With proper planning, you can support Mary Cariola’s mission well beyond your lifetime. Below are several ways you can give through your estate.
Ways to Give Through Your Estate
Current Gifts
The primary reason people make charitable gifts is because they have a desire to “do good”—help the community, support a cause they are passionate about, or assist those less fortunate, for example. It is generally not to improve their tax situation.
Even so, with more taxpayers using the standard deduction these days, donors are considering other alternatives for their charitable giving that do provide tax benefits. One of the simplest strategies is making a bundled gift, which is bunching two or more years of anticipated contributions into a single tax year.
Other current gift strategies are summarized below.
DONOR-ADVISED FUND
How it works:
Make outright gifts/grants to us from your donor-advised fund (DAF) and/or name Mary Cariola as the ultimate beneficiary of the remainder in the fund.
Benefits to donors:
- Reduce your income taxes through a charitable deduction when fund is established
- DAFs are typically invested and grow tax-free
- Able to donate long term appreciated securities to a DAF, eliminating capital gains taxes
Minimum gift:
Any amount
INDIVIDUAL RETIREMENT ACCOUNT - QUALIFIED CHARITABLE DISTRIBUTION
How it works:
Make a non-taxable Qualified Charitable Distribution (QCD) directly to Mary Cariola from your Individual Retirement Account (IRA).
Benefits to donors:
- Satisfies or helps to satisfy your required minimum distribution, which begins at age 73
- Distribution is excluded from your adjusted gross income for the year in which it is taken
- Allowable distribution can be accomplished through multiple transfers
Minimum gift:
Any amount up to $105,000
STOCK AND APPRECIATED ASSETS
How it works:
Avoid capital gains by transferring appreciated stocks, bonds, or mutual fund shares you have owned for a year or more to Mary Cariola.
Benefits to donors:
- Receive an immediate income tax deduction for the fair market value of the securities on the date of transfer
- Pay no capital gains on the transfer when the stock is sold
- The "cost" of your gift is often less than the deduction you gain by making it
Minimum gift:
Any amount
Electronic stock transfer and delivery instructions:
Please contact Scott Collins for this information at scollins@marycariola.org
or (585) 895-7393.
Federal Tax ID#:
Mary Cariola Center: 16-0771078
Mary Cariola Foundation: 87-1411659
For more information, or to discuss or disclose a gift, please contact |
Deferred Gifts
Making a planned gift that is deferred until after your lifetime is the best way for you to maximize the impact of your generosity and to create a lasting legacy at Mary Cariola Center. There are simple, creative ways to support Mary Cariola that allow you to retain control and use of your assets during your lifetime.
Below are summaries of recommended deferred gift options to consider.
A GIFT IN YOUR WILL
How it works:
Include a gift to Mary Cariola in your will or living trust. (See sample bequest language in next tab)
Benefits to donors:
- Simple to establish; can be changed as needed
- Assets remain in your control during your lifetime
- Currently no upper limit on the estate tax deduction
Minimum gift:
Any amount
RETIREMENT ACCOUNT
How it works:
Designate Mary Cariola to receive all or a portion of the pre-tax assets in your IRA, 401(k), 403(b) or other qualified retirement plan.
Benefits to donors:
- Your heirs would avoid being subject to applicable federal income tax and maybe also federal estate tax
- Continue to take regular lifetime withdrawals
- Flexibility to change designation if your family's needs change during your lifetime
Minimum gift:
Any amount
LIFE INSURANCE
How it works:
Designate Mary Cariola as the beneficiary to receive all or a portion of a new or existing policy, either fully or partially paid.
Benefits to donors:
- Make a gift using an asset you and your family no longer need
- Entitled to a charitable tax deduction equal to the cash surrender value and any future premiums paid
- Allows a sizeable gift for minimal outlay of cash
Minimum gift:
Any amount
Our Federal Tax ID# is 16-0771078. |
Bequest Language
When leaving a bequest to Mary Cariola Center, we suggest that you keep the language in your will or trust as general as possible. The following samples provide some suggested options, depending on your charitable intentions. The Advancement Office is available to work with you and your attorney in planning an estate gift to the Agency so that your intentions are fully understood and carried out.
Specific Bequest
Naming Mary Cariola as the beneficiary of a specific monetary amount and/or a specific object like a home:
I give, devise and bequeath to Mary Cariola Children’s Center, Inc., (Tax ID #16-0771078), located in Rochester, NY, the sum of $____________ (or percentage or asset) of my disposable estate to be used for its general support (or for the support of a specific fund or program).
