With a planned gift to the Lake George Association, you will make a significant impact by protecting the future of Lake George for generations to come.
By investing in the future of the LGA, your generosity will help sustain the health of the lake through the continuation of ground-breaking science guided technology and solutions.
Your gift may also allow you to take advantage of tax benefits that will protect your family’s inheritance. Most traditional donations are in the form of cash, stock, or securities, but other options are also available.
Once you have made a legacy gift to the Lake George Association, you will join the Helen V. Froelich Legacy Society which entitles you to special invitations to exclusive events designed for Legacy Society members.
If you’d like to discuss planned giving options and how you can be part of the Helen V. Froelich Legacy Society, please contact Tyra MacGuffie [email protected].
How to make a Legacy gift to the Lake George Association
Legacy Gifts Today
Appreciated securities (or other assets): A gift of appreciated securities is most often in the form of common stock or mutual funds. Such a gift is a valuable way to benefit the LGA and for you to receive tax benefits based on the fair market value of the assets. Other appreciated assets, like real estate, may be gifted, but it is important to discuss these types of gifts in advance with the LGA.
Charitable IRA Rollover: If you are 70 ½, Federal Legislation now allows you to make tax-free distributions from your IRA directly to the LGA. This distribution is not included in your adjusted gross income, so there is no payment of additional tax on qualified distributions.
Real Estate: Real estate may be deeded outright to the LGA or left by bequest. The irrevocable gift of property may provide an immediate tax deduction and avoid capital gains. Due to complexities, be prepared to work with the LGA and a qualified advisor to ensure that this is a suitable gift for both you and the LGA.
Life Insurance: Make a gift or buy a policy making the LGA the owner and beneficiary.
Legacy Gifts that Pay Income
Charitable Gift Annuity: The gift annuity is an irrevocable gift of cash or securities where you receive a predictable fixed income for life. At termination, the LGA would receive the residual value of the annuity. There are also potential tax benefits depending on your situation.
Charitable Remainder Trust: The remainder trust is an irrevocable gift of assets into a charitable trust that provides you a fixed (Annuity Trust) or variable (unitrust) income for life or for a set term. At the trust’s termination, the trust becomes a generous gift to the LGA. There are also potential tax benefits depending on your situation.
Charitable Lead Trust: The lead trust’s income payments are distributed to the LGA for a set period of years, after which the assets are transferred back to the grantor or to whomever the grantor has named as the beneficiary. This provides generous support for the LGA now, removes the asset from the estate, and passes the asset to heirs with little or no tax. There is no immediate deduction for the lead trust.
Legacy Gifts in your Will
Bequests: The bequest is a gift through your will or revocable trust that enables you to retain the asset during your life and provide significant support to the LGA when you no longer require the asset. You may choose a specific item from your estate, a percentage of your estate, or a residual bequest. You may also choose to make the LGA a contingent beneficiary in case the heirs are unable to receive the estate.
Retirement Plan Assets: In some cases, retirement plan assets can be the heaviest assets taxed in an estate. Naming the LGA as the beneficiary can avoid that taxation, enabling the asset to pass tax free to the LGA. You may also designate the LGA as a percentage beneficiary or contingent beneficiary of a retirement plan.
Bank or investment Account: Financial accounts can be a simple and inexpensive way to leave a lasting legacy gift to the LGA. Contact your financial advisor to see how easy it is to make the LGA the beneficiary of a particular investment or bank account.
Memorial Bequests: A memorial bequest is a fund established in the memory of a family member or friend. You may simply designate that the particular fund to be established be named in memory of the person(s) to be honored or remembered. Please contact your financial advisor for wording for this type of designation.
Codicils: A codicil is a document that easily adds, modifies, or deletes the terms of your will. If your will is already complete, including a codicil that names the LGA in your will may not require changing your documents and may reaffirm the other terms of your will.