The most common form of deferred gift to support Phoebe Ministries is a bequest contained in a person’s will or revocable (living) trust.
Before you start, determine which Phoebe entity you would like to support:
|Phoebe-Devitt Homes (Phoebe Ministries)||EIN# 23-1396838|
|Phoebe Home, Inc.||EIN# 23-2302675|
|Phoebe Berks Health Care Center||EIN# 23-2560952|
|Phoebe Richland Health Care Center||EIN# 23-3045622|
|Phoebe Wyncote Church Home||EIN# 23-1352525|
If you do not see the entity you would like to support, please contact Philanthropy at 610-794-5152.
Correspondence address is:
1925 W. Turner Street
Allentown, PA 18104
The following language is an example of how a bequest to benefit Phoebe may be worded (Fill in the name of the Phoebe entity above you would like to support):
I give, devise, and bequeath to Phoebe _______________, $___________ (or __________% of my estate) to be used at the discretion of the Board of Trustees.
If you make annual gifts to Phoebe and would like to continue your support after your lifetime, you can arrange an endowed gift through your will. To create an endowment a minimum of $50,000 is required. Giving in this way ensures that your gift continues into perpetuity. For example, you may write:
All the residue of my estate, including real and personal property, I give, devise and bequeath to Phoebe to establish____________________(i.e. John and Jane) endowed fund to support____________________(i.e. community life, operations, pastoral care, etc.)
If you are planning to make Phoebe one of your beneficiaries, we encourage you to tell us. That way, we can help you obtain the greatest possible satisfaction from your gift.
- Provide for your family after your death.
- Distribute your assets according to your wishes.
- Save on estate taxes with proper planning.
- Leave a legacy without giving up assets.
Including Phoebe In Your Will Is As Easy As 1 2 3
- If you don’t have a Will, now is the time to get one!
- If you have a Will, make sure it is up to date.
- If you would like to add Phoebe to your Will, it doesn’t have to be difficult or expensive.
By using a simple addendum you can make changes to your existing Will. Contact a member of the Philanthropy Team for more information. It will be a pleasure to talk to you about your legacy wishes and intentions.
Gifts Using Retirement Assets
Gift made through an IRA Rollover
The IRA charitable distribution is back for good.
Here are 4 Important Things to Know:
- The IRA rollover allows donors 70 ½ or older to transfer up to $100,000 directly from their IRAs to charity each year.
- An IRA rollover gift is a tax-exempt distribution. Qualifying individuals can make charitable gifts using pre-tax IRA assets rather than taking a distribution, paying income taxes, and using after –tax assets to make a charitable gift.
- An IRA rollover gift can be used to meet all or part of an IRA-required minimum distribution.
- The now permanent IRA rollover gives qualifying individuals certainty, allowing them to better manage their income, taxes, and charitable giving.
If you are already planning to make a year-end gift to Phoebe, or don’t need the required minimum distribution amount by year-end, the charitable distribution is a wonderful way to provide more support to Phoebe.
Here’s an example of how the IRA Rollover works:
Isabel turned 70 1/2 and will be taking $1,000 out of her IRA this year. She will pay an additional $350 in income taxes (assuming her tax bracket is 35 percent), leaving her with about $650 in total. She does not need this income, so Isabel directs the distribution to Phoebe instead. This distribution will not affect her taxes, and the full $1,000 will go directly towards helping Phoebe provide excellent services to elders in our community.
For many individuals it makes financial sense to make their gift to Phoebe through an IRA Rollover than to make a gift to Phoebe with after-tax dollars.
Making an IRA Rollover gift is easy. Contact your IRA administrator to get a form to complete. Please allow time to process it before year end. Distribution must be made directly to Phoebe. Please consult with your financial and tax advisers.
Gifts of Retirement Plan Assets
In addition to IRA Rollover gifts, donors may also name Phoebe as a beneficiary of their IRAs. Plans that would qualify are IRA, SEP, 401(k), 403 (b), and ESOP just to name a few.
These days, many people have a large percentage of their wealth in the form of traditional IRA accounts. In most cases, this is because significant distributions have been rolled over tax-free from qualified retirement plans to these IRAs. A lot of people also have charitable intentions. If this sounds familiar, there’s a tax-saving strategy you should know about: Consider designating Phoebe as beneficiary of all or a portion of your IRAs. Then leave other assets to family members or other heirs.