Ways to Give
The Foundation’s future programs depend on the partnerships we form today.
Gifts By Will
Your legacy will help ensure that the Foundation can continue to advance its programming far into the future. You can provide for your family and set aside even five percent for the Foundation’s mission.
A gift by will or bequest is deductible for estate tax purposes. Here are different ways to support the Foundation through charitable bequest, along with commonly used language:
- A residual bequest grants the residue, or portion of the residue, of your estate to the Foundation after explicit bequests have been made stating:
“I give to the Indiana Bar Foundation, a non-profit organization located at 615 N. Alabama Street #122, Indianapolis, Indiana 46204, all (or ___%) of the rest, residue and remainder of my estate, both real and personal property of whatever kind and wheresoever situated.”
- A specific bequest of a stated dollar amount or specific securities:
“I give to the Indiana Bar Foundation, a non-profit organization located at 615 N. Alabama Street #122, Indianapolis, Indiana 46204, the sum of ___ dollars (or describe the specific property or security you intend to give).”
- A contingent bequest in case one or more of your bequests cannot be fulfilled:
“If any of the above-named beneficiaries should predecease me, I hereby give his/her share of my estate to the Indiana Bar Foundation, a non-profit organization located at 615 N. Alabama Street #122, Indianapolis, Indiana 46204.”
- A life income bequest which gives income to someone close to you with the principal reverting to the Foundation after his/her lifetime.
The Indiana Bar Foundation is a non-profit organization under section 501(c)(3) of the Internal Revenue Code. The name and address to include in your will is:
Indiana Bar Foundation
615 N. Alabama Street
Indianapolis, IN 46204
Gifts by Life Insurance
Leaving just 5 percent of your estate, retirement account, or life insurance policy can make a difference in the legal profession’s advancement now and in the future.
Life insurance can be a convenient way to make a substantial gift to the Indiana Bar Foundation for a relatively modest annual cost. You can use a pre-paid policy you no longer need or purchase a new policy to make your gift. Below are examples of charitable gift-giving opportunities using life insurance.
The Foundation as Beneficiary
You can name the Foundation as a beneficiary of a life insurance policy while retaining ownership of the policy and access to the cash value. However, because you retain ownership and can change the beneficiary, no income tax charitable deduction is allowed for the value of the policy.
Survivorship Life Insurance
Also known as “second-to-die insurance,” the lives of two people are covered under this form of insurance. When the second insured dies, the policy’s benefits can be payable directly to the Foundation.
The Foundation as Owner
If you desire immediate tax benefits, you can assign an insurance policy to the Foundation. This allows you to take a federal income-tax charitable deduction for the policy’s fair-market value or the net premiums paid, whichever is less. Also allowed are income tax deductions for contributions that enable the charity to pay subsequent premiums.
Gifts of Stock and Securities
Donating stock or securities offers a number of benefits:
- A federal income charitable contribution tax deduction based on the stock’s fair market value on the date of the gift (up to 30% of your adjusted gross income) if the stock was owned for more than one year;
- Carry over of the deduction for up to five additional years if the fair market value of the gift is more than 30% of your adjusted gross income; and
- Avoidance of capital gains tax that is due when you sell appreciated stock.
Note: Stock owned for one year or less is considered a short-term asset and usually won’t produce attractive tax benefits.
Stock that has decreased in value, selling it and making a cash gift to Indiana Bar Foundation is probably more beneficial. You can take a capital loss on federal taxes and still enjoy a charitable deduction up to 50% of your adjusted gross income.
How to Donate Stock
Each of the stock gifts the Foundation handles each year strengthens our programmatic work while providing tax benefits for you. Here are step-by-step instructions to help you take advantage of this gift planning opportunity:
Stock held by a broker
- Contact your broker to find out the required information to transfer a gift of stock to the Foundation.
- Contact us to acquire the necessary information.
- Either you or your broker must call (317) 269-7864 with the name of the stock and the number of shares being transferred. This ensures the gift is properly credited and acknowledged.
Stock certificate held by a supporter
- Contact us to inform the Foundation you are making a gift of stock.
- Using registered mail, send the endorsed securities to: Indiana Bar Foundation 615 N. Alabama Street #122 Indianapolis, IN 46204
- In a separate envelope to the same address, send:
- A letter stating you wish to contribute the securities to the Foundation, including the name and number of shares of each stock;
- A signed but otherwise blank stock power form. (Contact us if you need a blank form.)
How to Donate Other Securities
To donate mutual fund shares or other securities, please contact the Indiana Bar Foundation for details.
Philanthropic persons today prefer to make a donation in lieu of flowers upon the death of a friend or colleague. Many think this is a more meaningful way to honor the deceased and the family. If you would like to make a gift in memory of a friend or colleague, you may do so online or with a gift by check. An acknowledgement will be sent to the appropriate relative, informing them that a gift was made in the deceased’s honor, and indicating by whom the gift was made. Gift amounts remain confidential.
Thank you for honoring the memory of your friend or colleague with a gift to the Indiana Bar Foundation.
If you have any questions or need additional information such as the organization’s EIN, please call the Foundation’s development director at (317) 269-7864 or [email protected].
We recommend that you consult with your attorney or tax advisor for the various tax benefits and restrictions that may apply to your specific situation. We are available to you and your advisors to answer questions or help arrange a planned gift to the Foundation. The Foundation’s future programs depend on the partnerships we form today.