Make Giving the Gift of Life Your Legacy
Meet your philanthropic and financial goals by including Gift of Life in your gift and estate plans. A donation made through a planned giving vehicle may help you reduce your taxes while playing a vital role in Gift of Life’s future.
Gift of Life will work with you to identify the program that is most meaningful to you, whether it be funding a recruitment drive at a specific location annually, or contributing to donor circle to those in need. Planning to support programs that are meaningful to you now will help save lives in the future.
Making a Bequest in Your Will
A charitable bequest allows a donor to provide financial support to Gift of Life upon their death. Additionally, every dollar given to Gift of Life through a testamentary gift is fully tax deductible for federal estate tax purposes. There are a variety of ways you can choose to donate to Gift of Life through a bequest. These include donating a specific dollar amount, donating a percentage of your estate, or leaving specific assets, such as a home or art, to Gift of Life.
Sample Bequest Designation Through Will or Trust:
I hereby give, devise and bequeath to Gift of Life, a 501c3 organization located on 800 Yamato Road, Suite 101 in Boca Raton, Florida, for its general purposes _______________.
Donating Retirement Accounts or Life Insurance
Unlike inherited assets, IRAs, 401ks, and other retirement accounts generally cause taxable income to the beneficiary when received after death. However, because Gift of Life is a 501(c)(3) organization, it is exempt from income taxes. Therefore, Gift of Life would not lose any of your donation due to income taxes, unlike a taxable individual, and therefore is a way to make a leveraged gift to support Gift of Life. Furthermore, the IRS also allows for people over the age of 70 ½ to make a tax-free transfer of funds from his or her IRA to Gift of Life. Additionally, one can gift a life insurance policy to Gift of Life and obtain immediate and future income tax deductions for premiums paid and the fair market value of the policy.
Charitable Lead Trusts
Making Gift of Life the beneficiary of a charitable lead trust allows you to provide for your descendants at your death while funding Gift of Life’s mission during your life. A charitable lead trust makes a fixed payment to Gift of Life for a specified term, and upon the end of the term assets are returned to you or passed to a beneficiary.
Charitable Remainder Trusts
A charitable remainder trust provides income to a beneficiary for a term, then gives the remainder to Gift of Life upon the end of such term. Using this technique allows one to obtain a significant income tax charitable deduction and utilize appreciated assets without incurring a capital gains tax.
To learn more about the benefits and impact of planned giving, please contact Gregg Francis, CFO at 561-982-2918, or via email at firstname.lastname@example.org