The Children’s Village President and CEO Dr. Jeremy Kohomban testified before the NYC Council’s Committee on Juvenile Justice on September 21. Citing research and frontline experience, his testimony highlighted the critical need for family engagement to the long-term success of youth involved with the justice system. Dr. Kohomban concluded with three specific recommendations. More Info
Make a bequest through your will.
Purchase a Children’s Village Charitable gift Annuity (CGA)
Donate a paid insurance policy that names The Children’s Village as the beneficiary
There are dedication opportunities available to publicly acknowledge your gift. For instance, you may wish to name a street on our campus, a worksite in the WAY Program, or even a cottage celebrate your life, to memorialize a loved one, or to commemorate a special occasion, such as your 50th wedding anniversary or 75th birthday.
Clearly, planned giving is an important topic that would likely involve family members and your financial advisor. We would like to provide you with more details in order to inform you and help you to make the best decision for you and your family at the appropriate time. Please call Linda Stutz, Vice President for Institutional Advancement, at 914-693-0600 ext 1413, or send an e-mail to Lstutz@childrensvillage to schedule a confidential phone conversation and share your ideas, or simply request more information.
Planned Giving: Remember CV in Your Will
If you believe in the mission of The Children’s Village and want to help ensure its future, consider including The Children’s Village in your will. This can mean a specific bequest of an asset such as property or stock or a cash gift. If you are concerned about making sure your loved ones are taken care of, you may want to make a residuary (Links down the page to the section on residuary bequests) or contingent (Links down the page to the section on contingent bequest.
In a residuary bequest, you provide Children’s Village with the remainder of your estate (or a portion of the remainder) after all of your specific bequests are taken care of.
I direct that all (or a specific percent) of the rest, residue, and remainder of my estate be given to The Children’s Village.
In a contingent bequest, Children’s Village becomes a beneficiary only when a designated beneficiary fails to survive you.
If any of the above-named beneficiaries should predecease me or no longer exist, I direct that the share of that beneficiary be transferred to The Children’s Village.
If you already have a will and wish to make a bequest to Children’s Village without rewriting your entire will, you can create a Codicil.
I (your name), a resident of (your address), make this Codicil to my Last Will and Testament executed by me on (date). I hereby modify and amend my Last Will and Testament as follows: (insert bequest). Except as my Last Will and Testament is expressly modified or amended by this Codicil, I ratify and reaffirm my Last Will and Testament in its entirety.
The Codicil then must be signed by you and witnessed in accordance with the laws of your state.
The suggested language is provided for information only. If you are interested in changing or making a will or creating a Codicil, we recommend you consult your lawyer. If you have include The Children’s Village in your will and would like to join our Legacy Society, would like to make a commitment to make a legacy, or have questions, please contact Linda Stutz at 914-693-0600 ext 1413 or Lstutz@childrensvillage.org.
Many charities offer charitable gift annuities. Donors transfer assets to the charity in exchange for a charitable gift annuity. Under the annuity’s terms, the charity provides a fixed payment for the life of the donor (the annuitant) and, if desired, up to one additional individual. Annuity rates are set at the time of the gift and are based on the age of the annuitant(s) at that time. The net amount remaining at the death of the annuitant(s) passes to the charity. A charitable gift annuity is a form of unitrust between the donor and the charity and not a trust.
Charitable annuity rates are often higher than the return on other kinds of investments and the annual payment is fixed at the creation of the annuity. The donor does not recognize any immediate capital gain when funding a charitable gift annuity with appreciated property. Rather, the gain is spread out over time as the annuity payments are received. A current charitable contribution income tax deduction is available to the annuitant for the actuarial value of the remainder interest that will pass to charity.
The gift is irrevocable once made. Most organizations have a minimum gift size, such as $10,000 or $25,000. Charities also usually limit the minimum age of an individual creating a charitable gift annuity – such as a minimum age of 60 or even 70.
In addition, the amount of the annuity received by the annuitant is based upon a calculation that will theoretically result in the annuitant, if he or she lives to life expectancy, receiving an annuity benefit with an actuarial value equal to fifty percent of the amount contributed in exchange for the annuity. Thus, when compared with a commercial annuity, the amount received by the annuitant for a charitable gift annuity is substantially less. The fifty percent foregone is what the charity is expected to receive from the transaction. Charitable gift annuities therefore are appropriate only for those who are motivated by charitable desires, rather than the desire for market rate investment return.
Planned Giving: Charitable Remainder Trust
With a charitable remainder trust, you donate an asset (cash, stock, etc.) to The Children’s Village, but continue to receive income from that asset for life or for the period you specify. You take a tax deduction at the time you create the trust, which is dependent on your age, the payment percentage and other factors. The payments you receive each year are determined up front and never change. If you are interested in learning more about a charitable remainder trust, contact your financial advisor or Linda Stutz at Lstutz@childrensvillage.org.
Planned Giving: Charitable Lead Trust
A charitable lead trust allows you to make a substantial gift over a period of years while ensuring that your property will return to you or your loved ones. You transfer an asset (case, securities, etc.) to a trust that would pay income to The Children’s Village for the time period you designate. At the end of that period, the asset is returned to you or other persons you name. If you are interested in learning more about a charitable lead trust, contact your financial advisor or Linda Stutz at Lstutz@childrensvillage.org.
Planned Giving: Legacy Society/Children’s Village Legacy Society Created to Recognize Donors
In recent years our endowment, which is critical to ensure the health and stability of the organization, has grown substantially because of legacy gifts, said Jeremy Kohomban, President and CEO. We want to recognize our friends who are committed to the future of our work and have included The Children’s Village in their estate plans. The Legacy Society is one small way we can thank these supporters and encourage others to think about the future.
The Children’s Village Legacy Society is open to anyone who makes a planned gift or includes Children’s Village in their will. Members will have a permanent listing in what will become our annual report of donors to be published each September. They will also be invited to an annual event honoring Legacy Society members, and have their name engraved in a Donor Wall to be erected in Wetmore Hall.
If you have already made estate plans involving The Children’s Village, please let us know so that we can send you information on the Legacy Society. If you are interested in learning more about how you can create a legacy gift in your will or through our new charitable gift annuity program, contact Linda Stutz at Lstutz@childrensvillage.org 914-693-0600 ext 1413.
Click here for information on the benefits of various planned gifts