Has LIFE ElderCare touched you or someone you love?
If so, consider giving a legacy gift as an investment in serving more seniors and in building strength in your community
With uncertain funding, we continually face the challenge of financial sustainability. There are many ways besides writing a check to support LIFE ElderCare’s programs. Some of these options may benefit you as well, through tax savings for you and/or your heirs, and make it possible for your generosity to continue making a difference for generations to come.
Your Will or Trust
In addition to filling an important role in providing for the future financial security of your family and others, your will or living trust can offer a way to make thoughtful charitable gifts as part of your long-range estate and financial plans. Gifts included in wills and living trusts are popular because they are flexible, easy to arrange, and may be changed with your life circumstances.
- Leave a specific dollar amount, a percentage of your estate, or what remains after other bequests have been satisfied.
- Bequests to LIFE ElderCare earn a full charitable deduction on estate taxes.
Different types of bequests include:
- A Specific Bequest—an outright gift of money, stocks or bonds, land, tangible personal property, or other assets.
- A Residuary Bequest—the donor leaves all or part of the balance of an estate to LIFE after all the specific bequests have been satisfied.
- A Contingent Bequest—which provides for the disposition of the estate if one or more of the named beneficiaries fails to survive the donor (this can be used in conjunction with a specific bequest or a residuary bequest).
Review suggested wording to use in your will.
Gifts of Stock
Giving a gift of stock is another easy way to contribute to LIFE, while often providing significant tax advantages. If you are interested in giving stock to LIFE, contact Patricia Osage, Executive Director.
Other Planned Giving Options
Legacy gifts can help us achieve long-term financial growth, stability, and sustainability. Below, we provide more information on legacy gifts, including:
- Retirement Accounts or Life Insurance Policies
- Charitable Remainder Trusts and Charitable Lead Trusts
- Life Income Plans and Gift Annuities
- Gifts of Real Estate
For more information on how you can make a difference now and for future generations — through these or other options — please contact Patricia Osage, Executive Director.
Please Note: LIFE ElderCare is not engaged in rendering legal or tax advisory services. For advice and assistance in specific cases, the services of an attorney or other professional advisor should be obtained.
Retirement Accounts or Life Insurance Policies
Retirement Fund Plans
People who have planned carefully for their retirement may find that the assets in their IRAs or other qualified plans exceed their needs. The remainder may be transferred to LIFE ElderCare, if so desired.
- You can designate that, after your death, assets remaining in the plan are contributed to LIFE ElderCare or to one or more specific charitable organizations.
- This is far more advantageous than including assets in your taxable estate or leaving them to heirs, as they may be taxed at a cumulative rate of over 65%.
- No estate tax is due on the retirement plan assets that pass to LIFE.
Gift of Life Insurance
For those whose life insurance needs have decreased, making a gift of an unneeded policy can be a convenient and effective way to meet your charitable goals.
- Transferring ownership of a cash value policy to LIFE ElderCare makes you eligible for a charitable tax deduction based on its current value. You also reduce estate taxes, since the value of the policy is removed from your estate.
- You can make life insurance part of your estate plan by naming LIFE ElderCare as a partial and/or contingent beneficiary of any insurance policy’s death benefit.
Charitable Remainder Trusts and Charitable Lead Trusts
Charitable Remainder Trusts
Giving through a charitable remainder trust allows you to receive income for the life of the trust, while the remains go to your community.
- You can place cash, property, or other assets into a trust that distributes an annual income for life or for the duration of the trust.
- After death or the end of a specified trust term, the remainder transfers to LIFE ElderCare or a specific charitable organization.
- You receive a tax deduction for the present value of the gift the year it is arranged.
- This kind of trust is useful for people with securities or real estate that have increased in value but earn little income, because once the assets are placed in trusts, they can be sold and reinvested free of capital gains tax.
Charitable Lead Trusts
A charitable lead trust enables you to make significant charitable gifts now while transferring substantial assets to beneficiaries later.
- A trust is set up from which LIFE ElderCare receives annual payments through your lifetime or for a specified number of years.
- When the trust terminates, the trust principal is returned to you or distributed to your children or others you may designate at a reduced tax cost or tax-free.
Life Income Plans and Gift Annuities
Life Income Plans
You can make a gift through a trust or annuity that will pay you and/or another beneficiary annual income for life. At the death of the last income beneficiary, the remaining principal is transferred to LIFE ElderCare. A Life Income Plan can provide savings on income, capital gains, gift and/or estate taxes, and the ability to convert low- or non-income producing assets into a gift with an attractive income stream.
How a Life Income Plan Works:
- Donor transfers an asset to a life income plan.
- Donor/beneficiary receives annual income.
- When the plan terminates, the remainder principal passes to LIFE ElderCare.
Gifts of Real Estate
Retained Life Estates
Turn your property’s value into community benefit through a charitable gift of real estate.
- You can enjoy the property as long as you like while giving future ownership to LIFE ElderCare.
- Proceeds of the property’s sale go to LIFE ElderCare.
- You receive an income tax deduction the year the contribution is arranged through the gift of “remainder interest.”
