Through Wills & Living Trusts

You may want to review the laws and other changes that may affect your giving decisions.  The laws include retirement changes, known collectively as “Secure 2.0,” that may affect your savings and your giving.  They may even make it easier for you to make a difference at the organizations you care about.

Charitable giving implications:

1. Increases the required minimum distribution (RMD) age – Secure 2.0 increases the age retirees must begin taking taxable withdrawals to 73 in 2023 and 75 by 2033, up from the previous 72.  It does not, however, increase the age an IRA owner can make a qualified charitable distribution.  The age remains at 70 1/2.

How does this affect me? 

The extension of the RMD age gives you more time to save.  You will enjoy additional tax-free growth.  It also can be significant if you do not want to begin withdrawing retirement funds during an unsettled economic climate, giving you more time for your stock portfolio to recover.

2. Required minimum distributions no longer apply to Roth 401(K)s - If you've opted to save in your employer's Roth 401(K) instead of a traditional tax-deferred account, your account is exempt from the RMD rules.

How does it affect me?

This rule went into effect at the start of 2024 and it puts the Roth 401(K) on par with the Roth IRA, which also doesn’t have required minimum distributions.

3. Charitable gifts can now lower your RMD by up to $108,000 per year - Are you 70 ½ or older?  If so, you may know about a popular gift option that allows you to make a gift directly from your IRA to a qualified charity without paying income taxes on the distribution.  Historically, the amount you could give was capped at $100,000 per year.  The figure is adjusted annually for inflation. This limit is per individual, which means you and your spouse could donate a combined $216,000 in 2025.

How does that affect me?  

This allows you to not only increase your giving but also ensures your giving keeps pace with inflation.  And you can make an impact – and see your impact – during your lifetime.

4. Allows for a distribution from your IRA to fund a life-income gift – If you are 70 1/2 or older, you can make a one-time election for a qualified charitable distribution of up to $50,000 (without being taxed) from your IRA to fund a life-income gift such as a charitable gift annuity, charitable remainder unitrust, or charitable remainder annuity trust.

How does this affect me? 

These types of life-income gifts allow you to make a gift to a qualified charitable organization and receive lifetime payments to boost your retirement income or provide a lifetime payment for you or your spouse.

5. Inherited IRAs are subject to RMDs - Anyone inheriting an IRA will have to take RMDs starting in 2025 and every year going forward, if the original owner passed away after the age at which they would have had to start distributions of their own. The ten-year rule still applies as well, and beneficiaries will have to completely deplete the account by the end of the tenth year from inheritance.

How does this affect me?

If inheriting an IRA, you may want to take a small distribution each year instead of a big distribution in the tenth year, due to the tax impact of a big lump sum distribution.

We are here to help . . .

Please contact your financial advisor for additional information or contact StephanieCicale@hsinj.org to have a conversation about your legacy.

Making an Impact through Legacy Giving

For 18-year Homeless Solutions Director of Human Resources Kari Szary, making a commitment to support HSI beyond her lifetime was an easy decision. As a long-time volunteer turned staff person, Kari knows her thoughtful legacy gift will help us continue our life changing work and she hopes her story will inspire others to join her. 

Click here to hear Kari’s story.　

Like so many before her, Kari’s compassion for those we serve is truly an inspiration and we are forever grateful for her kindness.

A Legacy of Caring

Jim and Lynne Fleischmann share a passion for helping others.  Whether they are inspiring students, embracing music educators and the arts, supporting libraries, the YMCA and gender equity or helping individuals and families who simply need a hand-up, their impact is truly transformational.  They have never shied away from jumping in to help, serving on 10 Boards over the years, and engaging others to support their worthy causes.  Jim recently shared they are slowing down and now only serve on 6 Boards.     

Before retiring, Jim worked at TIAA-CREF and Salomon Brothers Asset Management.  He is proud of his Pittsburgh roots having received his BA from the University of Pittsburgh, where he grew up, and he also served in the US Coast Guard.  “I was very lucky,” shared Jim.  “I was born at the right time, in the right place, and I chose a career where even the mediocre could be at least moderately successful.”   

Jim and Lynne met when they were both working at a bank in Pittsburgh.  Lynne spent much of her career in finance and IT, most recently working at Seton Hall University.  But her passion is the arts!  You may find her on stage at The Connection in Summit with Jim in the audience cheering her on.  Their happy place is Chautauqua, NY where they escape to enjoy a few weeks of performing arts and thought-provoking lectures to fill their souls. 

