Lake George Planned Giving
Joining the Helen V. Froehlich Legacy Society to create your own legacy…
A charitable bequest is one of the simplest ways to make a gift, and often at a level not possible during one’s lifetime. A bequest can be made for a specific amount or a percentage of your estate. Your gift can consist of cash, securities, real estate, or personal property. It can be for general use or restricted for a specific program or service. This special gift truly reflects what is important to you.
Mike and Kathy Dier have chosen to leave a gift to Lake George in their will through the LGA's Helen V. Froehlich Legacy Society. Read why!
The federal tax laws recognize that organizations like the LGA rely on generous private donations to continue our work. For this reason, the law permits a 100% charitable estate tax deduction when you make a bequest to the LGA in your will.
Sample Bequest Language: When you discuss including the Lake George Association in your will or living trust, you should ask your attorney to include the following wording in your will so that the LGA will be remembered in the proper way:
Lake George Association Tax ID Number: 14-6000565
“I give, devise, and bequeath to the Lake George Association (specific dollar amount, article, stock) OR (a fraction or percentage of the residue of my estate)."
For more information on charitable bequests, please be sure to contact your legal advisor.
A donation from your IRA …
In late December of 2010, Congress voted to extend the Bush tax cuts two more years.
If you're 70 1/2 or older, you are required to withdraw from your IRA every year. The newly enacted law extends a provision that allows you to contribute up to $100,000 directly from your IRA to a charity of your choice. The charitable contribution will not be included in taxable income for the year.
If you haven't taken your yearly withdrawal yet this year, you can choose to direct it to the LGA today to protect Lake George AND reduce your taxable income! What a Win - Win situation!!
As always, we urge you to contact your financial/tax advisor.
A donation of appreciated securities or stock reaps big benefits...
Gifts of appreciated securities or stock can be one of the most advantageous ways of giving. If your gift of stock is one you have owned for more than one year, you may deduct the full fair market value of the stock as a charitable contribution, while bypassing all capital gains taxes.
When making a donation of stock please provide your broker with the following critical information:
Merrill Lynch DTC# 5198 Account # 80802027
Instruct your broker to provide the name of the stock, number of shares and their contact information,
AND PLEASE CC: Nancy Cobb-Zoll, director of membership development, 518-668-3558, email@example.com.
Here are a few more ways you can give:
REAL ESTATE. Using real estate such as your house, farm, commercial property, vacation home, or investment property to fund a gift allows you to preserve your cash assets, receive significant tax and income advantages, and make a larger charitable gift than anticipated.
RETIREMENT PLANS. Using retirement plan assets—individual retirement accounts (IRAs), 401(k) plans, Keogh plans, and other retirement plan accounts—to fund a gift to the Lake George Association often can be a tax-wise financial decision. Retirement plan assets are distributed outside of probate and are entirely free from U.S. federal estate and income tax when given to a tax-exempt charity such as the LGA.
LIFE INSURANCE. When you first obtained your life insurance policies, you felt a need for them. But perhaps you don't need the same amount of coverage today. If you are considering a contribution, a gift of life insurance could be a sensible and generous course of action.
GIFT ANNUITIES. Establishing a charitable gift annuity or other life-income gift allows you to make a meaningful gift to us while creating permanent income for yourself and/or a loved one.
Similar to an annuity, trusts provide a source of income, while also offering a remarkably versatile way to broaden your estate plan. They can provide the potential for increased life income for you and loved ones, tax benefits, and a means to support a favorite charitable organization or several different beneficiaries.
REMAINDER TRUSTS. Similar to an annuity, trusts provide a source of income, while also offering a remarkably versatile way to broaden your estate plan. They can provide the potential for increased life income for you and loved ones, tax benefits, and a means to support a favorite charitable organization or several different beneficiaries.
RETAINED LIFE ESTATE. If you own property that is fully paid off and has appreciated in value, an outright gift may be the simplest solution. You can deduct the fair market value of your gift, avoid all capital gains taxes, and remove that asset from your taxable estate. You can also transfer the deed of your home or farm to the LGA today, and keep the right to use the property for your lifetime and that of your spouse.
LEAD TRUSTS. A charitable lead trust allows you to make a donation now while reducing the tax costs for your heirs in the future. Income generated by the trust supports the important work of the Lake George Association for a designated period of years, after which the assets pass to your heirs.