You can make a gift of cash during your lifetime through a bequest in your will. Either way, this is one of the easiest gifts to make. Simply instruct your lawyer to include a provision for the Bill, Hillary & Chelsea Clinton Foundation in a new or revised will or add a codicil to an existing will.
Bank Accounts, Certificates of Deposit, and Securities
You can direct a bank account, certificate of deposit, or securities to immediately support the Clinton Foundation through a Totten Trust, also called a payable on death account, which in most cases only requires the completion of a form from your financial institution.
Just designate the Foundation as the recipient of the assets of your account or certificate of deposits. When you do so, you will still be able to use your money as you wish and you can even close the account.
There are certain tax breaks available when you make a gift of appreciated securities that you have owned for more than one year.
Certain retirement plans, such as IRAs, 401(k), 403(b), and Keoghs, allow individuals to defer paying taxes on a portion of their income until the assets are withdrawn during retirement years. However, after a person’s death, these accounts are subject to taxes for heirs. Therefore, you might find it beneficial to contribute all or part of these funds to the Clinton Foundation while leaving other assets to your heirs.
Simply name the Bill, Hillary & Chelsea Clinton Foundation a beneficiary of your retirement plan. You will retain complete control during your lifetime, and you can change your beneficiary at any time if your circumstances change.
Please note: You also may qualify to make annual charitable gifts using funds withdrawn (or “rolled over”) from qualified retirement accounts, eliminating the income tax that would otherwise be due on mandatory withdrawals.
Life Insurance Policies
An easy and straightforward method of philanthropic giving is through life insurance policies. The Foundation welcomes gifts of life insurance when the policy is paid in full and the Foundation is named as the owner and the irrevocable beneficiary of the policy.
The Foundation is also pleased to accept gifts of life insurance policies that are not paid in full at the time of the gift, provided that the policy:
- Can be surrendered by the Foundation as of the date of the gift for its current value;
- Can be converted by the Foundation as of the date of the gift to a reduced face amount;
- Has sufficient value as of the date of the gift to keep it in effect without payment of any additional premiums.
We will gladly accept benefits payable under a life insurance policy where the Foundation is a named beneficiary or contingent beneficiary under the policy, whether the policy is owned by the Foundation or not.
In addition to making an outright, irrevocable gift of residential, commercial, or undeveloped real estate during your lifetime, you can make a gift of real estate to the Foundation through your will. Simply describe the property, in full detail, in your will or codicil.
You can also transfer the deed to your property to the Foundation while retaining the right to live there for your lifetime. You would continue to take care of the property, pay the taxes, and receive any income it generates. However, because you have made a gift of the property by deed, it will not pass through probate after your death. You will also be able to take a deduction on your income tax return during the year you make your gift. Certain restrictions may apply and/or affect the Foundation’s ability to accept certain gifts of real estate. Please contact the Foundation’s Development Office to discuss any potential gift of real estate.
Gifts of Personal Property
Gifts of personal property, including art, jewelry, antiques, and collectibles, can be an effective way to provide support for the Foundation. They can be used to establish a charitable trust or the property can be given directly to the Foundation. Certain restrictions may apply and/or affect the Foundation’s ability to accept certain gifts of personal property. Please contact the Foundation’s Development Office to discuss any potential gift of personal property.