There are many ways to leave a legacy, and for those who would like their legacy to include a long-term gift to Selfless Love Foundation, there are many options to consider.
We encourage you to consult with a personal tax, legal, and financial advisor to determine which legacy giving options can most effectively meet your goals.
If you are interested in learning more about how you can partner with Selfless Love Foundation through legacy giving, please contact us.
Planned giving means to create a plan for gifting assets. This plan might have an impact on your estate plan and will carry tax benefits either during life or at the time of your passing.
To start thinking about planned giving, begin with your goals in mind:
Benefit: You are immediately able to deduct the full cash value for federal income tax purposes.
Benefit: You decrease your out-of-pocket costs through avoiding capital gain tax while not touching your cash reserves.
Non-Grantor Charitable Lead Trust
Benefit: You retain control of the distribution of your assets. This type of trust freezes the value of assets contributed for gift tax and estate tax purposes, avoiding estate tax on future appreciation.
Charitable Gift Annuity
Benefit: You establish an income stream for yourself while also creating an immediate income tax deduction.
Charitable Remainder Trust
Benefit: You retain a personal income while also creating an immediate income tax deduction upon creating the trust.
Charitable Remainder Unitrust
Benefit: You are able to provide annual gifts, of at least 5% of the trust value, to Selfless Love Foundation. Since the value may vary year to year, the gift amount may vary. You receive a federal income tax deduction for the charitable remainder value of your interest and avoid capital gain tax when trust is established.
Charitable Remainder Annuity Trust
Benefit: You retain a fixed-income while also creating an immediate income tax deduction and avoiding capital gain tax.
You can create—or change—any of these types of gifts at any time without revising your will. You can add or change beneficiaries as your life circumstances change. You can also restrict your gift by providing us with written documentation of your intentions, or you can leave your gift to our greatest need through an unrestricted donation.
Benefit: You can create a legacy through a sizable gift after your passing without affecting your current lifestyle. By doing so, you may be able to reduce estate and death taxes and not have to worry about making changes to your lifestyle today.
Benefit: You can leave all or a portion of your IRA or other retirement plan to Selfless Love Foundation. This type of gift will be not be subject to income tax or estate tax, making it very tax-efficient, and allowing you to give more.
Payable on Death Accounts
Benefit: This set-up allows for the assets remaining in the account when the account owner dies to pass to directly to the beneficiaries named by the account owner. POD accounts can be set up for checking accounts, savings accounts, money markets, certificates of deposit, and US savings bonds.
Transfer on Death Account
Benefit: You can easily transfer investments after your passing without changing your estate plan. Your brokerage firm can establish a transfer-on-death (“TOD”) account for you. This setup is similar to a POD account. With a TOD account, the brokerage firm transfers the investments designated by the donor to the beneficiary when the owner passes.
Life Insurance Proceeds
Benefit: Take advantage of a policy you may have purchased years ago to provide income security for family members or to secure a debt when you were starting a business, but no longer need for those purposes. The procedure for giving life insurance proceeds is similar to that for giving remaining retirement funds.