Giving back to your profession through a planned gift is a wonderful gesture made by many North Carolina lawyers. It can be as easy as a simple codicil to your will or a charitable remainder trust that includes the NCBA Foundation as a full or partial beneficiary. In 1995, the Foundation Board of Directors approved formation of a Planned Giving Program which will allow attorneys to include the Foundation in their estate plans either through a life income gift or a deferred gift. There are numerous opportunities available which will greatly benefit the attorney and the Foundation. There are potentially significant tax benefits and charitable deduction opportunities through certain types of gifts.
The following types of planned gifts may be made to The North Carolina Bar Association Foundation, Inc. That is the legal name of the organization:
- Charitable remainder trusts are created by a donor to produce income for a specified period of time, often a lifetime, with assets remaining at the end of that period going to a charitable recipient.
- Charitable gift annuities provide donors with a fixed income stream for life, with the assets passing to the Bar Foundation at death. A charitable gift annuity can be structured to begin paying income at the time of the gift or at a future specified date.
- Appreciated Property, appreciated securities or real estate, frequently is given to fund life income arrangements and may provide the donor with significant tax savings, as well as the satisfaction of making a significant contribution to the Bar Foundation.
- Life insurance and retirement plans may provide an opportunity to name the Bar Foundation as a beneficiary.
- Bequests are gifts to the North Carolina Bar Foundation made by provisions in a donor's will or living trust. Such provisions benefit the Foundation and reduce the estate's tax liability.
Individuals making a planned gift to the Bar Foundation will become members of the Platt D. Walker Society. The Platt D. Walker Society, established in 1996 and named in honor of the first President of the North Carolina Bar Association, recognizes individuals who have made a planned gift to support the Foundation.