A Guide to Estate Planning: Expert Answers to Common Questions

Estate planning can feel overwhelming, but it doesn’t have to be. In our recent webinar with Marci Tempesta, Special Counsel at Milbank, LLP, we explored the key steps to take control of your future.

Estate planning can feel overwhelming, but it doesn’t have to be. In our recent webinar with Marci Tempesta, Special Counsel at Milbank, LLP, we explored the key steps to take control of your future. From the basics of drafting a will to the benefits of charitable giving, Marci answered a range of important questions. Whether you’re just getting started or revisiting your plan, these expert insights will help you make informed decisions for yourself and your loved ones.

Please note: The following information is not estate planning or tax advice. Please seek professional support for advice on your unique situation. For more information on estate planning, please click here.

Q: What is estate planning?

A: Estate planning is the process of protecting your family by deciding who will inherit your assets and how you wish for them to be distributed, typically done through a will.

Q: What is a will?

A: A will is a legal document where you can outline your wishes about the distribution of your assets after you’re gone, as well as appoint people you trust to carry out your wishes. As your circumstance change, you can change your will whenever you need to.

Q: Why do I need a will?

A: Having a will can help avoid confusion and potential conflicts among your loved ones, giving you peace of mind knowing your wishes will be followed. Without one, state laws determine what happens to your assets, which may not align with your intentions.

Q: When should I update my will?

A: It’s a good idea to review your will every five years or so. But also, whenever there are big changes in your life, like getting married, divorced, having kids, or becoming a grandparent, it’s wise to ensure your will reflects your current situation and wishes.

Q: What about a living will and a health proxy?

A: A living will expresses your wishes for medical treatment in case you become incapacitated. Meanwhile, a health care proxy appoints someone to make medical decisions on your behalf if you’re unable to do so. Marci advises having both documents to ensure your preferences are respected during times of incapacity. You can find further guidance from the National Hospice and Palliative Care Organization.

Q: Are there other documents that are good to have?

A: Besides a will, there are two important documents worth considering. Firstly, a document that outlines your wishes for your physical body after death, as wills are often discovered too late, after you have already been buried or cremated. Secondly, you can consider assigning a general power of attorney to handle your financial decisions if you’re unable to do so.

Q: Are there taxes imposed on gift transfers?

A: Yes, both at death and during lifetime, there’s a federal estate and gift tax levied on transfers to others. Additionally, a generation-skipping transfer tax applies to transfers to individuals of a generation equivalent to grandchildren. These federal transfer taxes are set at a high rate of 40%.

Q: Are there exemptions to those taxes?

A: Yes, there are several exceptions to estate taxes. For instance, transfers to a US citizen spouse or to a qualifying trust for their benefit are exempt from estate tax due to the marital deduction. Transfers to charity are also exempt from estate tax. There’s also an annual exclusion allowing individuals to give a certain amount per person each year, currently set at $18,000 per person or $36,000 for married couples.

Q: What are the tax benefits of making a gift to a nonprofit like Sanctuary?

A: Making lifetime gifts to charities can have significant tax advantages. You can receive income tax deductions for charitable contributions made from your after-tax income. Additionally, donating marketable securities, like stocks, provides a deduction for the fair market value of the shares, while helping you reduce capital gains taxes. Nonprofits like Sanctuary benefit from these gifts and enjoy favorable deductibility rules. It’s always advisable to connect with your tax advisor to understand your specific situation.

Q: What is a donor-advised fund and why would I use one?

A: A donor-advised fund is a useful option for many reasons. For example, if you’re dealing with significant tax events and want to give to charity without deciding on the recipients right away, a donor-advised fund may be a useful tool. You will receive an immediate tax benefit while having time to distribute funds to charities over time. Contributions to these funds are also exempt from gift and estate tax, providing more financial benefits.

Q: Can I use my IRA to make a gift?

A: Yes, you can use distributions from your IRA to make charitable gifts. Funds withdrawn from your IRA are subject to income tax, just like any other income source. You can then donate the net amount to charity, similar to income earned from salary or stock sales.

Q: What if I don’t want to take my IRA distribution? Can I divert some of it to charity directly?

