What is Planned Giving?
Planned Giving refers to a variety of ways that gifts can be made to LVIS in lifetime or at death that usually involves financial planning/estate planning. Planned giving is not reserved for the wealthy. Anyone can make a meaningful gift through planned giving.
Planned Gifts to LVIS can be made in many ways, including through your:
Wills & Bequests
Life Insurance
Appreciated Stock
Donor Advised Fund
Retirement Plan
IRA Charitable Rollover
Charitable Trust
GIFTS BY WILL
Remembering LVIS in your Will gives you a notable role in funding our East Hampton community projects. Your current income isn’t touched, and your plans can be altered at any time. It can be as simple as inserting a few sentences into your Will. Sample Bequest Language: “I, [Your Full Name] bequeath to the Ladies’ Village Improvement Society (“LVIS”), [address] a 501(c)(3) non-profit corporation with tax ID # ---------, the following assets, income, or property to be used for the general purposes of LVIS at the discretion of its Board.”
GIFTS VIA LIFE INSURANCE
One of the easiest ways you can make a significant impact on the future of LVIS is to name LVIS as the beneficiary of your existing life insurance policy. It can be as simple as informing your insurance company to list LVIS as your beneficiary. Giving via your life insurance policy can increase your ability to make a significant gift.
GIFTS VIA RETIREMENT PLAN
(Charitable IRA Rollover, 401K, pension, etc)
Charitable gifts of retirement plan proceeds are popular because they’re easy to set up and can be given to a charity at a much lower tax rate than if they are given to a family member, who will have to pay multiple taxes on it. Naming LVIS as the beneficiary of your retirement plan can eliminate income tax on retirement plan assets, and free up other property to pass to your heirs. It can be as simple as informing your bank to list LVIS as a beneficiary of your retirement plan. Giving via your retirement plan can increase your ability to make a significant gift and you can alter your plans at any time. Charitable IRA Rollovers: Taxpayers over age 70.5 may donate up to $100,000 from an IRA to a public charity in lieu of a Required Minimum Distribution. The rollover amount is excluded from their Adjusted Gross Income (AGI), so this method is attractive for taxpayers who would not otherwise itemize deductions in a given year.
GIVING APPRECIATED STOCK
Gifting appreciated stock directly to LVIS avoids taxation on the embedded long-term gain and creates an income tax deduction equal to fair market value of the gift for taxpayers who itemize deductions.
GIFTS VIA YOUR CHARITABLE TRUST
Benefiting LVIS with your Charitable Trust can give tax advantages on your income, estate and capital gains taxes and freeze the taxable value of growing assets before they pass to your family. You can create a charitable trust with your assets during your lifetime or per instructions in your Will. With a Charitable Remainder Trust, you can donate the Trust’s principal assets to LVIS even while income generated from it is paid to you and/or other beneficiaries. Then, at your death or the end of the period you set, the principal assets will belong to LVIS.
With a properly structured Charitable Lead Trust, the donor donates the income to LVIS and keeps the principal assets. In this way, LVIS can utilize the income from the Trust during the donor’s lifetime, and the donor doesn’t pay income taxes on the amounts generated from the Trust. After the agreed-upon set period, the Trust terminates and the donor regains control of the Trust’s assets. Significant gift and estate tax savings often apply, especially if you decide to donate the Trust’s principal assets to LVIS after it has terminated.
ESTABLISH A NAMED PROGRAM OF YOUR OWN
LVIS offers naming opportunities for those interested in establishing a custom program named after themselves or a loved one or for some other special purpose.