Leaving a gift to the American Red Cross in Greater New York in your will is a special way to continue helping the Red Cross.

Some people choose to give a specific dollar amount or asset, while others give a percentage of the remainder of their estate. Bequests can also be made in memory of a person, and the Red Cross can suggest ways to ensure proper recognition. There are also planned gift vehicles that will allow you to make a contribution that will provide income for life for you and/or a loved one.

Bequests

If you are considering including the American Red Cross in Greater New York in your will, the following suggested language should be shared with your attorney:

"I give, devise and bequeath to the American Red Cross in Greater New York, 520 West 49th Street, New York, NY, 10019, the sum of $_______ (or otherwise describe the gift or specify a percentage of the estate) to be used for its general purposes."

Establish a charitable gift annuity with ARC/GNY

This is a simple option available to donors over 55 years of age who make a minimum gift of $5,000. It enables donors to receive income for life - some of which is tax-free – an income tax charitable deduction, and favorable capital gains tax treatment.

Create a charitable remainder trust for ARC/GNY

Although this option involves legal fees for the donor, when such fees are justified by the size of a gift, trusts are attractive vehicles that offer more flexibility than a charitable gift annuity. Trusts can be tailored to accommodate a wide variety of gift assets and meet personal financial and charitable goals.

Designate ARC/GNY as the beneficiary of a retirement plan such as an IRA or Keogh plan

When choosing assets to leave to a charitable organization, many advisors suggest retirement plan assets such an IRA, Keogh plan, or other qualified retirement plans. If these assets are left to heirs, they are taxed more heavily than any other assets in your estate. Retirement plans are subject not only to estate tax upon your death, but also to income tax when distributed to your heirs. Naming ARC/GNY as a beneficiary of your retirement plan may be an easy and attractive option.

Name ARC/GNY as the beneficiary of a life insurance policy

Many people have existing life insurance policies that were purchased when they had young children and that are no longer important to their families' financial security. A donor can simply change the beneficiary of such a policy to ARC/GNY.

For more information, please contact Marco Brehm at 1-877-RED-CROSS, ext. 2119.