Worry-Free Giving

How to Make an Impact Without Giving Up Security

Helping others need not come at a cost that interrupts your current lifestyle. Here are a few of the many gift options that not only allow you to maintain your standard of living, but can also increase your sense of security.

Making a gift in your estate plan lets you tailor your gift to your own circumstances. Consider your goals in supporting our work. Would you like to:

  • Help sustain the future of Sherman Library & Gardens?
  • Have control over where your assets go and how they are used?
  • Set up a secure income stream?
  • Increase your charitable donation deductions?

Depending on the charitable giving plan you choose, you can achieve these goals while making a significant impact on our mission. Following are some giving options.

 

Use your will or living trust:

These documents clearly communicate your intentions for how you would like to provide for your loved ones and favorite causes, such as Sherman Library & Gardens. You can leave a gift of a specific item, an amount of money, or a percentage of your estate. You can also make your gift contingent upon certain events.

How you benefit:

Putting all of your wishes in writing reduces the risk of misunderstandings among your loved ones and relieves your worry about providing for the people and causes that benefit from your care. You can feel secure knowing you will maintain control of your assets until after your lifetime and that your gifts are revocable so you can change your mind at any time.

Donate financial assets:

If you have stocks, bonds, CDs, or money market funds that you no longer need, you can donate them directly to us.

How you benefit:

For donations of these assets, if you’ve owned them for more than one year and they are worth more than their original cost, you typically receive a charitable income tax deduction for their full fair market value – not the price you paid for them. Plus, when you give financial assets directly to us, neither you nor Sherman Library & Gardens pays any capital gain tax.

Transfer real estate:

You can give your home, vacation home, or other property directly as an outright gift. Or, you can give the title of your home now and retain the right to live there for your lifetime.

How you benefit:

If you make an outright gift of appreciated real estate you’ve owned for more than one year, you can usually take an income tax deduction equal to its current fair market value. If you deed your property to us while retaining a “life estate,” you can receive an immediate tax deduction for a portion of the home’s fair market value but still enjoy using it for the rest of your life.

Set up a charitable gift annuity (CGA):

If you would like a consistent income stream, you can set up a CGA. In exchange for a gift of cash or assets, you will receive fixed payments annually for the rest of your lifetime and, if you desire, the rest of one other person’s life as well.

How you benefit:

This strategy provides you wish an immediate income tax deduction and tax-favored, stable payments. It also helps support Sherman Library & Gardens’ programs, gardens, and collections in the future.

Form a charitable remainder annuity trust (CRAT):

By putting assets into a CRAT, you and other beneficiaries can receive fixed income for the rest of your lives or a term of years (up to 20). Anything left in the trust after payouts are complete goes to the charitable organizations you named as beneficiaries.

How you benefit:

A CRAT provides an immediate income tax deduction and helps eliminate up-front capital gains taxes – plus it makes an eventual gift to support Sherman Library & Gardens.

Designate IRA assets:

Name us as the beneficiary of all or a percentage (1-100) of your IRA, which gives you flexibility.

How you benefit:

Leaving all or part of your IRA to charity after your lifetime dramatically lowers future taxes. Naming a charity as a beneficiary can eliminate income taxes that could consume a significant amount of your account.

All of these options allow you to meet your charitable goals and provide for those who depend on your care. Right now is the perfect time to plan your giving so your wishes come to pass and you maximize the impact of your resources. Contact us with any questions.

This information is not intended as legal or tax advice. For such advice, please consult an attorney or tax advisor. Figures cited in examples are for hypothetical purchases only and are subject to change. References to estate and income taxes include federal taxes only. State income/estate taxes or state law may impact your results.

California residents: Annuities are subject to regulation by the State of California. Payments under this agreement, however, are not protected or otherwise guaranteed by any government agency or the California Life and Health Insurance Guarantee Association.

For information about a bequests and estate planning opportunities, contact:

Scott LaFleur, Garden Director

949-673-2261 Ext. 301

scott@slgardens.org

 

 

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