PLANNED GIVING AND ESTATE PLANNING
Bequests (Gifts by Will)
One of the easiest ways in which to make a gift to Insight for the Blind is by leaving a bequest in your Will. There are several ways you can do this. You can (1) give a specific amount of money to Insight; (2) give a specific item of property to Insight; or (3) give a specified percentage of the residue of your estate (the residue of your estate is that which is left over after all specific gifts have been made, whether charitable or non-charitable, and estate taxes are paid).
A bequest may be included in the body of a Will or as an amendment (codicil). Gifts made through a bequest typically provide an estate tax deduction. Please consult your attorney and/or financial advisor for specific information.
An estate bequest may be particularly attractive as a gift option if you are unable to make a current (outright) gift, but would like to contribute to Insight for the Blind in a meaningful way. Bequests may be restricted or unrestricted and will be used where need is greatest.
"Specific" bequests are most common. You leave a specific amount of money, a specific asset, or a specific percentage of your estate to the organization or charity of your choice. "Contingent" bequests are ways for you to contribute to INSIGHT even if you have young children.
Two forms of life insurance are typically donated. They are paid-up whole and universal life- insurance policies and newly issued whole and universal life-insurance policies. A paid-up policy has a cash value that may be used immediately if necessary by Insight for the Blind.
Taking out a new whole life or universal life insurance policy is one way to make a significant gift. The policy may be structured such that you only pay premiums for approximately 10 years and each year's premium payment is tax-deductible. If you are considering such a life-insurance policy, we suggest you contact Insight first. Of course many “Legacy Donors” get started in this type of support for Insight by simply naming Insight as a beneficiary or co-beneficiary on their company sponsored or other existing insurance policy.
Planned giving to Insight for the Blind is a great way to show your support for our mission. This can also ensure that both you - the donor - and Insight benefit immediately from your generosity. There are many types of planned gifts but you might consider a charitable gift annuity.
A charitable gift annuity can provide you with:
Guaranteed lifetime income
A tax deduction in the year the gift is made
Capital gains tax savings on donated appreciated assets
Attractive annual rates
The gratification of seeing your gift go to work immediately
For information about how you can leave a legacy, contact Insight for the Blind at:
954-522-5057 or firstname.lastname@example.org.
Additional ways to give
Insight for the Blind will be happy to answer any questions you might have about the different types of gifting opportunities, but we do not give tax advice. We suggest that, before making any charitable gift, you consult your tax advisor.
Gifts of Cash
Cash gifts are the quickest and easiest gifts to give and Insight for the Blind gratefully accepts contributions made by cash, check, or credit card by using our secure web site. Please make checks payable to Insight for the Blind and mail to 1401 NE 4th Avenue Fort Lauderdale, FL 33304-1033.
Our financial services professionals can help you create an immediate or deferred gift plan that will best express your desire to benefit Insight for the Blind, at the same time fulfilling your personal financial goals. We are available to meet with you and your financial advisor to answer your questions, provide tax assistance, and help answer bequest and beneficiary questions.
A properly designed gift can
• Save taxes in three simultaneous ways
• Build a brighter future for your children
• Provide life-long income
• Convert low-yielding assets into a higher income stream
• Reduce or eliminate taxes on capital gains
• Generate a substantial federal income tax deduction
• Eliminate or reduce federal estate taxes
Gifts of appreciated stocks or bonds have the same positive benefit to Insight as a gift of cash; however, a gift of securities is usually more beneficial to you, the donor, than a gift of cash.
With a gift of marketable securities that have been held longer than one year, you receive a charitable deduction of the full fair market value (FMV) of the securities. The FMV is determined by the average of the high and low sales prices of the stocks on the gift date. You may apply the gift as a deduction up to 30 percent of your adjusted gross income (AGI) in the case of securities and avoid gift and estate taxes as with gifts of cash. In addition you avoid paying any capital-gains taxes on the appreciation in the value of the securities. This can be a major benefit to you if you have held securities over a number of years and they have grown in value.
You receive a charitable deduction for the FMV of any unencumbered real estate. You may apply the deduction up to 30 percent of your AGI in the year of the gift with the five-year, carry-over provision. You avoid capital-gains taxes on the appreciation you have in the property. There are no gift taxes, and you have removed the property from your estate, thereby reducing your estate taxes.
Almost any type of real estate may be contributed such as undeveloped land, farms, commercial buildings, vacation homes, or your residence.
Potential gifts of real estate are evaluated on a case-by-case basis before acceptance. Insight must consider insurance, environmental issues, maintenance, property-tax liability, and other potential risk factors including special tax provisions that apply to certain types of real estate.
As a donor you create a Charitable-Lead Trust by transferring ownership of an asset to a trust. The trust gives the income, or a percentage of the income, to Insight for the Blind each year for a period of several years (usually 15-20). At the end of the stipulated number of years the trust assets are given back to the donor or to named beneficiaries. The lead trust typically is used with assets with a potential for continued high appreciation. The trust permits the assets to be transferred to other family members at a low transfer cost.
Utilizing the lead trust, donors may leave a significantly larger inheritance to their heirs than they could have left via a will or other trusts.