For 50 years, SERV Behavioral Health System has been a trusted behavioral healthcare provider in New Jersey, transforming lives through compassionate care and empowering people to embrace their full potential. You can help secure the futures of the individuals in our care today for generations to come by including the SERV Foundation in your estate plans.
You can leave a legacy with a planned gift to the SERV Foundation in several ways. These descriptions provide general information only. Please consult your legal and financial advisors for individualized guidance on your specific circumstances and objectives.
Bequests
Making a bequest to the SERV Foundation offers several advantages.
By making a bequest to SERV in your will, you may be able to make a more significant gift than you ever thought otherwise possible, and your estate may save on estate taxes. Bequests also provide great flexibility because:
- Bequests are revocable, which means you can make changes whenever needed.
- Bequests can be designated for a specific purpose or left unrestricted. An unrestricted bequest will provide general support for the SERV Foundation to use the gift where it is needed most at the time.
- You can make a bequest to the SERV Foundation by preparing a new will or revising an existing one.
You can:
- Make a specific bequest of cash, securities, or other property by designating an exact dollar amount, a particular asset, or a fixed percentage of your estate.
- Make a bequest of all or portions of your residuary estate after it has provided for all other beneficiaries specified.
- Make the SERV Foundation a contingent estate beneficiary by stipulating that the Foundation will receive all or a portion of the estate if named beneficiaries do not survive you.
- Make the SERV Foundation the remainder beneficiary of a trust established in the will to provide income plans previously described or in a marital trust that will pay all income to a spouse for life.
Sample language to include in a will or a codicil to a will:
- For an unrestricted bequest: I give (the sum of ______ dollars) or (all or ______ percent of the residuary of my estate) to the SERV Foundation of Ewing, New Jersey, for its general purposes.
- For a restricted bequest: I give (the sum of _____ dollars) or (all or _____ percent of the residuary of my estate) to the SERV Foundation of Ewing, New Jersey, to be used for the following purpose: (state the purpose).
- For the bequest of the residuary estate: I give (whatever remains) or (_____ percent of whatever remains) of my estate to the SERV Foundation of Ewing, New Jersey, after all specific bequests have been made. All expenses of administering my estate have been paid.
Retirement Assets
Tax-deferred savings plans like Individual Retirement Accounts, Keogh Accounts, 401(K), and 401(B) plans help you save for retirement. However, when the plan ends, often at the end of the plan participant's or spouse's life, the proceeds can be subject to income tax, estate tax, and a generation-skipping tax. Depending on where you live, there may also be an estate or inheritance tax. By naming the SERV Foundation as a plan beneficiary, tax-deferred retirement plans pass directly to the Foundation outside the estate. As a result, they are not subject to income or estate taxes.
To name the SERV Foundation as a beneficiary, complete a Change of Beneficiary form indicating the amount or percentage of assets you wish to contribute to the SERV Foundation. You can change the beneficiary again at any time.
Life Insurance
If you own a life insurance policy and no longer need its protection, consider transferring ownership to the SERV Foundation. You can also purchase a new policy and transfer ownership to the Foundation. Either gift will generate a charitable income tax deduction roughly equal to the policy's cash surrender value on the gift date. In addition, any premium payments made on behalf of the SERV Foundation entitle the donor to additional charitable income tax deductions for the premiums. An alternative is to name the SERV Foundation as beneficiary (but not owner) of a new or existing policy, allowing revocation of the gift should circumstances change. If completed, the eventual gift to the SERV Foundation would qualify as a federal estate tax deduction.
Let Us Know Your Intentions
If you have already provided for the SERV Foundation in your estate plan, or if you plan to do so, please let us know by contacting Carolyn Mayo at cmayo@servbhs.org.