Gifts by Will (Bequests)

Including a bequest to Special Olympics New Jersey in your will is one of the simplest ways to make a legacy gift. A bequest can be made by preparing a new will or by adding a codicil to your existing will. Gifts through your will provide flexibility in giving through specific unrestricted bequests that specify a dollar amount or percentage of your estate; residuary bequests that give all or a portion of what is left of your estate after all other distributions; or contingent bequests that occur once a specified event has occurred.

Gifts of Life Insurance

Life Insurance can be a valuable and sensible way to make a legacy gift. Many life insurance policies have outlived their original purpose to provide financial security for a dependent spouse or children. If this is the case, there are several ways life insurance can serve as the basis for a charitable gift.

  • Name Special Olympics New Jersey as a beneficiary of your policy
  • Transfer ownership of an existing policy or purchase a new policy for Special Olympics New Jersey
  • Use life insurance to replace assets for your heirs

Retirement Plan Assets

Using retirement fund assets to leave a legacy gift has become increasingly popular because of potential tax benefits. These assets include pension plans, 401(k) or 403(b) plans, Individual Retirement Accounts (IRAs), profit-sharing plans or stock bonus plans. Estate taxes can decimate the value for your heirs.

Instead, you may want to consider avoiding heavy tax burdens and listing Special Olympics New Jersey as a beneficiary for all or part of your retirement benefits. The assets then would pass to Special Olympics New Jersey free of income taxes and would no longer be considered part of your estate for estate planning and the full value of the contribution would be available to Special Olympics New Jersey.

Charitable Trusts

Charitable trusts offer many options and benefits for people interested in legacy giving in conjunction with caring for their loved ones after they have gone.

With a Charitable Remainder Trust, you irrevocably transfer assets to the trust and then the trust makes payments to you or another beneficiary for life or for a specified term. Upon the death of the last surviving beneficiary the remaining assets of the trust are distributed to Special Olympics New Jersey.

A Charitable Lead Trust virtually mirrors the charitable remainder trust except that payments are made to Special Olympics New Jersey (or the charity of your choice) for your lifetime or another specified time frame.

For your planning purposes, please note:
Legal Name: Special Olympics New Jersey
Address: 1 Eunice Kennedy Shriver Way, Lawrenceville, NJ 08648
Federal Tax ID Number: 237 448 729

The preceding information is provided for illustrative purposes only and should not be considered legal, tax or financial advice. If you are considering a legacy gift, we encourage you to discuss these and other options with your attorney or financial advisors.