PLANNED GIVING SAMPLE LANGUAGE
How to Name Penfield Children’s Center in Your Will
To make an estate gift to PCC, ask your attorney to draft a statement in your will that expresses your desire in one of the following ways.
Give a Fraction of Your Estate
Sample language: I give _____ % (fraction spelled out) of the rest, residue, and remainder of my estate, after payment of all specified bequests, expenses, taxes, and debts, to Penfield Children’s Center, presently located at 833 N 26th St, Milwaukee, WI 53233.
Give a Specific Amount
Sample language: I give $ _____ (number spelled out) to Penfield Children’s Center, presently located at 833 N 26th St, Milwaukee, WI 53233.
Give a Contingent Amount
Sample language: If none of the persons I have identified above as beneficiaries of my estate survive me, I give the rest, residue, and remainder to Penfield Children’s Center, presently located at 833 N 26th St, Milwaukee, WI 53233.
How to Give Penfield Children's Center an Insurance Gift
You can also name Penfield as the beneficiary of the total or a fraction of your life insurance policy.
Fractional Amount
Name Penfield Children’s Center, presently located at 833 N 26th St, Milwaukee, WI 53233 as the beneficiary of _____ % (percentage spelled out) of the proceeds of the policy.
Gift Insurance Policy Today
If the policy is a paid-up policy and there are no loans, liens, or debts against it, consider giving it to Penfield Children’s Center. After discussing your wishes with your legal and financial advisers, please email Penfield Partnerships and Investments staff at development@penfieldchildren.org
NAMING PCC AS A 401(k), 403(b), OR IRA BENEFICIARY
Qualified employee benefit plans accumulate tax-free during a person’s lifetime but are subject to tax at the person’s death.
- 100% of the account balance is included in the taxable estate of the decedent.
- Any taxable beneficiary who receives a distribution from a 401(k), 403(b), or IRA as a result of the death of the owner must pay income tax on the entire amount received.
- Some plans could be taxed as much as 85%.
Penfield Children’s Center is a qualified nonprofit 501(c)3 organization, so it is exempt from paying taxes on qualified employee benefit plans.
- Designating a qualified organization like PCC as a beneficiary means that your gift will not be subject to estate tax.
- As a result, the money from your plan will go directly to supporting the good work that you care about.
To name Penfield Children’s Center as your qualified plan beneficiary:
Fractional Beneficiary: Give _____ % (percentage spelled out) to Penfield Children’s Center, presently located at 833 N 26th St, Milwaukee, WI 53233.
