Purposefully Planning to Give
Whether you feel that you are able to make a significant impact financially or not, there are still many creative ways to contribute to the mission and work of New Hope Coalition without making a dent in your current financial day-to-day situation. Most donors to a particular organization only think of the immediate gift that they can give. This often limits them by virtue of their daily financial needs. We would encourage you to consider some alternative methods of giving that can leave a legacy and make a significant impact.
A few relatively easy ways of leaving a legacy with your finances are:
A transfer on death (TOD) account. A TOD bank account, mutual fund, brokerage account, or certificate of deposit names one or more persons or charities as the beneficiary of funds once you, the account owner, pass away. The beneficiary you name has no rights to the funds until after your lifetime. Until that time, you remain in control and are free to use the money in the bank account, change the beneficiary or close the account. Some benefactors will name New Hope Coalition as a partial beneficiary of their account (i.e. 10% or 20%). This will provide the organization a significant gift at your passing, with the majority remaining amount going to the other named beneficiaries.
Beneficiary on retirement account. Just like TOD instructions, a simple form can usually establish New Hope Coalition as a beneficiary on a Retirement (403(b), 401(k) or, IRA) account. Regardless of where your account is located a simple call to that company should help you to procure the proper form to re-name your beneficiaries on those retirement accounts. Making New Hope Coalition a partial beneficiary allows you to leave a legacy upon your passing that will be remembered in a significant way.
Life insurance beneficiary. Just like the retirement account information above, one's life insurance company can help you to establish your beneficiary wishes with a simple beneficiary designation form.
A gift in your will or living trust. Through a gift in your will or living trust, you can support the mission of New Hope Coalition with a specific amount of money or a percentage of your total estate. This type of gift allows you the flexibility to change your mind at anytime and your estate will benefit from a federal estate tax charitable deduction for the amount of the gift.
A charitable remainder trust. Cash is the easiest and least complicated way to fund a charitable remainder trust. Oftentimes, it can provide the necessary liquidity to provide for payments to the income beneficiary when the trust is funded with hard to sell assets.
A charitable lead trust. You may always use cash to fund a lead trust. Oftentimes, lead trusts are funded with cash in addition to stock or real estate.
A donor advised fund. A gift of cash through check or credit card is one of the easiest ways to contribute to a donor advised fund. Your federal income tax charitable deduction is equal to the amount of your cash contribution.
Memorial and tribute gifts. If you have a friend or family member who wishes to help promote the mission and vision of New Hope Coalition, consider making a gift to us in his or her name.
An endowed gift. Create an endowment or contribute to one that is already established to ensure that your support of New Hope Coalition will last forever. Endowments typically only withdraw 4-5% per year of their total account value to help support the cause for with it was established.
Please call us and ask for our Executive Director, Darryl Brown, to help you determine the best way to partner with New Hope Coalition.