TCF Foundation will provide an endowment fund, ensuring that The Compassionate Friends will be available in the future for families following the death of a child.The mission of The Compassionate Friends is to assist families toward the positive resolution of grief following the death of a child of any age and to provide information to help others be supportive.
Each family that has been helped by The Compassionate Friends after the death of a child knows how very important it is to have such a support group available. Sadly, there will be many newly bereaved families in the years to come who will depend upon The Compassionate friends for support and understanding just as you may have.
Much of the financial support of The Compassionate Friends has come from current cash gifts from individuals and chapters. While it is important that these sources of financial support continue and grow, there is also a need to establish and nurture an endowment fund to guarantee that TCF will always exist to offer its unique servTCF to grieving families. TCF Foundation has been established to hold this endowment fund and to accept major gifts of $5,000 and above. The foundation is professionally managed and overseen by a separate Board of Trustees appointed by the TCF Board of Directors.
You can help ensure that the support of TCF is always available and, in doing so, also create a legacy in memory of a child or other loved one. We hope you will join other TCF members across the country to make this legacy of love a reality. The following examples are possible ways you can participate.
A cash gift is the most common way of giving. Contributions normally are tax deductible for income tax purposes to the extent of 50% of adjusted gross income.
Donations sent to the national offTCF may be designated for the general operating fund of The Compassionate Friends or major gifts may be designated for the endowment fund through TCF Foundation.
A gift to TCF Foundation of stocks, bonds, mutual fund shares or an IRA can he an effective way of making an investment in the future of the organization while also realizing some personal benefits.
The long-term capital gains tax on securities may often be avoided if the stocks or bonds are donated to TCF Foundation instead of being sold. This is especially advantageous with highly appreciated securities. In addition, you are usually allowed a federal tax deduction for the full market value of the stock you donate. Please consult with your tax advisor about these donations.
There are several estate planning techniques which may benefit both you and TCF and also establish your personal legacy of love. Your own estate-planning attorney can advise you. TCF Foundation will assist your advisors in any way that will be helpful. Please contact the Executive Director of TCF early in your planning. In general, gifts to The Compassionate Friends. Inc. and to TCF Foundation may he deducted on both federal estate tax and income tax returns.
You may prefer to remember TCF by making a charitable bequest in your will. You can designate specific property to go to TCF Foundation such as cash, real estate, stock, bonds. life insurance, proceeds from retirement benefits or any other type of asset. Charitable gifts of this type of property are deductible for federal estate tax purposes. For use in a will the official name to use is: TCF Foundation, Inc., a not for profit corporation of Illinois whose mailing address is P0 Box 3696. Oak Brook. Illinois 60522.
There are several methods of making a charitable bequest in your will. Some are as follows:
1. A percentage of the estate
2. A fixed dollar amount
3. Specific items (real estate)
4. Residue (after other bequests)
A life insurance policy that names TCF Foundation as the owner and beneficiary is an excellent way to contribute substantially to the foundation.
This can be done with either a new cash value policy of $25.000 or more face value or an existing policy that you no longer need for your family’s security. Policies should have a cash value of $5,000 or more. The approximate cash value of an existing policy can he considered as a gift for income tax purposes.
The premiums paid after the gift is made are also considered tax—deductible charitable contributions. You may wish to simply make TCF Foundation the beneficiary for part or all of the proceeds of a policy that you continue to own and control. The purchase of a new policy, such as the popular Survivorship Life Policy (often called a “second-to-die” policy), is one way of making a rather substantial contribution to TCF Foundation. This policy insures two lives, such as husband and wife, and is redeemed at the second death. It generally has a lower premium than a policy insuring only one life. The applicant, owner and beneficiary should be TCF Foundation, thus permitting the premium to be tax deductible. Consult your life insurance agent about transferring an existing policy or setting up a new one in this way.
We hope that the information in this brochure is helpful as you make decisions on how you can play an important part in assuring that The Compassionate Friends organization will be there for newly bereaved families in the future. Neither The Compassionate Friends nor TCF Foundation is engaged in rendering legal or tax advisory services. For advice and assistance in specific cases, the services of an attorney or other professional advisor should be obtained. The purpose of this publication is to provide information of a general nature only. Be aware of changes in tax laws. Wills and charitable gifts made in a contractual agreement are governed by state laws. Advice from legal counsel should be sought when considering these types of contracts.