Ways to Give
The best plans balance what you strive to accomplish for yourself, your family, and your charitable interests through your overall estate and financial plans. As you consider tools that may help enhance your future financial well-being while providing a meaningful charitable gift to Laurel Lake, what will be YOUR legacy?
The following information provides a brief overview of the numerous ways that gifts can be made to The Laurel Lake Foundation. It is important for you to choose the giving plan that best fits you and your financial situation. You should consult your attorney, accountant or other financial advisor to determine which plan is best for you.
For more information, please contact the Foundation Office at 330-655-1424 or email firstname.lastname@example.org.
Outright gifts are especially welcome because they can be used immediately to meet Laurel Lake's current needs. Such a gift may be made in one year or as a multi-year pledge given over a three to five year period. All such gifts are tax-deductible. The actual deduction depends on individual circumstances. A gift or pledge payment may take the form of cash, appreciated property (such as securities or real estate), or many kinds of personal properties with a marketable value.
Gifts of Cash
Gifts of cash are fully deductible up to 50% of a donor's adjusted gross income. Any excess can be carried over for up to five years.
Example: Lynne, a Laurel Lake resident's family member, makes a gift of $30,000 to The Laurel Lake Foundation. Assuming Lynne has an adjusted gross income of $60,000 or more, the gift is fully deductible.
A planned (or "deferred") gift is one that is arranged during one's lifetime, but the benefits to Laurel Lake are deferred to a future date. Planned giving is important to ensure a stable future for Laurel Lake. In addition, a donor may receive a number of advantages such as immediate tax benefits or lower estate taxes.
Charitable Gift Annuity
A charitable gift annuity provides an immediate federal income tax deduction and a fixed lifetime income payment, some of which might be free from federal income tax. Annuity rates are tied directly to the age of the income beneficiary at the time the gift is made. The older the annuitant at the time of the gift, the higher the rate. The minimum gift for an annuity is $10,000.
Life Insurance Gifts
A gift of life insurance can provide a significant charitable deduction. You could purchase a new policy or donate a policy that you currently own but no longer need. If you have paid some of the premiums, but not all, you may claim a deduction on the present value of the policy (generally the cash surrender value).
A bequest to Laurel Lake is a gift everyone can make through their will. It involves no immediate loss of capital or income. Sample wording for persons who may wish to make a bequest to The Laurel Lake Foundation:
"I give and bequeath the sum of $ ____ to The Laurel Lake Foundation, Inc." OR
"I give, devise and bequeath to The Laurel Lake Foundation, Inc. (all, or ____ %, or a specific fraction) of the rest, residue and remainder of my estate, both real and personal."