Estate Planning / Legacy Giving

Legacy Giving

The members of our Legacy Club are our generous donors who have completed various estate planning arrangements such as bequests, charitable remainder trusts, charitable gift annuities and other planned gift vehicles, that contribute to naming Mama’s Kitchen as a charitable beneficiary in their future plans either during their lives as a charitable donation and/or after they have passed on as a charitable bequest.

Members of the Legacy Club receive an array of benefits, ranging from our donor newsletter and annual report, to meetings with key Mama’s Kitchen leaders and invitations to special events and seminars.

Meet Our Donor,Legacy Club Member: Tom Bell

Mama’s Kitchen has also established an endowment fund and a Charitable Gift Annuity instrument with the San Diego Foundation to benefit Mama's Kitchen. A charitable gift annuity is a way to make a gift to your favorite charity, and still receive an income for yourself or others.

For more information on Legacy Club giving, please contact Alberto Cortes at 619.233.6262 or by email at alberto@mamaskitchen.org

The charitable gifts that Mama’s Kitchen receives through estate planning provide a significant resource to secure the longevity of our programs and services. As you think of making plans for charitable estate gifts, please consider the following:

Bequests

Bequeath anything anyone owns at time of their death.

Donor has use of assets during their life.

Donor has the right to change beneficiaries during their life.

Cash, securities, and real estate can be made in testamentary form.

Enables Mama’s Kitchen to receive significant future support.

Upon the donor passing, the gift becomes irrevocable.

Living Trusts

Established by donor.

Cash, securities, and real estate can be made as a charitable gift in testamentary form.

Assets placed in the trust are available for donor’ use during their life.

Upon the donor passing, the gift becomes irrevocable.

Retirement Plans

Usually takes the form of Individual Retirement Accounts (IRA), 401(k), employee stock options, etc.

Gift amount is unlimited.

From a tax perspective may be the single best asset for making a testamentary charitable gift.

Enables Mama’s Kitchen to receive significant future support.

Simple to set up – designate Mama’s Kitchen as a beneficiary to receive a percentage.

Certificates of Deposit

Established by donor.

Funded with cash.

Funding amount will vary based on minimum financial institution funding requirements.

Funds available to donor during their life.

When CD is established, name Mama’s Kitchen as the beneficiary.

Gift is not received until donor passes away.

Savings Account (Totten Trust)

Established by donor.

Funded with cash.

Funding amount will vary based on minimum financial institution funding requirements.

Funds available to donor during their life.

When savings account is established, name Mama’s Kitchen as the beneficiary.

Gift is not received until donor passes away.

Life Insurance

A. Name Mama’s Kitchen policy owner and beneficiary of an ongoing policy

Policy amount is unlimited.

Donor receives charitable tax deduction for value of the policy or the net premiums paid on the policy (whichever is less).

Premium payments may be deducted as a gift.

Donor can make large gift in future at modest cost during life.

B. Give a paid-up policy to Mama’s Kitchen.

Policy amount is unlimited.

Donor receives charitable income tax deduction for the value of the policy or the net premiums paid on the policy (whichever is less).

C. Name Mama’s Kitchen as beneficiary but not as owner.

Policy amount is unlimited.

Allows donor to make large gift in the future at modest cost during life.

Donor has the right to change the beneficiary.

Donor has the right to borrow on policy.

Charitable Gift Annuity

Minimum funding (contact Mama’s Kitchen for contribution amount).

Can be funded with cash and appreciated securities.

Agreement with donor and Mama’s Kitchen.

Fixed payments for one life or two lives.

Charitable income tax deduction when established.

Reduced, prorated capital gains tax on gift of appreciated securities.

Charitable Remainder Unitrust

Minimum funding is $250,000 (gift size varies).

Funded with cash, appreciated securities, or real estate.

Donor receives variable income during life that can provide additional retirement income.

Charitable income tax deduction when established.

Can be customized to meet donor’s needs.

Provides for income growth.

Excellent tool for gifts of real estate.

Charitable Remainder Annuity Trust

Minimum funding is $250,000 (gift size varies).

Funded with cash or appreciated securities.

Donor receives fixed income during life that can provide additional retirement income.

Charitable income tax deduction when established.

Charitable Lead Trust

Established by donor.

Mama’s Kitchen receives an income stream during donor’s life.

Trust amount usually over $1,000,000 (may be less)

Allows property to be passed to others with minimal or no shrinkage due to taxes.

Because gift management practices vary geographically, estate and financial planning objectives vary from donor to donor, and the minimum gift amounts shown here may vary with financial lending institutions, this information is intended as general guidelines only. Mama’s Kitchen recommends that you contact your estate or financial planning advisor, or life insurance professional for your specific situation. This material should be used for informational purposes only and is not legal or financial advice.

To ensure that your gift is received by Mama’s Kitchen in the manner you desire, it is important to use proper language in your documents. The following sample bequest language provides the wording that your attorney may want to use when naming Mama’s Kitchen as a beneficiary:

“I give, devise, and bequeath to Mama’s Kitchen, Tax ID# 33-0434246, 1875 Second Avenue, San Diego, California 92101 for its general purposes all (or insert here the percentage or fraction) of the rest, residue and remainder of my estate, both real and personal.”