in your will or living trust. It requires no current outlay of funds, and allows you to make a gift after you have taken care of your loved ones. Bequests qualify for estate tax charitable deductions.
You may arrange for the Society to receive a specific dollar amount or percentage of a residual estate, or specified assets, such as securities, real estate, or tangible personal property. Bequests provide the Society with the flexibility that will allow your gift to make maximum impact.
Here is suggested language for making a bequest:
I hereby give, devise and bequeath to the Shevchenko Scientific Society, Inc. a non-profit corporation having its principal offices at 63 Fourth Avenue, New York, NY 10003, [the sum of $_________ ] [specific asset] [all, {or ______%} of the rest, residue and remainder of my estate to be used for its general charitable purposes].
Retirement Assets
Retirement account assets, such as pension funds, 401ks, 403bs and IRAs, if left to someone other than your spouse, are subject to income and estate taxes. If retirement assets are bequeathed to a charity, your effectively avoid the tax consequences and reduce the size of your taxable estate. Pending legislation may allow for tax free charitable contributions from retirement assets during your lifetime if you are at least 701/2 years old at the time of the gift.
The process is very simple. Contact your retirement plan administrator for a “Change of Beneficiary” form. Designate the Shevchenko Scientific Society, Inc. as beneficiary of all or a portion of your retirement assets.
Life Insurance Policies
Consider making the Shevchenko Scientific Society, Inc. the beneficiary of your life insurance policy. You may also consider other ways to give your life insurance to the Society and benefit from either an income tax deduction, or an estate charitable deduction. This entails assigning ownership of the policy to the Society, while you continue to pay the premiums. You would qualify for an income tax charitable deduction for any future annual premiums paid by you.
Real Estate
A unique way to support the Shevchenko Scientific Society, Inc. is to make a gift of your home or other real estate. A gift of real estate can be made during your lifetime, without affecting your current lifestyle! The donor can retain a life estate in the property, allowing him/her to live in their own home.
Consult your financial advisors, estate attorney or accountant when establishing your planned giving goals and details of your gift. Contact the Society’s Development Officer at (212) 254-5130 or donate@shevchenko.org to get more information and to discuss the details of your planned gift.