Guide to Charitable Giving in New Jersey

Guide to Charitable Giving in New Jersey

The generosity of Tri-County Scholarship Donors enables us to provide disadvantaged youth in New Jersey with a quality education.  Any support that you can provide is greatly appreciated.  One this page you can learn about ways to help TCSF continue its mission.

Outright Gifts – are the most common gifts received by Tri-County Scholarship Fund.  Most frequently, this is in the form of cash by check, credit card or money order.  TCSF also welcomes gifts of securities and real property and personal property.  Outright gifts to TCSF are tax deductible as allowed by law.

A gift today of a fixed-dollar amount or appreciated securities such as stocks or bonds may allow you to take a current charitable income tax deduction for the full market value of the assets contributed.

Planned Gifts – are arranged during a donor’s lifetime, but the benefits to TCSF often do not accrue until the donor or donor’s beneficiaries are deceased.  Bequests are the most common planned gifts; others include life income agreements (such as charitable trusts), life insurance and retirement plans.

Bequest – a simple way to make a gift to TCSF is through your will.  You can help TCSF plan for the future by informing us of your plans for such a gift.

Examples are:

  • Residuary bequest – Used to give a portion of the estate after all debts, taxes expenses and other bequests have been paid.
  • Specific bequest – wherein you specify a dollar amount (e.g. I give, devise and bequeath to Tri-County Scholarship Fund, located at Four Century Drive, Parsippany, New Jersey 07054 the sum of $_______ or the rest, residue and remainder of my estate ).  Your bequest may also take the form of a percentage of your estate.
  • Restricted bequest – the language should clearly identify the specific purpose.  For example, you could establish a named scholarship Fund (subject to required minimums).

Life Income Gift – by establishing a charitable trust you can make a gift to TCSF, but retain the right to receive income payment for life.  Gifts to charitable trusts entitle you to a current tax deduction and allow you to avoid capital gains tax.

Gift of Life Insurance – life insurance may be a means to make a much larger gift than you thought possible.  TCSF can be named as a beneficiary, co-beneficiary or a successor beneficiary to receive the proceeds in the event the primary beneficiary is no longer living.

Retirements Plans – TCSF can be named as a beneficiary, co-beneficiary or contingent beneficiary of your Individual Retirement Account (IRA), Keogh Plan 401(K), 403(b) or other qualified pension plan.

Tax benefits of gifts made to TCSF during a donor’s lifetime may reduce income taxes, inheritance taxes and/or estate taxes.  The concepts described are complex and donors are encouraged to seek advice of competent tax experts to plan a gift that meets your objectives, provides for your needs and those of your family, and supports the TCSF mission.