The Legacy Circle was established in March 2007 to honor individuals and families who have generously chosen to support the Junior League of San Jose by including it in their estate plans or by making some form of other planned gift. These legacy gifts memorialize philanthropic values and support the League’s programs. The Legacy Circle recognizes the thoughtful intentions of its members and members may be invited to special events and recognized in publications and on an official plaque (unless otherwise requested).
Meet Our Legacy Circle
Carolyn W. McCoid*
Linda and Peter Schmidt
Jeffrey and Valerie Tingley
Joining the Legacy Circle
There are many ways to leave a legacy. The following are ways you can support the Junior League of San Jose and become a member of the Legacy Circle:
- Bequests or Estate Gifts: By including the Junior League of San Jose in your will or revocable trust, you can make a significant gift through your estate, while retaining control and use of your assets during your lifetime. You can adapt the following language when creating your estate plan: “I give $______ [or __% of my estate/trust] to the Junior League of San Jose (EIN 94-1720473).”
- Retirement Plan Gifts: Designating the Junior League of San Jose as a beneficiary of your retirement plan (IRA, 401k, etc.) is a smart way to give. Retirement assets are subject to heavy taxation when left to individuals, but are tax-free when left to charity. This type of gift enables you to maximize your charitable legacy while leaving your family with more tax-efficient assets.
- Life Insurance Gifts: If you have a paid-up policy that is no longer needed to protect your family, consider naming the Junior League of San Jose as a beneficiary or owner of the existing policy.
- Charitable Remainder Trust: By establishing a charitable remainder trust, you or a loved one can receive income for life, while making a meaningful gift to the Junior League of San Jose from the remainder.
- Charitable Gift Annuity: The Junior League of San Jose does not issue Charitable Gift Annuities directly, but you can name the League as the remainder beneficiary of a Charitable Gift Annuity issued by another charity, such as Silicon Valley Community Foundation. This gift also gives you or a loved one income for life, making a meaningful gift to the Junior League of San Jose from the remainder.
- Remainder Interest Estate in Real Property: By donating your primary or vacation home to the Junior League of San Jose subject to a retained life estate, you can receive an immediate charitable income tax deduction, while retaining the right to use the home during your lifetime.
Options for Naming the Junior League of San Jose in your Plan
If you have made such a legacy gift to the Junior League of San Jose, please let us know about it, by completing the Legacy Circle Form. This will enable us to welcome you into Legacy Circle and properly thank you for your generosity.
No matter what type of legacy gift you select, you have several additional options:
Spending Options (General Fund or Endowment Fund): Unless otherwise noted, gifts are received into the Junior League of San Jose’s Endowment Fund. In this case, your gift will be permitted to grow in perpetuity, with the League only spending a prudent amount each year, as described in the League’s Endowment Fund Policy. This allows the League to grow a stable base of support for its work well into the future.
Alternatively, you may specify that your gift is for the League’s General Fund to be spent as the League deems appropriate. Such gift assets may be used in the year of receipt or may be invested for further growth. This allows the League to determine how each gift can best be used to support its mission.
Purpose Options (General Support or Community Programs): Whether your gift is to the General Fund or to the Endowment Fund, you may also designate it for the League’s general purposes (applied where needed most) or for Community Programs. If you wish to designate another specific purpose, we ask that you discuss this with us in advance, so we can ensure that the funds are put to a sustainable use consistent with the League’s Gift Acceptance Policy.
For further information, please contact the Junior League of San Jose at firstname.lastname@example.org or call (408) 264-3058.