Your will or trust is a wonderful way to make gifts that support Bronx Science in the future. These gifts, known as bequests, are accomplished through a simple provision in a new will or trust, or through an amendment to your current plans.

Gifts may be arranged in several ways. You can:

· Give all or part of the remainder (what’s left) after gifts to loved ones are fulfilled.

· Provide a gift of a specific dollar amount.

· Designate a percentage of your estate be given to Bronx Science.

· Give a certain property, such as securities, real estate, or other items of value.

· Make a blended gift—a specific amount plus a percentage or all of the residue.

Setting up Your Bequest

· If you would consider including Bronx Science in your will or trust, here is some language you may want to share with your attorney:

· Please let us know if you plan to include Bronx Science in your will and we can help provide some ideas about how to direct your gift.

· If you already have a will, your attorney can prepare a simple codicil to include a bequest to the Bronx Science.

If you are age 70½ or older, you can make charitable gifts directly from individual retirement accounts (IRAs) using funds that might otherwise be taxed when withdrawn (up to a total of $100,000 per individual per year; $200,000 per couple with separate IRAs).

Because most funds withdrawn from IRAs are considered income, your total taxable income is increased, pushing you into a higher tax bracket. Distributions directly to charity from your IRA will not, however, be included in your taxable income whether or not you normally itemize your charitable gifts and other deductible expenses. Such gifts can also count toward all or part of your annual required minimum distribution (which, as a result of the SECURE Act, now begin at age 72 for those turning 70½ in 2020 or later).

Millions of Americans take part in saving for retirement through Individual Retirement Accounts (IRAs), 401(k)s, Keoghs, and similar plans. You may find that after first providing for your loved ones, you can make a meaningful gift to Bronx Science from your retirement accounts.

When you leave the balance of a retirement account to your heirs, they must carefully manage the account to avoid losing its tax-deferred status and potentially triggering large income taxes and possible penalties. You can simplify matters for your loved ones by directing all or a portion of what remains in your retirement accounts to Bronx Science, leaving other more tax-favored assets to your heirs. Designating a charity as a beneficiary of a retirement account does not require you to change your will.

Simply ask the administrator of your plan for a Change of Beneficiary form. Designate one or more charitable interests as a beneficiary to receive all or a portion of your retirement plan assets under whatever conditions you stipulate.

A life insurance policy can offer a convenient way to fund a meaningful gift to Bronx Science. For instance, you may own a policy no longer needed for its originally intended purpose, such as the payment of estate taxes. Or, you may have life insurance you purchased to protect children who are grown, support family members who have predeceased you, or fund now-completed educational plans. You may have a business policy, such as a buy/sell agreement, that is no longer needed.

This can be a convenient way to make a substantial gift in an affordable and tax efficient manner. Some ideas for using life insurance:

· Give a paid-up policy you already own by changing the owner and beneficiary.

· Buy a policy benefiting your heirs to replace assets you have given to Bronx Science.

· Purchase a life insurance policy on the life of another person.

· Assign policy dividends to Bronx Science to fund regular gifts.

With the strong performance of investment markets in recent years, it may now be particularly advantageous to make your charitable gifts with securities. Many are surprised to learn they can make gifts of stocks, bonds, mutual funds, and certain other securities that are worth more than they cost.

Gifts of appreciated securities often result in income tax savings and the ability to bypass capital gains tax that would be due if you sold these assets. Recent tax legislation fully retained the special tax benefits of giving securities. To enjoy the most favorable benefits, you must have owned the securities for more than one year.

Gifts of appreciated securities are deductible and can be used to eliminate tax on up to 30% of your adjusted gross income (AGI) in the year of the gift. Any unused deduction amounts may be used to help reduce taxes in as many as five future tax years.

If you own securities that are worth less than their original cost, it is usually better to sell them and make a charitable gift using the cash proceeds. You may then be able to claim tax benefits for both the capital loss and the charitable gift and effectively deduct more than the current value of the securities.

A gift of real estate can be an excellent way to make a significant gift to Bronx Science. Marketable properties such as houses, farms, vacation homes, office buildings, undeveloped land, and rental property are typical choices. If you are considering a gift of real estate, please contact us.

The rising popularity of donor advised funds (DAFs) means that more and more people have made contributions to them. If you have established a DAF account, please consider requesting a distribution to Bronx Science.

We would also welcome being designated the eventual recipient of funds from a terminating DAF or to be a beneficiary of endowment distributions.

To be sure we have the opportunity to thank you and share how your specific contribution makes a difference, please let us know the amounts and sources of funds you may be generously sending our way through a DAF.

A charitable gift annuity is a contract between a donor and a charity with the following terms:

As a donor, you make a sizable gift to charity using cash, securities or possibly other assets. In return, you become eligible to take a partial tax deduction for your donation, plus you receive a fixed stream of income from the charity for the rest of your life.