A: Absolutely, if you’re 70 ½ or older, you can redirect up to $100,000 of your IRA to charity annually. This amount is excluded from your gross income, providing a tax-efficient giving option. Additionally, if you’re at least 73, your qualified charitable distribution can satisfy your required minimum distribution (RMD), potentially allowing you to donate your entire RMD to charity if it’s less than $100,000 per year.

Q: What is a pour-over will and a revocable trust, and do I need them?

A pour-over will transfers assets not in a living trust to the trust upon the creator’s death to ensure they’re distributed according to the trust’s terms. However, assets moved by a pour-over will still go through probate.

A revocable trust lets you bypass probate by transferring assets during your lifetime, ensuring seamless management and privacy in case of incapacity or death. It also encourages asset organization, easing the process for your heirs later on, and ensures your assets go where you want them, protecting against outside influence. Trusts also provide benefits like creditor protection, making them valuable options for many people.


P.S. Have you already created a gift in your estate plans to Sanctuary for Families? Please let us know so we can thank you and add you to our list of our growing community of Legacy Society members. Contact us at donations@sffny.org.

President Biden Recognizes Sanctuary for its “Heroic” Work at 30th Anniversary of VAWA

On September 12th, Sanctuary for Families stood among the national leaders selected to stand behind President Biden on the White House steps as he commemorated the landmark 30th Anniversary of the Violence Against Women Act (VAWA).

On September 12th, Sanctuary for Families stood among the national leaders selected to stand behind President Biden on the White House steps as he commemorated the landmark 30th Anniversary of the Violence Against Women Act (VAWA).

VAWA Anniversary Celebration at the White House

President Biden personally thanked Sanctuary and all the leaders present, recognizing their collective heroic efforts to empower “those suffering in silence.”

“You’ve changed the nation. You’ve turned your pain into purpose. And your bravery and your spirit are unbreakable. And because of you — and this is not hyperbole — because of you, we’re a better nation than we were 30 years ago.”

– President Joe Biden

Simone Monasebian, Sanctuary’s Chief Program Officer, was also among the few leaders invited for a private meeting with the President in the White House’s East Room before his speech. President Biden expressed his deep gratitude to all the organizations for their work, reflected on the VAWA’s passage as his greatest legacy, and called on them to continue advancing this important mission. The event culminated with a reception on the White House Lawn.

Sanctuary CPO Simone Monasebian and fellow advocates joined President Biden in the White House’s East Room.

This commemoration was part of a historic two-day conference organized by the Department of Justice Office on Violence Against Women (OVW), one of Sanctuary’s dedicated funders. The conference provided a platform to reflect on the milestones achieved by Sanctuary and other leaders in the fight against gender-based violence while reaffirming the ongoing need to enhance coordinated responses to domestic violence, sexual violence, stalking, dating violence, and other forms of gender-based violence (GBV). Sanctuary’s Lindsey Song, Associate Program Director of our Family Law Project, and Lesley Johannsen, Senior Staff Attorney of Sanctuary’s Pro Bono Project, were also active participants in this impactful conference.

Sanctuary’s Lindsey Song with President Joe Biden.

“The Violence Against Women Act is my proudest legislative accomplishment in all the years I’ve served as senator, vice president, and president.  I mean that from the bottom of my heart.”

– President Joe Biden

Sanctuary CEO Judy Harris Kluger congratulates the DOJ Office of Violence Against Women for convening such a powerful commemoration and expresses deep appreciation for its continued, vital support, which has empowered Sanctuary to provide critical services to survivors throughout New York City.

Introducing New Board Members and Leadership Positions

[PRESS RELEASE] Sanctuary for Families is proud to announce the appointment of six new members to its Board of Directors and the election of new leadership roles.

Contact: press@sffny.org

FOR IMMEDIATE RELEASE

Sanctuary for Families Announces New Board Members and Leadership Positions

New York, NY — Sanctuary for Families, New York’s leading service provider and advocate for survivors of domestic violence, sex trafficking, and related forms of gender-based violence, is proud to announce the appointment of six new members to its Board of Directors and the election of new leadership roles.

