Express your support for our hunger-relief efforts through a planned gift or “legacy” gift.
Express your support for our hunger-relief efforts through a planned gift or “legacy” gift which will help us to secure and distribute food and groceries to those in need, raise public awareness about hunger in our community, and promote viable solutions to hunger and poverty.
The best place to begin is by speaking to your bank or financial planner about wills, trusts, annuities, or other planned giving options.
When planning a legacy gift, you should consider some important factors:
- Purpose of the gift and the assets to be used to fund the gift
- The gift’s timing, its effect on income tax and estate-tax planning
- Impact on the donor’s family members and friends.
A planned gift is best made with the counsel of one’s financial advisor, such as your attorney, accountant, banker, financial planner, or insurance professional.
Below, we list options for planned giving. If you would like more information about planned giving, please call the Food Bank’s Finance Office at 1-858-863-5116
Bequests — Wills or Revocable Living Trusts
Remembering the Food Bank in your will or revocable trust is often the most meaningful way to leave a legacy. These gifts make it possible for the Food Bank to plan ahead in the fight against hunger. The following is suggested language for a bequest:
“I hereby give to the Jacobs & Cushman San Diego Food Bank, located at 9850 Distribution Avenue, San Diego, CA 92121, [cash amount, percentage of net estate or description of property] to be used for its general purposes.”
Please consult with your legal counsel to help you with your will or trust.
Donating appreciated securities (stocks, bonds, or mutual funds held by you for more than one year) can allow you to reduce or avoid more capital gains taxes and receive a federal income tax charitable deduction. Designating the Food Bank as the beneficiary of your securities is another way to donate. This type of gift can be especially appealing if you are holding shares that have appreciated significantly in value but yield a low dividend.
If you have excess life insurance, you may enjoy tax benefits by designating the Food Bank as the beneficiary of an existing life insurance policy. In order to deduct premium payments as charitable deductions, the donor must name the Food Bank as both owner and beneficiary of the policy.
Retirement Plan Assets
After a person’s passing, qualified retirement plan assets may be subjected to both estate tax and deferred income tax, which combined can exceed 80 percent. You can designate the Jacobs & Cushman San Diego Food Bank as a tax-free beneficiary of the remainder of your IRA, Keogh, tax-sheltered annuity, qualified pension, or profit-sharing plan. A charitable gift of insurance proceeds or the remainder of retirement plan assets is normally deductible from a donor’s estate.
Tax-Free IRA Contributions
People over the age of 70-1/2 can donate as much as $100,000 from their IRAs and Roth IRAs to the Jacobs & Cushman San Diego Food Bank, tax-free.
These IRA distributions can count toward the required minimum distribution that IRA holders who are 70½ and older must take from their accounts each year.
If the distribution is contributed directly to the Food Bank, then the donor is not required to pay income taxes on the withdrawal.
This process must be conducted through your IRA custodian or representative.
The Food Bank extents our deepest thanks to the following individuals who honored the Jacobs & Cushman San Diego Food Bank with their own legacy gifts:
Patti and Harry Bloom
Jeanne and Harry Hoffman
Scott L. Olsberg
If you have included the Jacobs & Cushman San Diego Food Bank in your will, please let us know so that we can thank you. Contact our Development Department on 1-858-863-5130.
Please consider this site as an informational resource to help you in meeting your philanthropic goals. The information provided here is for illustrative purposes only and should not be considered investment, legal, accounting, tax or other professional advice.