Legacy and Planned Giving
You can make a significant impact by supporting the work of Special Citizens through legacy and planned giving. Through planned giving vehicles, such as bequests, life insurance gifts, retirement gifts, retained life estates, and securities gifts, you can make smart decisions on the gift most appropriate for you to receive significant tax benefits.
A bequest from a will or a trust distribution to Special Citizens is fully deductible for federal estate tax purposes, regardless of the size of the bequest. A bequest can be made for a specific amount, for a percentage of your estate, or for all or a portion of what is left after you have made bequests to your family. Such a bequest would help you provide for the continuity of Special Citizens’ work in the future. To make a bequest to Special Citizens from your estate, you must sign a new will or living trust instrument, add a codicil to your present will, or make an amendment to your present trust instrument.
Life Insurance Gifts
A life insurance gift is an easy way to give a significant gift to Special Citizens with great tax benefits without affecting your current cash flow. To do so, you can contact your life insurance company to complete the appropriate beneficiary designation form. You can designate a specific purpose for such a gift with a separate letter prepared with assistance from Special Citizens.
Retirement and IRA Gifts
A retirement plan can be a tax-efficient and simple way of including Special Citizens in your estate plan. The best method is to name Special Citizens as a beneficiary on your plan's beneficiary designation form. The tax advantage stems from the fact that most retirement plans (other than Roth IRAs) are subject to income taxes and possibly estate taxes if left to an individual beneficiary. However, a charity that is named as the beneficiary does not pay income or estate taxes on the distribution, which means the full value of what is distributed can be used by Special Citizens as a gift from your estate.
A gift of securities, such as stocks, bonds, or mutual fund shares may offer advantages over a cash gift, and can support any area of Special Citizens’ work. To make a gift of securities, please contact Charles Herold (firstname.lastname@example.org) with complete securities gift form: CREATE FORM Securities Gift: this can be built out as a separate page to highlight the differences between gifts of stocks, bonds, and mutual fund shares.
Retained Life Estates
A retained life estate agreement is one way to contribute real estate to Special Citizens. This planned giving option allows you to remain living in and using your home or vacation home while establishing a gift of the property to Special Citizens. You receive an income tax deduction in the year you make the gift and Special Citizens receives the property at the end of the retained life estate term, usually your lifetime.
For more information on how to take advantage of gift planning, please contact Charles Herold at 212-643-2663 Ex: 126 or email@example.com. You may also want to consult with your estate attorney regarding the gift that makes the most sense for you.