Types of planned gift options: Bequests
The simplest way to support the YCHT's future, a bequest provides a gift for the organization in your will. Possible wording
Charitable Gift Annuities
- General bequest - "I leave the sum of __ (dollars or percent) to the York County Heritage Trust."
- Residuary Bequest - "I give to (legal name of charity*) the rest, residue and remainder of my estate to be used for its exempt purposes."
- Contingent Bequest - "If (name of beneficiary) predeceases me or disclaims, I give such property to (legal name of charity*) to be used for its exempt purposes."
A Charitable Gift Annuity provides you with an income for life in exchange for transferring assets to the YCHT. It involves a simple agreement whereby the YCHT accepts a gift of cash, securities, or property and agrees to pay a specified, fixed dollar amount to you or another beneficiary.
Charitable Remainder Trusts
The Charitable Remainder Trust allows you to transfer assets into a trust which then pays lifetime income to you or your beneficiaries. The remainder of these assets will transfer to the YCHT. There are two types of charitable remainder trusts:
- Annuity Trust - you (the donor) receive a fixed income. No additional contributions may be made to the trust.
- Unitrust - this type is flexible in that you (the donor) may make additional contributions to the trust and the payments to you may vary.
Charitable Lead Trusts
A Lead Trust involves an agreement between you (the donor) and a trustee that provides income to the YCHT for a specified number of years. At the end of that period the trust property typically passes to an heir. Securities or other appreciated assets may be contributed to establish a charitable lead trust.
Gifts of Real Estate
Property gifts of personal residences, second homes, income property and vacant land can bring benefits to the Trust. These offer a wide variety of tax and other benefits. Any property gift must be reviewed in details prior to consideration. AT times it is not practical for the Trust to accept real estate gifts.
Retirement accounts assets, if left to anyone other than a spouse, may be subject to high taxes. By designating the YCHT as the recipient of any benefits remaining in your retirement plan, you may reduce the taxes on those assets.
You may wish to make the YCHT a beneficiary of an insurance policy.
An easy method to increase your contribution is through your company's. These programs typically match all or part of an employee's donation to a charitable organization. Contact your personnel office to obtain further information about matching gifts.
The YCHT welcomes gift pledges. A pledge is a formal statement of intention to make a gift to the YCHT. These allow you to complete your gift by making regular payments over time such as several months or quarterly, allowing you to give more generously than you originally may have considered. Each payment on your pledge is eligible for an income-tax charitable deduction.
We encourage you to work with your accountant, counsel or financial advisor to analyze your individual situation and the tax consequences thoroughly before making any decisions. If you or your advisors would like more information, please contact Terri Altland, Development Director, at 717.848.1587 ext. 216 or firstname.lastname@example.org
. IRA Gifts Extended Through 2009
Congress has temporarily extended legislation through 2009 that allows donors to make tax-free gifts from their IRA Accounts. If you are age 70 or older and do not need all or a part of the distributions from your IRA you can make tax-free gifts totaling up to $100,000 in 2009 from your traditional or Roth IRA to qualified charities. If you and your spouse each have an IRA account, you can each make up to $100,000 in gifts. While you cannot claim a charitable deduction for IRA gifts, you will not be required to pay income tax on any amounts you distribute to qualified charities. Contact your tax advisor for further information.