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To leave a bequest is to make a permanent statement of your values. It is by this act of charity that the world will remember what you cared about and what you stood for.
If providing for seniors matters to you, consider a gift to Council on Aging in your estate plans.
In addition to an outright gift, there are various planned giving options, from a trust arrangement that benefits your surviving spouse…to a bequest in a will…to a gift with tax advantages that provides income for your family. Whether you chose a lifetime gift or a bequest, you can structure your gift to meet the needs of those closest to you.
Bequests by Will
By far the most popular means of gift planning, many donors find that a will is the most convenient way of benefiting the community, perpetuating their generosity, and is an effective way to reduce estate taxes.
Most people have family obligations that are their primary motive for executing a will. An ideal plan might include a contingency providing, in case family or friends predecease you, that the estate is directed to benefit your charity.
Charitable Remainder Trust
Assets are placed in a trust, the earnings from which are paid as income to you and your beneficiaries. Upon the death of the last beneficiary, the principal goes to your charity.
Charitable Lead Trust
Assets are placed in a trust for a specified period of time. Income from the principal goes to your charity during the life of the trust. The principal goes to your beneficiaries when the trust terminates.
Gifts of appreciated real estate may provide ideal tax savings and a sizable gift to your favorite charity. In addition, arrangements can be made whereby you may retain use of the property for the rest of your life.
IRAs and Retirement Plans
You can make a charity a primary or secondary beneficiary of your IRA or retirement plan. If you are over the age of 70 1/2, you may also do a direct distribution from your IRA to Council on Aging and avoid paying income tax on the gift. You may use the Charitable Distribution Form to instruct your IRA provider.
There are a number of ways you can use existing life insurance policies as means of giving to a charity. Insurance policies initiated in the past may no longer be needed for family security. The gift of a paid-up policy may result in a substantial tax savings.
Gifts of stock are such a convenient way of giving gifts of appreciated securities, thereby enjoying additional tax savings.
Many of these options may be funded with appreciated securities resulting in the avoidance of capital gains taxes. You should always consult your legal, financial, or tax advisor to examine your overall financial situation to decide what is the right option for you.
For additional information, please contact Marrianne McBride, President and CEO at 707-525-0143 ext. 111 or email email@example.com