Your legacy can change lives…Make a lifetime commitment to the fight against hunger
Legacy or planned giving is a wonderful way to support the things you care about most, now and after you're gone. For many donors, it's also an important part of their estate planning. Legacy giving is a wonderful way to commemorate the ties between you and the Hawaii Foodbank and create your own legacy.
The John White Legacy Society was created to recognize the generous aloha of those individuals who choose to support the Hawaii Foodbank through a planned gift. By becoming a member of the John White Legacy Society, you can provide crucial financial support through your will or trust or through gifts of stocks, mutual funds, real estate, life insurance policies, or other assets.
John White founded the Hawaii Foodbank in May 1983. He along with a single driver opened a small warehouse on Sand Island that became the Hawaii Foodbank. At the end of the first year, 380,000 pounds of food had been distributed through 75 member agencies. John White’s legacy lives on as the Hawaii Foodbank distributes over 11.8 million pounds of food therefore feeding over 183,000 islanders each year. By becoming a part of the John White Legacy Society, your legacy will help to feed our island ohana.
What will your legacy be?
Here are some of the most popular ways to make a legacy gift:
Remembering the Hawaii Foodbank in your will or revocable trust is one of the most meaningful ways to leave a legacy. A bequest can be a specific dollar amount, an asset, a percentage of your estate or a combination thereof. You can also have a contingent charitable bequest which is when the Hawaii Foodbank receives a bequest only in the event of the passing of other beneficiaries.
Without a will, there is no mechanism in place to make a bequest, so here are the steps you should take to make sure your wishes are granted.
Make a list of organizations or causes that you would like to support.
Make a detailed list of your assets (financial, real estate, vehicles, jewelry, collectibles, musical instruments, etc.)
Set up an appointment with your financial analyst or attorney, or planned giving officer at the organization you intend to support. These professionals will help sensitively guide you through the process.
Suggested bequest language for the Hawaii Foodbank is:
“I give, devise and bequeath to the Hawaii Foodbank Inc. (Tax I.D. #99-0220699) of Honolulu, Hawaii _______ (residue of estate, percentage, or specific amount), for its general purposes to feed the people of Hawaii.”
A beneficiary designation is an easy way to make a legacy gift to the Hawaii Foodbank without amending your will. You can designate the Hawaii Foodbank as a full or partial beneficiary of a life insurance policy or a qualified retirement plan such as a 401(k), a 403(b) or an IRA.
Including the Hawaii Foodbank as a beneficiary enables you to avoid substantial income and estate taxes (as high as 70%) that would have been due if a retirement plan were left to non-spousal heirs. These gifts enable you to realize significant tax benefits while giving you the satisfaction of helping to feed Hawaii’s hungry.
To make a beneficiary designation, request the appropriate form from your retirement plan or IRA custodian.
Cash, Appreciated Securities, or Real Estate
If you would like to see your gift have an immediate benefit and be put to good use during your lifetime you can give cash, appreciated securities, or real estate to the Hawaii Foodbank. This can be either one lump sum or, depending on the asset you wish to contribute, by pledging an amount over a number of years.
Life Estate Reserved
Another option for donating real estate is to make a life estate gift. This allows a donor to donate their home or farm to the Hawaii Foodbank Inc., although retaining the right to live in the home during their lifetime. The donor receives a generous charitable income tax deduction while making a lifetime gift to the Hawaii Foodbank.
Members of the John White Legacy Society are acknowledged in our publications (unless you prefer to remain anonymous) which includes our annual report and newsletters. If you would like to learn more about the John White Legacy Society please contact Polly Kauahi, fund development specialist at email@example.com or (808) 954-7856.