Planned and Legacy Giving
Create a Legacy That Lasts Beyond Your Lifetime
Common types of planned gifts:
Charitable Bequest
A charitable bequest is one of the easiest and most flexible ways to leave a lasting impact on Amazing Place.
Benefits of a bequest: receive an estate tax charitable deduction, reduce the burden of taxes on your family, leave a lasting legacy to Amazing Place.
WILLS AND TRUSTS – You can include language in your will or trust specifying a gift to be made to family, friends or Amazing Place as part of your estate plan. Bequests of real estate, personal property, business interests and cash are typically made by way of a will, revocable trust or even a simple codicil to your current estate plan. Your estate-planning attorney can assist you in preparing the necessary papers for you to complete the bequest.
A bequest can be made in several ways:
- You can gift a specific dollar amount or asset
- You can gift a percentage of your estate
- You can gift from the balance or residual of your estate
- You can make a beneficiary designation of certain assets
Bequest Language
In order to make a bequest, you should speak with your attorney. Your attorney can help you include a bequest to Amazing Place in your estate plan.
Common ways to leave a bequest:
- Include a bequest to Amazing Place in your will or revocable trust
- Designate Amazing Place as full, partial or contingent beneficiary of your retirement account (IRA, 401(k), 403(b), pension, etc.)(See beneficiary designations)
- Name Amazing Place as a beneficiary of your life insurance policy. (See beneficiary designations)
Beneficiary Designation (IRA, 401k, 403b, pension, etc.)
Beneficiary Designations
When designating Amazing Place as the beneficiary of your retirement account (IRA, 401(k), 403(b), pension etc.), insurance policy, bank account or stocks and bonds, or you can make a bequest using a beneficiary designation form. Simply contact your retirement plan administrator, life insurance company, bank or investment broker and ask them to send you the appropriate “beneficiary designation” or “payable on death” form. To complete your bequest, you will need to complete and sign the form and then send it back to the person who originally sent the form to you.
A beneficiary designation gift is a simple, tax-smart and affordable way to make a gift to support Amazing Place.
This type of account is taxed when given to loved ones but not taxed when given to a charity, like Amazing Place.
IRA Example:
Continue to use your IRA as an income and giving source: Your IRA is primarily an income source for you as you age. You will continue to take distributions from your IRA annually. You may spend the entire value of your IRA during your life-time, or there may be something left to distribute to Amazing Place after you pass.
IRA beneficiary designations do not belong in wills or trusts: Beneficiary designations are NOT part of your written will or trust. Your IRA administrator will not be influenced by anything in your will or trust, what your spouse or kids say, or what your trustee says. The most recent IRA beneficiary designation form signed and submitted determines who will inherit your IRA (or any type of retirement or bank account), so it is very important to make sure this designation is up-to-date. You should make mention of your beneficiary designations in your will or trust, but those forms need to be completed specifically for the associated retirement/bank account. Keep a copy of your beneficiary designations.
DAF Bequest
Less common types of planned gifts:
Blank
Learn More
CGA: Charitable Gift Annuity
A charitable gift annuity is a gift made to a charity, like Amazing Place, that can provide you with a secure source of fixed payments for life. Charitable Gift Annuities (CGAs) create lifetime payments to the donor as well as tax saving. They can provide an income tax deduction the year the gift is made. They create capital gains tax savings when funded with appreciated assets.
CRUT: Charitable Remainder Unitrust
You transfer your cash or appreciated property to fund a charitable remainder unitrust. The trust sells your property tax free and provides you with income for life or a term of years.
CRAT: Charitable Remainder Annuity Trust
You transfer your cash or appreciated property to fund a charitable remainder annuity trust. The trust sells your property tax free and provides you with fixed income for life or a term of years.
CLT: Charitable Lead Trust
You fund a trust that makes gifts to Amazing Place for a number of years. Your family receives the trust remainder at substantial tax savings.
DAF: Donor Advised Fund
Through your existing DAF you make charitable gift recommendations during your lifetime. When you pass away, your children can carry on your legacy of giving.
Blended Gifts
There are many combination gift options that can make your giving go farther than a simple gift of cash or property.
Sale and Unitrust
You give a portion of your property to United Way of Santa Barbara County to fund a charitable remainder trust, when the property sells you receive cash and income for life.
Bargain Sale
Amazing Place purchases your property for less than fair market value. You receive cash and a charitable deduction for the difference between the market value and purchase price.
Give it Twice Trust
You provide your children with a stream of income while making a gift to Amazing Place.
Life Estate Reserved
You give your property to Amazing Place but retain the right to use the property during your life.
For More Information:
Matt Pohren, MPA
Development Director
mpohren@amazingplacehouston.org
If you are considering making a Tax Smart or Planned/Legacy gift to Amazing Place, please contact us. We want to make sure your goals are understood and documented. We also want to thank you for your generous support.
Houston’s Amazing Place | DBA: Amazing Place | Tax ID 76-0604478