Contribute to helping the Foundation to have a sustainable future by planning for a special gift, such as a bequest in your will or a trust that pays you income.
There are many creative and flexible planned giving options that can benefit both you and the Foundation in reaching more street children.
A bequest is one of the simplest ways to provide for the Foundation’s future and can take many forms.
You may arrange for Toybox to receive:
You may make a bequest to the Foundation by preparing a new will or adding a codicil to your present will. An outright bequest to the Foundation is fully tax-deductible for estate-tax purposes.
The most useful bequest is an unrestricted bequest for the general purposes of the Foundation. This permits the Foundation to use your gift wherever it is most needed at the time.
Suggested language for making an unrestricted bequest: "I give, devise and bequeath [the sum of ____ dollars], [all or ____ percent of the rest, remainder and residue of my estate of every kind and description (including lapsed legacies and devises)] to the Toybox USA Foundation, 155 East 44th Street, 6th Floor, Suite 34, New York NY 10017, for its general corporate purposes."
Suggested language for a specific purpose: "I give, devise and bequeath [the sum of ____ dollars], [all or ____ percent of the rest, remainder and residue of my estate of every kind and description (including lapsed legacies and devises)] to the Toybox USA Foundation, 155 East 44th Street, 6th Floor, Suite 34, New York NY 10017, to create an endowment fund which, subject to the Foundation's endowment spending rule, is to be used for the following purpose: [state the purpose]."
Important Note: If you do specify a use for your bequest, the following language will ensure that your gift will always remain productive: "If at any time in the judgment of the Trustees of the Toybox USA Foundation is the designated use of this bequest is no longer practicable or appropriate, then the Trustees shall use the bequest to further the general purposes of the Foundation, giving consideration, where possible, to my special interest as described above."
This arrangement is an individually managed trust that may be tailored to meet your specific financial needs and can provide either a fixed or variable income for the life of the beneficiaries or for a set number of years, not to exceed 20.
The donated assets (typically cash, securities, and/or real property) are irrevocably transferred to a Trustee. There are two variations:
At the termination of the trust, the remaining assets pass to the Foundation for its general purposes or for the use you specify. A charitable deduction for a portion of your contribution is available on your income tax return in the year you make the gift.
This arrangement provides income to the Foundation for a period of years, after which the trust property typically passes to the donor's heirs.
Income-producing assets that are expected to gain in value, such as stock or income-producing real estate, are irrevocably transferred to a trust. A minimum gift of $100,000 is recommended.
The Toybox USA Foundation receives income from the trust for a specified number of years, after which the property in the trust is transferred to the heirs without the imposition of any additional taxes.
An immediate charitable deduction on your gift tax return is available for the present value of the total income stream the Foundation will receive during the trust term.
This gift can reduce or effectively eliminate the gift and/or estate tax that would normally be payable on the transfer of these assets to your heirs.
With this kind of plan, you are able to ensure that:
Beneficiary: The person named to receive the income from, or remaining assets of, a trust
Bequest: A gift through one's will
Capital gains tax: The tax imposed upon profits realized from the sale of financial assets that have increased in value since they were acquired
Codicil: An addition to a will that either modifies it or revokes part of it
Gift tax: A tax imposed on someone who gives money or property to another person without compensation
Irrevocable gift: A gift that cannot be annulled, undone, or changed
Present value: The value, in today's dollars, of assets to be received at some future time
Principal: The initial sum invested or borrowed, or the remainder of that sum after payments have been made
Real property: Immovable property; land, together with all the property on it that cannot be moved, together with any attached rights; often referred to as "real estate"
Retained life estate: The right to use property for life (usually a residence or a farm) after contributing the remainder interest to a charitable institution
Retirement accounts: Qualified plans like IRAs and 401(k) accounts that permit individuals to accumulate savings tax-free for retirement
Tangible personal property: Includes movable objects (e.g. china, books, cars, clothes, art, etc.) but does not include land, buildings, or other forms of real estate (real property—see above), or stocks, bonds, copyrights, cash, or other "intangible" personal property
Trust property: Property held in trust by one person (trustee) for the benefit of another (beneficiary)
Variable income: Payments received on a regular basis that are subject to change, not fixed
For more information on how these gifts might work for you, please email us.Planned Giving