Bequests are a significant source of income for an organization such as the Vienna Baseball Foundation. As children grow up and move away from home to make their own lives, adult parents realize how important Vienna Little League was to the development of their children and in fact their entire family.
As most of us of retirement age realize, we did not have organizations such as Little League operating in our home towns when we were young. The best we could do was to call a bunch of friends and grab our old beat up glove and bat and meet at a field. Hubcaps for bases and no backstops, but endless fun and camraderie with your friends. When Little League became available, a whole new world opened of nicer safer facilities, better equipment, lighted fields, umpires, and a totally new appreciation for the national pastime.
While many young families simply cannot afford to support VBF during their children's playing years, they realize after their children have left the nest, and more so when a family retires from the business world, that they wish to provide for Little League in a more substantial way in their will.
Little League does a great deal more than simply give your children or grandchildren a place to play ball. It creates a melting pot of children from all income levels and nationalities, in essence a microcosm of life, and provides a safe and secure place for them to play and enjoy life.
GIFTS OF RETIREMENT PLAN ASSETS
For many Vienna area residents, aretirement plan (IRA, pension or profit sharing plan, 401(k) or the like, or ESOP) is a fundamental component of retirement security. However, if this asset is not fully exhausted during an individuals lifetime, the remander becomes subject to income tax when passed on to a beneficiary. If the beneficiary is not a psouse, estate tax may be owed on those assets as well.
By naming Vienna Little League as the beneficiary of a retirement plan, income and estate taxes are avoided entirely and donors can be assured that all of the value of their account will be directed to the organization they wish to support.
All you need do is to request a beneficiary form from your retirement plan administrator and designate the Vienna Baseball Foundation as a beneficiary. Be sure to use the Tax ID number of VBF of 54-1552907 on the form.
HOW WILL YOUR GIFT BE USED
Your bequest to the Vienna Baseball Foundation can help to ensure the strength and continued success of Little League in our area. In the event that expansion of Tysons Corner encroaches on our playing fields your bequest will ensure we have proper lighting to extend our hours to include night games. It might help Little League afford to put artificial surfaces down on existing playing fields thereby extending the playing time available. New surfaces drain much more quickly and are ready for play in minutes not hours and days. And, it will help maintain the fields to keep them in use as long as possible in the best possible condition.
As you create or revise your estate plans, please consider the many lessons that Little League taught to you and your children and further remember the Vienna Baseball Foundation in your will.
All you need to do is to ask your attorney to place the following words into your will.
"I give and bequeath to the Vienna Baseball Foundation (Federal Tax ID # 54-1552907), a not-for-profit 501(c)(3) Virginia corporation, the sum of $__________ to be used by the Board of Directors of the Foundation as they shall determine to better youth baseball in the Northern Virginia area."