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You care about feeding the hungry and helping the Maryland Food Bank fulfill its mission of ending hunger in Maryland. Why not make the ultimate gift and consider expressing your support for our work by making a long term commitment to the Maryland Food Bank?
A legacy or planned gift will ensure that the Maryland Food Bank will continue to secure and distribute high quality food to the more than 800 community partners who make up our network. Your gift will also help us continue to lead the movement to end hunger in our state. This type of gifts comes from a donor’s deep conviction and careful consideration of ensuring that the Maryland Food bank has the resources to fulfill that mission.
A legacy gift can be made in many forms. Things a prospective donor needs to consider include:
• The purpose of the gift and what assets they or their heirs will use to fund the gift
• The impact of the gift on the donor’s family and estate
• The timing of the gift; when it is best made to positively impact income and estate taxes
To make this type of special gift, it is best to consult with family and a financial planner, estate attorney accountant or other financial professional. Legacy gifts can be made through a variety of vehicles. They include:
• Bequests through will of through Revocable Living Trusts
• Stocks and other forms of securities
• Life Insurance plans
• Retirement plans
• Tax free IRA contributions (a limited time opportunity)
To honor those generous individuals and families for their legacy gifts, we have created the Legacy Society of the Maryland Food Bank. We invite you to let us know about your plans and give us the opportunity to express our gratitude by inducting you into this prestigious of loyal supporters. Over the years, supporters like you have selflessly and passionately given their time, talent and assets to support our mission. From cash donations to charitable bequests left to us through a will, each donation has allowed us to sustain a growing level of support that secures our long-tem financial stability.
If you too feel strongly about our important work and would like to join together with other supporters who share your values and expectations for the future, a future without hunger, we hope you will consider joining the Legacy Society of the Maryland Food Bank.
To learn more about legacy giving, contact Paula K. Minsk, CFRE, 410-737-8282, ext 215 or at minsk@mdfoodbank.org.
Important FAQ’s about the legacy society
Q. What is the Legacy Society of the Maryland Food Bank?
A. This group is comprised of donors who include the Maryland Food Bank in their wills or other estate plans. Their gifts provide essential financial support for all aspects of the food bank. Common types of gifts that qualify for membership include:
• Bequests (made through your will or living trust)
• Charitable gift annuities
• Gifts of retirement plan assets after your lifetime
• Charitable remainder trusts
Q. Why do many of our supporters join the legacy society?
A. Many of our supporters understand just how important they are to the continued success of the Maryland Food Bank. They trust us to be good stewards and use their gifts in a way that helps us most effectively and efficiently carry out our mission.
Q. What are the benefits of membership?
A. When you become a member of the Legacy Society of the Maryland Food Bank. You join us in making the resources of the food bank available for future generations. To thank you, we extend lifetime benefits that include:
An annual reception honoring legacy society members
Invitations to tour our facility
Listing in our annual report
Q. How do I join?
A. It’s easy – if you have already named us in your will or other estate plans, just let us know that you have done so. If you haven’t already made charitable plans like these, we are happy to talk with you about what methods of giving could work for your unique circumstances, without any obligation at all. Our supporters often find that planned gifts such as bequests and other vehicles enable them to use assets that might otherwise be lost to estate, income or capital gains taxes.
We would be pleased to assist you at any time and can provide free, no obligation estate planning materials to supplement your professional resources. Please contact Paula K. Minsk, CFRE at 410-737-8282, ext 215 or at minsk@mdfoodbank.org.
Bequests—wills or revocable living trusts
Remembering the Maryland Food Bank in your will or revocable trust is often the most meaningful way to leave a legacy. These gifts make it possible for the food bank to plan ahead in the fight against hunger. The following is suggested language for a bequest:
I hereby give to the Maryland Food Bank, located at 2200 Halethorpe Road, Baltimore, MD 21227 [cash amount or percentage of net estate or description of property] to be used for general purposes.
Consult with your legal counsel to help you with your will or trust. Please ask us for a free brochure on bequest planning. Call Paula K. Minsk at 410-737-8282, ext 215 to request this helpful brochure.
Securities
Donating appreciated securities (stocks, bonds or mutual funds held by you for more than one year) can allow you to reduce or avoid more capital gains taxes and receive a federal income tax charitable deduction. Designating the Maryland Food Bank as the beneficiary of your securities is another way to donate. This type of gift can be especially appealing if you are holding shares that have appreciated significantly in value but yield a low dividend.
Life insurance
If you have excess life insurance, you may enjoy tax benefits by designating the Maryland Food Bank as the beneficiary of an existing life insurance policy. In order to deduct premiums as charitable deductions, the donor must name the food bank as both the owner and the beneficiary of the policy.
Retirement plan assets
At a person’s death, qualified retirement plan assets may be subjected to both estate tax and deferred income tax, which combined can exceed 80 percent of the value. You can designate the Maryland Food Bank as a tax-free beneficiary of the remainder of your IRA, Keogh tax sheltered annuity, qualified pension or profit sharing plan. A charitable gift of insurance proceeds or the remainder of retirement plan assets is normally deductible from a donor’s estate.
Tax-free IRA contributions
Under the Pension Plan Act of 2006, people over the age of 70 ½ can donate as much as $100,000 from their individual retirement accounts to charity tax-free. The original provision of the law expired on December 31, 2007 but the recent Wall Street bailout bill has extended it through 2009. The IRA distributions are tax-free- and can count toward the required minimum distribution that IRA holders who are 70 ½ and older must take from their accounts each year.
Please consider the information on this site as an informational resource to help you in meeting your philanthropic goals. The information provided here is for illustrative purposes only and should not be considered investment, legal, accounting, tax or other professional advice.
Donate stocks/securities/mutual funds
For more information how you can donate stocks, securities, and/or mutual funds to the Maryland Food Bank, please contact Chief Development Officer Paula Minsk, CFRE at minsk@mdfoodbank.org or at (410)737-8282 ext. 215.
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