Nefertiti J. Alexander, a partner at Kasowitz Benson Torres LLP, focuses on complex commercial and civil litigation, white-collar defense, and government investigations. She represents clients in high-stakes disputes involving business tort, breach of contract, antitrust, and securities fraud in federal and state courts and arbitration. Nefertiti frequently speaks on diversity and inclusion in law firms and has received multiple awards for her achievements. She was a 2021 Leadership Council on Legal Diversity Fellow and currently co-chairs Sanctuary’s Legal Advisory Council (LAC).  She holds a J.D. from Harvard Law School and a B.A. from New York University.

Gregory Baker, a litigation partner at Patterson Belknap Webb & Tyler LLP, chairs the firm’s securities litigation practice and is a member of the firm’s management committee. A former senior counsel with the SEC’s Enforcement Division, Greg represents clients in government regulatory investigations and civil litigation disputes. He is actively involved in pro bono efforts and mentoring young lawyers.

Ingrid Bilowich-von Ahn, a Swedish-American lawyer and philanthropist, is co-founder and executive director of the ILVA Foundation. The Foundation’s ethos and focus areas are based on Ingrid’s work as a women’s rights advocate and her time as an Assistant District Attorney for Kings County, Brooklyn. Ingrid also serves on the Legal Advisory Council for Sanctuary for Families, the Board of the Coalition Against Trafficking of Women (CATW), and the Advisory Council for the Robin Hood Foundation. She holds a J.D. from Emory University School of Law and is completing her M.Sc. in nonprofit management at Columbia University.

Jeannette Boot, a partner in the Investment Management Group at WilmerHale, advises clients on derivatives products and trading agreements. She heads the firm’s Well-being Working Group and has been involved in promoting mental health and well-being in the legal profession. Jeannette has also been a member of the Wellbeing Pledge subcommittee of the ABA Commission on Lawyer Assistance Programs since 2019 and serves on the Board of Directors of the Lawyer Depression Project. She holds a J.D. from Harvard Law School and a master’s degree from Cornell University’s School of Industrial and Labor Relations.

Diana Brummer, a partner in Goodwin’s Business Law Department and co-chair of the firm’s Real Estate Industry group, has extensive experience in commercial real estate transactions. She focuses on complex joint ventures, senior, construction, and mezzanine financings, acquisitions and dispositions, loan workouts, real estate recapitalizations, and development. Diana represents a diverse range of clients, including institutional investors, pension funds, private real estate funds, and REITs. She is also active in pro bono work and was a member of the Leadership Advisory Committee of the National Women’s Law Center. Diana attended Cornell Law School and the University of Illinois.

Michele Dinn, a former institutional investor who holds the Chartered Financial Analyst designation, is a long-time volunteer with mission-driven nonprofit organizations in the health and human services sectors. She serves on multiple committees within Sanctuary for Families and the National Multiple Sclerosis Society National Board of Directors, where she chairs the Investment Committee. Michele previously served on the National Multiple Sclerosis Society New York City-Southern New York Chapter Board of Trustees and the Finance Committee, and the Juvenile Diabetes Research Foundation International Investment Committee.

In addition to these new appointments, Sanctuary for Families is pleased to announce the new leadership roles for its Board of Directors:

  • President: Michèle O. Penzer
    Partner, Latham & Watkins LLP
  • Vice President: Jamila Abston Mayfield
    Founder & CEO, The Jamila Mayfield Group, LLC
  • Vice President: Anita Kawatra
    Executive Vice President for Corporate Affairs, Kallyope
  • Vice President & Secretary: Katharine Bieber Ogg
  • Treasurer: Francesca Odell
    Partner, Cleary Gottlieb

“We are thrilled to welcome such an accomplished and dedicated group of individuals to our Board of Directors. Their expertise and passion for our mission will be invaluable as we continue to advocate for and support survivors of gender-based violence. Our new board leadership further strengthens our commitment to governance excellence and strategic growth.”

Hon. Judy H. Kluger
CEO, Sanctuary for Families

About Sanctuary for Families

Sanctuary for Families is dedicated to the safety, healing, and self-determination of victims of domestic violence, sex trafficking, and related forms of gender violence. We provide a range of comprehensive services and work to end gender violence through outreach, education, and advocacy.

