In December 2009, the
Bar Foundation received a generous gift from the estate of Rusty
Weinberg Jr. of Sumter. In his honor, the Foundation has established
The Weinberg Society. The Society listing will include those
individuals who have made planned gifts in excess of $10,000 to the
Bar Foundation or those who have made a bequest.
There are several ways
to make a planned gift to the Bar Foundation.
~ Name the Bar Foundation as a full or
partial beneficiary of a life insurance policy
~ Name the Bar Foundation as a beneficiary
of your retirement account
As 401(k) accounts and
Individual Retirement Accounts have become the saving vehicle of
choice for many Americans, tax-deferred accounts have become one of
the largest assets many donors have to give to a favored charity.
Unlike an individual beneficiary, a charity will not owe income
taxes upon withdrawing the assets in the account.
also allows you the opportunity to use your retirement account for
charitable donations during your lifetime. In 2011, an individual
over 70.5 can direct an IRA distribution directly to a qualifying
charity for up to $100,000. This distribution can be in lieu of the
individual’s required distribution. This strategy might be
beneficial for minimizing the income tax impact on Social Security
benefits or improving deductions for such items as medical expenses
and financial advice. Your CPA can give you guidance on this issue.
~Name the Bar Foundation in your will
I give $xxx to the
South Carolina Bar Foundation, Inc.,
a nonprofit corporation qualified under Section 501 (c) (3)
of the Internal Revenue Code, located in Columbia, South Carolina,
to be used for its exempt purposes.
~Make a gift of an appreciated security
When you gift
appreciated securities to the Bar Foundation, you are able to deduct
the market value of the stock at the time of the donation and the
Foundation is able to sell the stock without paying capital gain