Forever Forward

Protect Loved Ones – Wills are important regardless of your wealth. They help you to protect your children, your pets, and your legacy, while saving your loved ones stress and uncertainty.

Assure Your Wishes – Without a will, your wishes regarding your assets and who manages your estate may not be met. Instead, the government decides who receives your assets and who administers your estate.

Easy To Do – If you need to create and/or update your will, there is no substitute for using a qualified attorney with estate planning experience in your state. A knowledgeable attorney can make sure that your wishes are properly recorded, which can reduce expenses and help your loved ones receive their inheritances sooner.

With the new year upon us, you may want to review the new laws and other changes that may affect your giving decisions.  The new 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.  Adjusts for inflation the $100,000 annual limit on direct gifts to qualified charities from your IRA – Are you 70 1/2 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 will now be adjusted annually for inflation beginning in 2024.

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.

3.  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.

We are here to help . . .

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

Our heartfelt gratitude to our legacy donors.

[lightweight-accordion title=”Steve Vittorio” title_tag=”h3″]

Steve Vittorio has always been devoted to supporting children and his local community.  “Born into a family of teachers, I developed a great respect over the years for the education system and the people who devote their life to educating children,” shared Steve.  Steve was in his early career at PGIM Real Estate Investors, was busy coaching and supporting his growing family with his loving wife, Laurie, when he asked a business colleague about his desire to get involved with a non-profit where he could impact the lives of children.  Thankfully, with the wonderful recommendation of his friend Finn Wentworth, the rest is history.  Steve came on board in the midst of a capital campaign to raise funds to support the expansion of the P.G. Chambers School in Cedar Knolls.  It would not take long for the school to engage his talents and recruit him to serve on the Board.  Steve served on the Board for 23 years, including 6 years as Chair, and many years on the finance, facilities and strategic planning committees.  His commitment to lead by example, learn from others, and build a sustainable organization that could weather any storm has left a lasting impact on our children and their families.

During his tenure on the Board, Steve and his fellow Board members strengthened the School’s finances, through prudent investments and careful planning, to protect it during challenging times.  And their thoughtful planning and focus proved invaluable as P.G. Chambers School navigated the unanticipated financial challenges of the recent pandemic.

“During my remarkable 25-year journey, I am proud of what I was able to give but more importantly I am touched by what I received in return.  I have been fortunate in my life in so many ways and being a part of P.G. Chambers School has left an indelible mark on my heart.  Laurie and I have a tremendous respect and high regard for the team of dedicated staff who work at P.G. Chambers School every day.  Their jobs can be grueling and thankless but in the end what they do is truly special, and it is a pleasure for us to be a small part of that,” shared Steve.  “When asked if I would consider joining the Legacy Leadership Circle, the answer came easily as I had already made provisions in my will to support this life-changing organization.”

Today, Steve continues to share his knowledge and love of our kids as a member of the Strategic Development Committee where he always leads by example and inspires others to join him.

[/lightweight-accordion] [lightweight-accordion title=”Ruth and Harry Kalish” title_tag=”h3″] Ruth and Harry Kalish, long-time volunteers and avid supporters of P.G. Chambers School, gave so much during their lifetime to P.G. Chambers School and many other worthwhile organizations.  An initial estate gift of $155,845 as a portion of their Charitable Remainder Annuity Trust, helped continue the work they have been so passionate about for over 40 years, allowing their legacy of love and caring for individuals with disabilities to live on.

Over 40 plus years, Ruth Kalish hosted Broadway theatre trips to raise money to support P.G. Chambers School. Ruth was first introduced to the school, which was then called the Easter Seals Center, by the late long-time P.G. Chambers Auxiliary member, Estelle Kanter. Together with a group of dedicated members, they increased awareness of our school and raised over $250,000 through the theatre trip fund raiser. Both Ruth and her husband, Harry, enjoyed the arts, jazz and going to the theatre. A genius, artist, computer technician, self-taught pianist, and a true renaissance man in his own right, Harry enjoyed a distinguished career at Bell Labs working in the early stages of computer graphics. Harry was commuting from Long Island to Bell Labs in Whippany when Ruth’s desire to help children with disabilities began as a driver for the United Cerebral Palsy in Queens. It would not be long before they decided to make New Jersey their home. As a new resident of East Hanover, Ruth immediately searched for a place to volunteer her time and support children with disabilities. PGCS were the grateful beneficiaries until her death in June 2017. Ruth was predeceased by her loving husband, Harry in December 2015.

And their outpouring of generosity did not stop there. We were also the beneficiary of an additional $762,000 gift from their estate to establish the Harry and Ruth Kalish Memorial Fund to support our programs in perpetuity. This gift is the largest estate gift ever received by P.G. Chambers School to benefit our children. Ruth and Harry will always be an inspiration and we are forever grateful for their generous and thoughtful gift.

[/lightweight-accordion] [lightweight-accordion title=”Nanette Courtine” title_tag=”h3″] Nanette worked for Warner Lambert for many years and was very involved in her hometown community of Victory Gardens. Nanette always had a smile and a kind word for everyone and her spirit was infectious.
[/lightweight-accordion] [lightweight-accordion title=”Barbara Jacobus” title_tag=”h3″] Barbara’s first love was the theatre. Upon retirement from her long career at Silver Burdett, Barbara became a regular participant on the P.G. Chambers School Auxiliary theatre trips. She was always the first to send in her check to reserve a ticket. Auxiliary President, Helen Schuyler remembers fondly their many trips together. “Barbara was always very social, loved a good party and we really became good friends,” said Helen.

While Nanette and Barbara had no children of their own, their thoughtful legacy gifts to support the students at P.G. Chambers School are truly heartwarming.
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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 P.G. Chambers School, Inc. (EIN# 22-1551480), 15 Halko Drive, Cedar Knolls, New Jersey 07927, the sum of $________ to be used at the School’s discretion. *

Percentage Amount

I, ______________, hereby give, devise, and bequeath to P.G. Chambers School, Inc. (EIN# 22-1551480), 15 Halko Drive, Cedar Knolls, New Jersey 07927, __________percent of the rest, residue, and remainder of my estate, to be used at the School’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 P.G. Chambers School, Inc. (EIN # 22-1551480), 15 Halko Drive, Cedar Knolls, New Jersey 07927, the rest, residue, and remainder of my estate to be used at the School’s discretion.*

*Donors may also restrict their bequests to specific purposes, including but not limited to the endowment of P.G. Chambers School for underwriting our ongoing programs and services. 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 Kathleen DeSantis, 15 Halko Drive, Cedar Knolls, New Jersey 07927; telephone 973-829-8484; email desantisk@chambersschool.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 P.G. Chambers School, Inc., 15 Halko Drive, Cedar Knolls, New Jersey 07927; EIN #22-1551480

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.