Did you know there are many ways you can support your favorite charity without spending your funds right now? By including a gift in your estate or financial plans, your support for their work lives on for generations.
“The most popular way to make a planned gift is through your will or trust,” explains Christian Mills, Director of Fund Development at The Redwoods, A Community of Seniors, a non-profit in Mill Valley, “but no matter the type of planned gift you choose, it is reassuring to know your gift will allow you to extend your impact into the future.”
“My mother, who recently passed away at age 107, spent 12 wonderful years at The Redwoods, blossoming and growing with the love of the staff, and with such activities as line dancing, spiritual yoga, movie nights and musical events. I am making a planned gift to The Redwoods so that future generations, including those with low income, can continue to enjoy these experiences.” —Judy Dick
Although an outright gift, such as cash or a check, can be used right away, sometimes an immediate gift isn’t the best option. A planned gift is a perfect solution to this problem. There are many different types of planned gifts and each offers unique advantages.
Some planned gifts are revocable—a gift in your will or living trust, for example—so you can change your mind at any time. Or, they can be irrevocable—just as outright gifts are—so that you qualify for an income tax deduction. Many irrevocable planned gifts are attractive because they are deferred. You part with an asset today, but the actual giving of the asset is put off for a while—often until after your lifetime (and that of a surviving beneficiary, if you wish). Until that time, you enjoy the benefits from the gift. For example, with a charitable remainder trust, you receive lifetime income from the asset after it’s placed in a trust, and then the non-profit receives the remainder of the trust after your lifetime. Or, you could deed a remainder interest in your home and still retain the right to live in it for life. The key feature of planned gifts like these is that they provide important benefits to you as well as the charitable organization.