Create Your Legacy through Planned Giving
Many of us have a compelling desire to make a difference and to leave this world a better place. This search for significance leads many to consider what their legacy will be. A planned gift is perhaps the most tangible way to leave a lasting impact on the people and organizations that mean the most to you. A planned gift to the GO Center may also be an effective way to increase the value of the estate that is left to your heirs by lessening the tax burden on your estate through a charitable gift.
A will may be used to leave a bequest to the GO Center with a simple statement directing that specific assets or a percentage of the estate will be transferred to the charity upon the donors’ death. Donors need not part with any assets during their lifetime but may make provisions to support their favorite charity when the funds are no longer needed.
Charitable Lead Trusts
You can make charitable gifts that provide immediate funding to the GO Center for a period of time before benefiting you or your loved ones. If you wish to temporarily delay an inheritance in a way that helps reduce estate and gift taxes while funding charitable gifts, the lead trust may be an appealing addition to your estate plan.
Retirement plan and IRA
You can designate the GO Center as the final beneficiary of funds remaining in your retirement plan or IRA after your death. Giving in this manner can help maximize tax savings on your estate, sometimes as much as 75 cents on the dollar.
If you have a policy that is no longer needed to provide protection for loved ones, consider making a gift of its accumulated value to the GO Center. You may also take out a new insurance policy tax deductible yearly premiums during your lifetime, and the death benefit will be much more than the accumulation of the monthly gifts.
A Planned Gift
Planned giving allows donors to leave a legacy while taking advantage of tax savings and other benefits. The benefits of planned giving include:
- Increase current income because of reduced taxes
- Reduce current income tax
- Increased assets because of reduced estate tax costs
- Avoid capital gains tax
- Increase charitable donations
- Build a legacy while protecting your financial future
Gifts of cash are the simplest and most common. A one-time gift or payments on a pledge over a specific timeframe are acceptable. If you are 70 ½ years old and must take income payments from an IRA, you may gift a portion and not have to claim the income but receive the full tax deduction.
Publicly traded stock can be sold immediately by the non-profit organization. The donor can claim the appreciated value of the stock as a charitable gift but not have to claim that appreciated value as income.
Real Estate/Other Personal Property
Our acceptance is predicated on the ability to sell the property quickly. Gifting appreciated property entitles the donor to a charitable deduction equal to the current fair market value and because the non-profit organization owns it when sold, the donor is not liable for capital gains taxes.