Planned Giving

What is Planned Giving?

Planned giving can benefit you, your loved ones, and the Harlem Children’s Zone. A planned gift enables charitable donations at a level that you might not have thought possible, while maximizing tax benefits for you and your family. Through our planned giving options, HCZ can help you achieve your financial and philanthropic goals.

How Can You Support The Harlem Children’s Zone Through Planned Giving

Bequests

Bequests are an important source of support. A general bequest is one of the most popular ways to make a charitable gift by will. You simply designate a specified dollar amount, property or specific assets to Harlem Children’s Zone. For suggested wording for a gift please see below:

  1. For a Bequest of Cash:
    “I give and bequeath the sum of ___________________________ Dollars ($____________) to Harlem Children’s Zone, 35 East 125th Street, New York, New York 10035, for its general purposes (or for a specific program determined in consultation with Harlem  Children’s Zone).”
  2.  

  3. For a Bequest of Securities or Other Assets:
    “I give, devise and bequeath [insert description of assets to be gifted], to Harlem Children’s Zone, 35 East 125th Street, New York, New York  10035, for its general purposes (or for a specific program determined in consultation with Harlem  Children’s Zone).”
  4.  

  5. To Designate Harlem Children’s Zone as a Beneficiary of a Percentage of Your Estate:
    “All of the rest, residue and remainder of the property belonging to me at the time of my death, both real and personal, of whatever kind and nature and wherever situated, and any property to which I may in any way and at any time be entitled and any property which I have not otherwise effectually disposed of (exclusive of any property over which I may have a power of appointment, it being my intention not to hereby exercise any such power of appointment), hereinafter referred to as my “residuary estate”, I give, devise and bequeath as follows:
    __________ percent ( ___%) thereof to Harlem Children’s Zone, 35 East 125th Street, New York, New York  10035, for its general purposes (or for a specific program determined in consultation with Harlem Children’s Zone).”
    (If Harlem Children’s Zone is not receiving 100% of your estate, you will need to list the other beneficiaries.)

While there are a number of ways to make a bequest to Harlem Children’s Zone we recommend that you consult your attorney to decide what best suits your individual circumstances.

Retirement Assets

Some assets are not transferred through a will. These include assets in a qualified retirement plan (qualified plans include an IRA, Keogh, 401(K), 403(B), or defined benefit plan) that remain after your lifetime. Often, a retirement plan is a pre-tax asset and, when transferred to a beneficiary, is subject to estate tax as well as income tax. Naming the Harlem Children’s Zone, Inc. as the beneficiary of your qualified retirement plan may be advantageous and financially judicious. Most often you simply need to name the Harlem Children’s Zone, Inc. on the beneficiary line when you sign up for your retirement plan, or to modify your current election by notifying your plan administrator.

Charitable Lead Trust

This is created by irrevocably transferring income-producing assets (cash, stock, other assets, or a combination of these) to the Harlem Children’s Zone, Inc. to be managed and invested. The income from these assets (either a fixed dollar amount or a fixed percentage of the trust principal as revalued annually) is paid to HCZ for a specified number of years. Upon termination of the trust, the remaining trust assets, including any appreciation in those assets, pass to you or your designated beneficiaries, with little (or no) gift taxes. During each year of the trust, you receives a charitable income tax deduction for the amount of that year's income paid to HCZ from the trust. Additionally, because the trust assets are removed from your estate, they are exempt from estate taxes.

Charitable Remainder Trust

This is established by irrevocably transferring income-producing assets to the Harlem Children’s Zone, Inc. to be managed and invested. You or your beneficiary will receive income payments for life or a period of up to 20 years, at the conclusion of which the trust's remaining assets will transfer to HCZ for its general use or use as specified by the terms of the trust instrument. Depending on how the trust is invested, the payments to you or your beneficiary may consist of ordinary income, capital gains income, tax-free income, or return of principal. Regardless, you are entitled to an immediate charitable income-tax deduction of the projected value of the "remainder interest" at the time the trust terminates. If appreciated property is used to fund the trust, you can reduce or eliminate capital gains tax on the appreciation.

If you have included the Harlem Children’s Zone in your long-range financial and/or estate plans, we would love to know. Please contact Michelle Germaine at This email address is being protected from spambots. You need JavaScript enabled to view it. or (212) 360-3255 so that we can thank you and include you in special mailings and events.
 
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