Thirteen years ago, Jim was impressed when he heard Betsy Hall, former HSI CEO, speak to their local Rotary.  It took Betsy five minutes to reel him in.  Jim’s finance career taught him a certain side of the real estate business and he was intrigued to learn more about affordable housing, which led him to serve two terms on the HSI Board.  “We were happy to support the organization then and now because we know it is a very efficient and effective organization – not a penny is wasted, and many lives are improved.  Its purpose is pure, its staff is dedicated to the mission and the Board is comprised of likeminded men and women who truly care.” When Jim and Lynne were asked some years ago to join the 1983 Legacy Society, the answer came easily as they knew their gift would help others in perpetuity.  

Today, Jim and Lynne continue to be amazing advocates for our work and generous supporters.  They inspire others through their leadership and are always willing to give us their sound advice as we work together to meet the needs of those in our community.  We are forever grateful for their caring hearts and generous spirit that will change lives for years to come. 

Leaving a Legacy

In 2020, we said goodbye to a loyal and generous supporter, Catherine “Cam” Cavanaugh.  She left her mark in the world in so many ways. 

Cam was a longtime Morristown resident, author of four books, and recognized for her contributions to preserving New Jersey history.  Princeton University even used one of her books in their environmental courses, and it later became the inspiration for an acclaimed documentary.

It was her passion for reading that connected her to Homeless Solutions.  Cam was in a book club with Jean Sidar, the mother of Betsey Hall, HSI’s retired CEO.  The club included several HSI supporters, and Cam’s interest was piqued hearing them talk passionately about the organization.  She went on a tour of the shelter and became a loyal supporter for almost 30 years.

As a reflection of Cam’s commitment to our mission, she included HSI in her estate plans and thoughtfully told the staff since she knew we had just launched a Legacy Society to provide for our future needs.  Cam’s legacy of generosity will live on as hundreds more homeless neighbors’ lives are transformed by the hand-up they receive at Homeless Solutions.

This information does not constitute legal advice nor does if substitute for legal advice. You should consult a qualified tax advisor before using any language below or signing any documents intended to be legally binding.

Specific Amount

I, ______________, hereby give, devise, and bequeath to Homeless Solutions, Inc. (EIN# 22-2491675), 3 Wing Drive, Suite 245, Cedar Knolls, New Jersey 07927, the sum of $________ to be used at the organization’s discretion. *

Percentage Amount

I, ______________, hereby give, devise, and bequeath to Homeless Solutions, Inc. (EIN# 22-2491675), 3 Wing Drive, Suite 245, Cedar Knolls, New Jersey 07927, __________percent of the rest, residue, and remainder of my estate, to be used at the organization’s discretion.*

Contingent Bequest

In the event the beneficiaries of bequests and devises herein predecease me, or, in the case of institutions, cease to be organizations described in section 501(c)(3) if the Internal Revenue Code, I _______________, hereby give, devise, and bequeath to Homeless Solutions, Inc. (EIN # 22-2491675), 3 Wing Drive, Suite 245, Cedar Knolls, New Jersey 07927, the rest, residue, and remainder of my estate to be used at the organization’s discretion.*

*Donors may also restrict their bequests to specific purposes.  Named endowments for specific program funds generally require specific minimum amounts to ensure 1) a fund’s long-term viability and 2) the fund’s ability to meet the program’s needs. For more information, call, email or write Stephanie Cicale, 3 Wing Drive, Suite 245, Cedar Knolls, New Jersey 07927; telephone 973-993-0900 X 120; email stephaniecicale@hsinj.org.

Sample Codicil Language for amending an existing will

I, [name], a resident of the County of [county], State of [state], declare that this is the codicil to my last will and testament, which is dated [date original signed].

I add or change last will in the following manner:

[List all specific changes or additions to the original will. Reference each section number of the will and the specific language you will be affecting]. This is where you could include a bequest to Homeless Solutions, Inc., 3 Wing Drive, Suite 245, Cedar Knolls, New Jersey 07927; EIN #22-2491675

Otherwise, I hereby confirm and republish my will dated [date originally signed], in all respects other than those herein mentioned.

I subscribe my name to this codicil this [day, e.g. 1st] day of [month], [year], at [full address where signed], in the presence of [full name of first witness to codicil], [full name of second witness to codicil], and [full name of third witness to codicil], attesting witnesses, who subscribe their names here in my presence.

Anonymous (7)

Cynny and Ed Babbott*

Cam Cavanaugh*

Stephanie Cicale

John Duffy

James Engel

Francine Fitzgerald

Jim Fleischmann and Lynne Rogerson

Tobi and George Goldman

Mary Ellen and Gates Helms Hawn

Thomas Kelcec

Jack and Joslin Ruffle

Melissa Saldana

Linda Stamato

Kari and Peter Szary

Margaret K. von der Linde*

Candace and Richard Weeks

*denotes deceased