For more information, please visit www.sanctuaryforfamilies.org.

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Denim Day 2024: Standing Up Against Sexual Violence

April is Sexual Assault Awareness Month — Learn about the compelling history of Denim Day, how sexual violence manifests in the context of abusive relationships, and how Sanctuary staff are taking action.

April is Sexual Assault Awareness Month a crucial time to rally together, educate ourselves about the harsh reality of sexual violence, and support survivors on their journey to healing. One of the most notable initiatives during this month is Denim Day, a global movement that transforms ordinary denim jeans into a powerful symbol of protest against sexual violence.

In this blog post, we’ll take a deep dive into the compelling history of Denim Day, explore how sexual violence manifests in the context of abusive relationships, and share our staff’s unforgettable experience participating in the NYC Denim Day March and Rally.

What is Denim Day?

Denim Day was born out of a desire to challenge and change a deeply flawed narrative surrounding sexual violence.

Sanctuary and fellow advocates at the 2024 Denim Day rally.

In 1998, the Italian Supreme Court made a shocking decision to overturn a rape conviction. The justices argued that the victim’s tight jeans suggested she must have helped her attacker remove them, which they wrongly equated to consent. This outrageous ruling sent shockwaves through Italy and beyond, as it reinforced the damaging myth that clothing can determine responsibility for sexual assault.

Fired up and ready to fight back, women in the Italian Parliament staged a bold protest the very next day. They wore jeans to work in a defiant stand against the court’s decision and the misconceptions it perpetuated. This courageous act of solidarity soon blossomed into an international movement, with Denim Day now observed worldwide every April as part of Sexual Assault Awareness Month.


Sexual Violence Within Abusive Relationships

Sexual violence in the context of abusive relationships is a complex and often overlooked issue. Abusers often employ sexual violence as a weapon to exert power and control over their partners, using it to manipulate, degrade, and humiliate. It can take many forms, including rape, unwanted sexual contact, and sexual coercion.

Abusive relationships are characterized by a pattern of behaviors that are used to maintain power and control over the victim. This can include physical, emotional, and sexual abuse. Sexual violence is just one part of this pattern of abuse, but it can have lasting and devastating effects on the victim’s physical and emotional well-being.

Sexual violence in abusive relationships is often not recognized or reported, in part because of the shame and stigma that surrounds it. Victims may feel trapped, isolated, and powerless to leave the relationship, particularly if they are financially dependent on the abuser or have children together.

Understanding the complex ways sexual violence presents in the context of abusive relationships is crucial to supporting survivors and dismantling the systems that perpetuate abuse. By recognizing these intricate dynamics, we can better advocate for survivors and work toward effective prevention strategies.

Watch our webinar to learn more:


At Sanctuary, We #WearDenim

On April 24, 2023, Sanctuary staff members united for a cause dear to our hearts—the NYC Denim Day March and Rally. We proudly wore our denim as we marched across the Brooklyn Bridge from Brooklyn Borough Hall to Foley Square, joining forces with fellow advocates, survivors, and supporters. Together, we raised our voices against sexual violence and domestic abuse, championing a culture of consent, respect, and safety for all.


You Are Not Alone: Resources and Services for Survivors

At Sanctuary for Families, we’re committed to standing with survivors every step of the way. Our comprehensive services include clinical, legal, shelter, and economic empowerment support, all tailored to meet each individual’s unique needs.

If you or someone you know is experiencing domestic or sexual violence in New York, please reach out to our hotline at 212-349-6009 or visit our Get Help page to learn more about our services.

If you are a student survivor of sexual assault, click here to learn how Sanctuary can help. 

SERVICES FOR STUDENT SURVIVORS

For support on a national level, you can contact the National Sexual Assault Hotline at 1-800-656-HOPE (4673) or the National Domestic Violence Hotline at 1-800-799-SAFE (7233).


Let’s stand together, rock our denim, and create a world free from sexual violence and domestic abuse. We believe in a brighter future for all and won’t stop fighting until we get there.