Planned
gifts offer a variety of giving methods that allow you
to support your favorite charity and at the same time
meet financial goals. Making a planned charitable gift
usually requires the assistance of a knowledgeable advisor
such as an attorney, financial planner, or CPA to help
structure your gift. In addition, these giving structures
can be balanced with the needs of your family and the
financial security you want to provide them.
Planned gifts can be made with assets
such as stocks, annuities, real estate, IRA designations,
art pieces, or other business interests. Planned gifts
can provide valuable tax benefits and/or lifetime income
for you and your spouse or other loved one. The most often-made
planned gifts are through bequests, made in your will.
Making a bequest is easy and becoming
a part of The Arc’s Legacy Society helps ensure
the organization will provide needed programs and services
for years to come.
While your attorney can assist you, the
language that could be incorporated into your will could
be as simple as the following example:
“I
bequeath to The Arc of Baltimore, an organization providing
services to people with developmental disabilities in
Baltimore, Maryland, the sum of _______dollars ($) (or
a specific insurance policy, trust, stock or real property)
to be used for its purposes.”
If you wish to simply add to an existing
will, a codicil could be phrased like this:
“I
add to my existing will dated_____ the following provisions:
I bequeath to The Arc of Baltimore, an organization that
provides programs and services to people with developmental
disabilities in Baltimore, Maryland, the sum of ______
dollars ($) (or a specific insurance policy, trust, stock
or real property) to be used for its purposes.”
Call
with questions or to let The Arc of Baltimore know you
want to be a part of The Legacy Society. Contact Kate
McGuire, The Arc of Baltimore at 410-296-2272 ext 5238
or kmcguire@arcofbaltimore.org.
Other Planned Giving Opportunities
Gift
Annuities are used to transfer an amount of money
to the charitable organization and in exchange, receive
lifetime payments. Receive an immediate charitable tax
deduction, income for life (payment rates based on age),
and leave a legacy.
Retirement
plans may offer the best way to give. IRAs are commonly
held retirement savings plans, but if the IRA is left
to heirs, the taxes that were deferred are then due to
be paid.
Trusts
can provide individuals another avenue to transfer assets
with a tax advantage. People with large estates can use
a charitable lead trust to benefit the Arc of Baltimore
and pass the principal to family members with little or
no tax penalty. Several forms of trusts exist and should
be considered to determine which best suits your financial
needs. These include living trusts, charitable remainder
trusts, and testamentary trusts. Check with your financial
adviser to see what would work best for you.
Life
insurance purchased in earlier years sometimes
isn’t needed for dependents or the family members
it was originally purchased for and can be donated with
tax advantage.
