Leave a Legacy

You can gift a portion or all of your estate to the Lavender Legacy League of Philanthrofund Foundation through your will or trust.

This is called a bequest, and there are several ways to structure it:

Specific Bequest: This specifies an exact dollar amount or a specific item of property that you will leave to Philanthrofund Foundation. The language in a will for such a gift would read, for example, “I bequeath $5,000 to Philanthrofund Foundation” or “I bequeath my vacation home to Philanthrofund Foundation.”

Residuary Bequest: Using this bequest structure, you can leave specific assets to loved ones while giving the remaining or “residuary” amount to Philanthrofund Foundation. For example, “After all other gifts, I bequeath the remainder of my estate to Philanthrofund Foundation.”

Contingent Bequest: You can designate Philanthrofund Foundation as a contingent beneficiary in case of a certain event. For example, “I give 5% of my estate to my friend Jane Smith, if she survives me – or, if not, to Philanthrofund Foundation.”

How to make a gift to Philanthrofund Foundation through a bequest:

Here is sample language that you an add to your will to make a legacy gift to Philanthrofund Foundation:

“I give, devise and bequeath [the sum of USD OR _________ percent of the rest and residue of my estate] to Philanthrofund Foundation [tax identification number 36-3567019], a charitable corporation organized under the laws of the State of Minnesota, currently located at P.O. Box 3640, Minneapolis, MN 55403, to be used for its general charitable purposes at its discretion.”

For more information about making a bequest to PFund, email Kevin at kevin@pfundfoundation.org.

You can make this gift simply by naming Philanthrofund Foundation as a beneficiary of either an existingpolicy or a new policy that you purchase for this purpose. In either case, a portion of your premiums may be immediately tax-deductible, depending on your situation, even though Philanthrofund Foundation won’t receive the gift until you pass on.

How to make a gift to Philanthrofund Foundation through a life insurance policy:

You can make Philanthrofund Foundation the beneficiary of your life insurance policy by completing a “Change of Beneficiary” form either online or by requesting the form from your insurance company. List Philanthrofund Foundation [tax identification number 36-3567019] as the beneficiary on the form of all or a portion of the policy’s value.

Retirement assets, such as Individual Retirement Accounts (IRAs) and 401(k)s, are often the most heavily taxed assets in an estate. That’s because these funds have enjoyed tax-free growth over a long time period. Compared to other assets, they can be the most tax-burdened assets to leave your heirs, making them ideal for charitable giving.

How to make a gift to Philanthrofund Foundation with retirement assets:

To gift your remaining retirement assets, list Philanthrofund Foundation [tax identification number 36-3567019] as a beneficiary of your account. You can often make this change by logging into your account online or requesting a “Change in Beneficiary” form from your retirement account administrator.

Similar to leaving retirement assets to Philanthrofund Foundation, you can name Philanthrofund as the“transfer on death [TOD]” or “pay on death [POD]” beneficiary for all or a percentage of a bank account, brokerage account, or a certificate of deposit. Typically, in many states, TOD beneficiaries an receive the assets without having to go through probate.

As with other planned giving tools, a TOD designation allows you to retain full control over the assets during your lifetime. You can also have the ability to change the beneficiary or close the account at any time. Funds will only transfer to Philanthrofund Foundation after your death if the designation is still in place.

How to make a gift to Philanthrofund Foundation through a bank or brokerage account:

Rules vary slightly by state, but you can typically contact your bank or brokerage firm and request a

beneficiary form, or TOD form, that allows you to name Philanthrofund Foundation [tax identification number 36-3567019] as a beneficiary to your account(s) once you pass on.