- Cash (potential tax benefit as charitable deduction)
- Appreciated Securities (potential tax benefits as charitable deduction and avoid capital gains tax)
Retirement Plans - Traditional IRAs and 401(k)s
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
- Uses pre-tax dollars to make the gift
- Donor avoids paying both ordinary income and estate taxes
- Qualified Charitable Distribution (QCD). The QCD allows individuals over 70 ½ to gift up to $100,000 directly from their IRA to charity and have that amount qualify as their required minimum distribution. Thereby, avoiding the federal income tax on the distribution.
Life Insurance - Instead of letting a policy lapse or cashing it in and paying taxes, it can be a leveraged gift to a charity
- Name charity as the beneficiary or
- Transfer ownership to the charity
Bequests - Naming Eagle Island, Inc. in your will or trust
Incorporating a gift to Eagle Island, Inc. in your will or trust is easily arranged either as a provision in a newly executed will or trust or as a codicil to an existing will or trust. Your bequest can be anything you wish. 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 the two most common types of bequests in a will:
Specific Bequest (a gift of a specific sum):
“I give to Eagle Island, Inc. (Tax ID# 27-4548675) of Saranac Lake, New York $______ or ______% for its general support.”
Residuary Bequest (all or a percent 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 the rest, residue and remainder of my estate for its general support.”
If your plans include an estate gift that will leave a legacy for Eagle Island, Inc., please let us know so we can thank you and you can be part of the Legacy Circle. All information is confidential and involves no obligation on your part.
There are other charitable tools with unique characteristics that can benefit Eagle Island now or in the future, while providing current income to you, or future benefits to family members. We can provide general information to the start the conversation or put you in contact with an advisor.
- Donor-Advised Funds
- Charitable Gift Annuity
- Charitable Remainder Trusts
- Charitable Lead Trusts
These strategies have differing income, gift, and estate consequences and should be reviewed with a tax advisor and/or attorney of your choosing prior to implementation.