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Mission Statement
Family & Children's Service of Ithaca is dedicated to providing affordable, professional services that support children, families, and organizations in finding solutions to the challenges of life today.
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Quick Contact Info
Family & Children's Service
127 West State Street
Ithaca, NY 14850
607.273.7494
News
Aug 1, 2010
Openning New Doors Ribbon Cutting and Building Dedication
...learn more
Events
Cayuga at Twilight
September 12
Whispering Pines
Robert E. Hamlisch, MD Memorial Lecture Featuring Richard Kogan
October 3
Bailey Hall
FesTOYval
December 9
Country Club of Ithaca
Planned Giving: A Good Return for Doing Good
There are a variety of estate planning options that enable a donor to benefit a charity or charities like Family & Children's Service and, depending on the vehicle, realize significant tax savings and/or income.
There are essentially two ways to go: Donor Advised Funds and Charitable Remainder Trusts. There are some similarities and differences:
| Donor Advised Funds | Charitable Remainder Trust/ Pooled Income Fund |
|
| Minimum | as little as $5,000 | $50-100,000 to be cost-effectiveness |
| Tax advantages Vary w/ donor age |
Yes | Yes |
| Donor earns income | No | Yes, generally minimum of 5% |
| Irrevocable | Yes | Yes |
| Remainder goes to charity/ies |
Yes | Yes |
| % of fund distributed to charity/ies during donors or heir's lifetime |
Yes | No |
| Can fund with: | ||
| Stock* | Yes | Yes |
| Cash | Yes | Yes |
| Property | sometimes | Yes |
| Can reduce estate tax for heirs | Yes | Yes |
The following is a list of some local and national resources for Planned Giving.
Family & Children's Service of Ithaca
Laura Day, Director of Development: (phone)273-7494
Family & Children's Service can provide basic information and the services of our volunteer expert in estate planning or a list of estate planning professionals in the area who can offer further assistance. The Development Office also has detailed information on each of the entities listed below.
The Estate Planning Council Greater Tompkins County 272-4444
The Council is made up of lawyers, insurance experts, and bankers, among others who can offer guidance with estate planning.
| Donor Advised Funds: | contact information | contact/web page |
| Community Foundation of Tompkins | 272-9333 | Peg Hendricks, Exec. Director |
| Tompkins Charitable Gift Fund | 273-0037/1-800-274-4003 | Nancy Massicci |
| Cornell University Foundation-* A Donor Advised Fund |
277-0025 | John F. Murphy |
| Fidelity Charitable Gift Fund | 1-800-682-4438 | www.charitablegift.org |
| Vanguard Donor Advised Funds | 1-800-480-6960 | www.vanguard.com |
| Charitable Remainder Trusts: | ||
| Tompkins Trust Company | 273-0037 | Trust Department |
| Cornell University Foundation-* | 277-0025 | John F. Murphy |
| Vanguard Donor Advised Funds | 1-800-480-6960 | www.vanguard.com |
| Pooled Income Fund: | ||
| Fidelity Charitable Gift Fund | 1-800-682-4438 | www.charitablegift.org |
* depending on the size of the gift, the percent that must go to Cornell varies.