Contingent Bequest
Naming Mary Cariola as a beneficiary of your estate contingent upon one or more of your specific bequests not being fulfilled:
If (insert name) is not living at the time of my demise, I give and devise to Mary Cariola Children’s Center, Inc. (Tax ID #16-0771078), located in Rochester, NY, the sum of $ _______ (or all or a percentage of the residue of my estate) to be used for its general support (or for the support of a specific fund or program).
Residual Bequest
A bequest that comes to Mary Cariola after all other aspects of a will are executed:
I give and devise to Mary Cariola Children’s Center, Inc. (Tax ID #16-0771078), located in Rochester, NY, all (or a percentage) of the rest, residue, and remainder of my estate, both real and personal, to be used for its general support (or for the support of a specific fund or program).
Legacy Society
The establishment of the 1949 Legacy Society honors the year that Mary Pulvino Cariola, along with six other families, founded what is now Mary Cariola Center.
While the name of the society commemorates our history, our past, it was created as a means for recognizing those who have helped sustain our future by including the Agency in their estate plans, regardless of the gift amount.
When you establish your legacy gift, you join a select group of individuals who have expressed an enduring commitment to Mary Cariola. Once you complete your estate plans, please let us know by emailing Brad Pearson at bpearson@marycariola.org and/or by filling out our Estate Gift Disclosure Form and sending it to us, so we can express our gratitude and welcome you into our 1949 Legacy Society.
Your membership involves no dues, obligations, or solicitations, but it does allow us to thank you and recognize you for the plans you have made, and it may inspire generosity in others.
Member Honor Roll
In recognition of those who have included Mary Cariola in their estate plans.
- Lena Adams*
- Joyce Amisano*
- Frances Ange*
- Anonymous(2)*
- Margaret L. Baart*
- Betty Bareham*
- Shirley A. Berna*
- Beverly Bowen*
- Helen Brior*
- Doris Britton*
- Mgr. Francis Burns*
- Francesco Conti*
- Agnes Delaney*
- Ottilia DeYager*
- Mary Dowd*
- Rita Duffy*
- Julia Elling*
- Grace Field*
- Jean Fiorentino*
- Fanny Fisher Barnum*
- James & Janet Flanagan
- Patricia Ford
- Hazel Fyfe*
- Raymond H. Gerhard*
- Nicholas Grace*
- Jim Grossman
- Allan Halsey*
- Henrietta Ann Hamilton*
- Muriel Hanselman*
- William J. Hart*
- Germaine Hess*
- Lina Hill*
- Mary Frances Hinga*
- Kevin and Patti Hoock
- Lawrence Hughes*
- Rodney James*
- Margot Keibel*
- James L. Kerr*
- Ellen K. Kimbrough*
- Patricia Larrabee
- Irene Lightheart*
- Dr. James Lockhart*
- Anne Lockwood*
- Doug and Kate Lyon
- Katherine Mackerchar*
- Marie Marra*
- Marjorie McDowell*
* deceased
- William McKie*
- Elizabeth O. Miller*
- Ingeborg Morley*
- Kevin P. Murphy*
- Robert Nellis*
- Catherine Noble
- Wade & Lisa Norwood
- Julia Olds*
- Michael & Jan Osborn
- Jean L. Patrick*
- Joseph Petrotta*
- Nellie Pomilio*
- Tom & Glenda* Prins
- Doug Randall*
- Dorothy Roudabush*
- Rose Saltzberg*
- Josephine Santopietro*
- Paul C. Scott
- Laura Seifferd*
- Ann Simpson*
- Mark & Marcia Siewert
- Norman Siewert*
- Dean Stanley*
- Vincent J. Stanley*
- Jean Stanton*
- James Sullivan*
- Josephine Talerico*
- Natalie Nania Termito*
- David J. Tuthill*
- Ruth VanHee*
- Dr. Eugene L. Ver, Jr.
- Justin Vigdor
- Carmen Vitali*
- Victor & Marjorie Volke*
- Laura Wadleigh*
- Hon. Robert H. Wagner*
- Nancy Weiderhold*
- Gus & Gerry Werner*
- Wendy Witterschein
- Rev. Paul Wohlrab*
- Karen Zandi
