What is Your Legacy?
Planned giving includes a variety of ways that gifts can be made to the Senior Center from different resources.
This usually involves financial or estate planning; however, it is not reserved for the wealthy. Planned giving is a means by which anyone concerned with the wise use of their personal resources makes a considered choice about their ultimate gift.
In general, planned gifts are made through:
- A bequest in a will.
- A life income gift, such as a PIF, CGA, or CRT.
- Gifts of special assets, such as real estate, stock, life insurance, and retirement accounts.
Planned giving establishes a way for a donor to provide for family members, while remembering the Senior Center as well. It often enables the donor to provide more and make a larger gift than they thought possible. Often, it also reduces taxes.
Planned gifts can be designed to benefit the Senior Center's general operating fund, or the Loving Legacy Endowment.
The most common way of making a planned gift is by including the Senior Center in your will. Sample language that you could use to include the Senior Center in your will might look like this:
"I give, devise, and bequeath (state amount, asset, or percentage of estate) to the Sheridan Senior Center, located at 211 Smith Street, Sheridan, WY 82801, to be used as the Senior Center's board deems appropriate."
Pooled Income Fund (PIF)
A pooled income fund is a type of charitable mutual fund created from securities or cash donated by an individual, a family or a corporation to a charity, which is then invested to provide dividends for both the donor and charity. The donations are irrevocable and tax-deductible and must be from personal assets.
Charitable Gift Annuity (CGA)
You may be tired of living at the mercy of the fluctuating stock and real estate markets. A charitable gift annuity is a gift made to our organization that can provide you with a secure source of fixed payments for life.
Charitable Remainder Trust (CRT)
You may be looking for a way to receive fixed income for life or a number of years. You may be concerned about the high cost of capital gains tax with the sale of an appreciated asset. Perhaps you recently sold property and are looking for a way to save on taxes and plan for retirement. A charitable remainder annuity trust may offer the solutions you need.
Real Estate, Stock, and other special assets
Real estate or securities can be the source of your planned gift to the Senior Center. Using a Charitable Life Estate Contract, for example, you can deed your home, vacation home, farm, ranch, etc. to the Senior Center.
These gifts of appreciated real estate or securities allow you to avoid capital gains taxes.
This is another way to make a sizable gift to the Senior Center. To gift life insurance:
You can purchase a new policy and make the Senior Center the owner and beneficiary of the policy. This enables you to leverage your gift, making it a much larger gift than otherwise possible. You can also make the Center the owner and beneficiary of an existing policy. The current value of the policy is tax deductible, as are future premium payments.
Gifts of tangible personal property, such as jewelry, coins, artwork, vehicles, etc. may also be given to the Center
Thanks to the success of tax-deferred investments within qualified retirement plans, many people have found that they have sufficient funds for retirement and that they will probably have funds left for distribution to heirs and the charitable causes they with to support.
For additional information about planned giving, please consult with your attorney, financial adviser, or tax accountant. If you desire a private consultation with a Senior Center development staff member, please contact us at (307) 672-2240.