Legacy
Giving
A legacy gift (or “planned gift”) is a planned donation to a charity that generally occurs after you pass away. Legacy giving is often done as part of an Estate Plan (a plan for distributing your assets after death). There are multiple ways to make a legacy gift, and many provide various tax and financial benefits to the donor. Moreover, a legacy gift can allow you to make a substantial gift that may not have been possible during lifetime due to financial constraints.
Giving Options
There are multiple ways you can make a legacy gift to IAGD Charitable Foundation, and we have provided some examples below. We recommend consulting with a professional to determine which option is best for you.
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Include a bequest to the Foundation in your will or living trust. This could be a monetary gift or gifts of specific assets like stocks, real estate, or tangible property items.
An attorney can assist you with preparing a new will or trust or to amend existing ones. Here is an example of what bequest language in a will or trust may look like:
“I give to IAGD Charitable Foundation, 879 W. Auburn Road, Rochester Hills, Michigan 48307, Tax ID: 83-4298328, [the sum of $_____] / [ ______% of the remainder of my estate], to be used for its general charitable purposes.”
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Name the Foundation as the beneficiary of an IRA or other retirement plan (if allowed). As a nonprofit, the Foundation avoids paying income taxes that would otherwise be owed by an individual who received the funds, thus maximizing the potential of your assets.
Contact a plan administrator to request the appropriate forms. We also recommend consulting with a professional regarding any tax implications for other beneficiaries.
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Transfer real estate that you own to the Foundation with a deed that allows you to retain the right to use it during your lifetime while also providing significant tax benefits. When you pass away, the Foundation may keep or sell the property as needed. Before donating real estate, however, please check with the Foundation to confirm that it can be accepted.
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Designate the Foundation as the pay-on-death (POD) or transfer-on-death (TOD) beneficiary of a bank account or investment account. The gift can go directly to the Foundation without having to pass through probate upon death. Contact the financial institution to request the appropriate forms.
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Give a substantial gift to IAGD Charitable Foundation by designating it as the primary beneficiary or contingent beneficiary of a new or existing life insurance policy. Contact the life insurance company to request the proper forms.
For any fiqh-related questions regarding a policy, please consult with a qualified scholar.
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Allocate assets to a Charitable Remainder Trust and earn income from those assets during life while leaving the remainder to IAGD Charitable Foundation upon your death. On the flip side, a Charitable Lead Trust allows you to donate the income generated from trust assets to the Foundation during life, while leaving the remainder to your family upon your death. Both types of trusts offer potential tax savings to the donor, especially if you use appreciated assets like securities or real estate.
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Donor Advised Funds, Charitable Gift Annuity, Cryptocurrency, etc.
NOTE: The information provided on this page is for educational purposes only. For tax or legal advice, please consult with a professional.
According to hadith of the Prophet Muhammad (SAW), a Muslim may generally leave up 1/3 of his/her inheritance to charity upon death.
Info you may need to make a gift:
Legal name: IAGD Charitable Foundation
Legal address: 879 W. Auburn Rd, Rochester Hills, MI 48307
Mailing address: P.O. Box 70717, Rochester Hills, MI 48307
Tax ID/EIN: 83-4298328
Note: IAGD Charitable Foundation is a non-profit, 501(c)(3) tax-exempt organization, which is fully tax deductible.
Before making any non-monetary gifts, please check with the Foundation to verify that the gift can be accepted.
How will legacy funds be used?
The funds that IAGD Charitable Foundation receives from legacy gifts will be invested in a halal manner in order to build a sustainable endowment, or “waqf” fund. The returns from these investments will be used to make grants for various charitable, educational, social, and religious purposes. While the initial focus will be supporting IAGD, the Foundation expects that, as the endowment grows, it will be able to contribute to other mosques and community organizations, consistent with its mission and purpose.
If you have specific wishes about how your legacy gift should be used, please let us know on the Legacy Gift Intent Form below. However, we encourage donors to leave unrestricted gifts so that the Foundation can apply the funds where they are most needed at that future point in time.
Legacy Form
Planning to make a legacy gift?
Please fill out the following form so that we can make appropriate plans for the gift: