Ideas for Planned Giving
Gifts During Lifetime
- Cash - potential benefits as income and estate tax charitable deductions
- Appreciated Securities - potential benefits as income tax charitable deduction, avoidance of capital gains tax, and charitable deduction for estate tax purposes
- IRA - Qualified Charitable Distributions (QCDs)
Individuals over 70½ may gift up to $100,000 per year from certain types of IRAs directly to Eagle Island, Inc. and have amounts thus distributed qualify as their required minimum distribution without having to pay federal income taxes on these distributions. In addition, amounts thus distributed will not be subject to estate taxes
- Life Insurance Policies - transferring ownership to a charity or naming charity as the beneficiary instead of allowing a policy to lapse or cashing it in
Gifts during lifetime may be made outright or in trust
How to Be a Part of it All
Legacy Circle membership helps ensure the long-term health of Eagle Island, Inc., and the only requirement is to simply inform us that you are planning a gift from your estate to Eagle Island, Inc. You do not have to specify the gift, and there is no minimum gift. You may join in your name or remain an anonymous member. By joining, you help to encourage others to follow your example and leadership in providing for Eagle Island’s future.
To qualify for membership you can do any of the following:
Make a bequest to Eagle Island, Inc. through your will or trust
Name Eagle Island, Inc. as the beneficiary of a retirement account, a donor advised fund, or a life insurance policy
And provide any of the following:
A signed letter stating specific intention
Complete the Legacy Circle – Notice of Intent Form
A copy of the provision in your will or trust describing the gift to Eagle Island, Inc.
Copy of the beneficiary designation in your Retirement fund or Life insurance policy naming Eagle Island, Inc. as beneficiary
Gifts Upon Death
- Designating Eagle Island, Inc. as the beneficiary of your retirement account or plan
- Bequests under your Will
Incorporating a gift to Eagle Island, Inc. in your Will is easily arranged either as a provision in a newly executed Will or as a codicil to an existing Will. We respectfully suggest that you consult with your tax or legal advisor who will ensure that your intentions are legally stated. Below is sample language for two common types of outright bequests in a will:
Specific Bequest (a gift of a specific sum or of specific property):
“I give to Eagle Island, Inc. (Tax ID# 27-4548675) of Saranac Lake, New York $______.00 for its general support.”
Residuary Bequest (some portion or all of the residue of one’s estate after all specific bequests are fulfilled):
“I give to Eagle Island, Inc. (Tax ID# 27-4548675) of Saranac Lake, New York all the rest, residue and remainder of my estate for its general support.”
Bequests can also be left to Eagle Island, Inc. in trust under a Will.
If your plans include an estate gift that will leave a legacy for Eagle Island, Inc., please let us know so we can honor you in Eagle Island’s Legacy Circle. All information is confidential.
There are other charitable tools with unique characteristics that can benefit Eagle Island now or in the future. Some can provide current income to you or future benefits to family members or others. We can offer general information to start the conversation or put you in contact with an advisor. A few examples of these tools are:
Charitable Gift Annuities
Charitable Remainder Trusts
Charitable Lead Trusts
These strategies have differing income, gift, and estate tax consequences and should be reviewed with a tax advisor and/or attorney prior to implementation. Also, the 2017 tax law made changes that can affect charitable planning, making it more important than ever to seek professional advice before making significant charitable gifts.