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Planned Giving

Planned Giving

The Gift of a Lifetime
Variety’s planned giving program is available for individuals who wish to make a charitable contribution to benefit children with disabilities. This may be done through a charitable “bequest” from your will, or through a life insurance policy naming Variety – The Children’s Charity as a beneficiary. Together we can provide help for generations to come.

Tax Considerations
A charitable gift tax receipt can be issued for these donations at the time of their receipt, and may represent sizeable tax benefits to you and your estate. Before you decide on your planned giving donation, we recommend that you consult with a professional financial planner or tax advisor for the best options to suit your personal circumstances.

Will Power
A bequest is a gift or donation made through your will. There are several types of bequests:

  • Specific Bequest: A gift of cash or an asset
  • Percentage Share: A percentage of the whole estate
  • Contingent Bequest: A gift that will take effect only in the event of a prior death of other named beneficiaries
  • Residual Bequest: A percentage of the residual of the estate

If you are having a will drafted for the first time or if you are considering changes to your current will, your lawyer can include a bequest to Variety – The Children’s Charity.

If your current will meets your needs but you want to add a bequest to Variety – The Children’s Charity, the simplest way to do this is to add a “codicil.” The codicil will retain all the provisions of your existing will and incorporate any additions or modifications.

Recent changes in legislation allow for a charitable gift bequest to receive tax credits up to 100% of the net income of your estate. This can have significant implications to your current estate planning.

Life Insurance: An Existing Whole Life Policy
If you have an existing policy that is surplus to your needs, you can change the ownership and beneficiary to Variety – The Children’s Charity. If you choose to continue making premium payments, Variety will provide you with an annual charitable tax receipt for that amount. In addition, there could be a tax receipt equal to the cash value of the life insurance policy.

A New Policy
You can take out a new “whole life” insurance policy making Variety – The Children’s Charity the owner and beneficiary, thereby receiving a tax deductible receipt for the entire annual premium.

There are many advantages to using a life insurance policy to make a planned giving gift to Variety:

  • You can choose from a full range of projects, prices, and payments to suit your circumstances
  • Your gift is not subject to taxes, probate costs, or estate debts
  • You can make a substantial future gift to Variety – The Children’s Charity through a relatively small monthly, annual, or single premium payment
  • You can consult your own financial planner or professional advisor to plan a suitable gift
  • You can use life insurance to replace wealth in your estate when you make a sizeable donation through your will.

More Info

If you have any questions or would like more information, please contact Eric Perry at ericperry@varietyphila.org or (610) 584 - 4366

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