The YMCA recognizes those friends who, by including the YMCA in their financial and estate planning, have ensured our programs and services will positively impact the lives of future generations to come. A planned gift can also bring financial benefits to the donor and their family by reducing or eliminating estate taxes; converting low-yielding assets into a higher income stream at reduced capital gains cost; and producing significant income tax deductions. There are many different types of planned gifts, including:
The YMCA receives a gift provided for in a donor’s will. The gift may be a percentage of a donor’s estate, a specific dollar amount, the residual of the estate, or a certain piece of personal property. The gift reduces estate tax obligations.
When the YMCA is named as the beneficiary and owner of a life insurance policy the donor receives an immediate charitable income tax deduction. If the policy is not paid up, this tax deduction is approximately the policy’s present cash surrender value. If the donor chooses to continue paying the premiums, he/she will receive a charitable deduction(s) for the amount paid. The full face value of the policy is removed from the donor’s taxable estate.
Individuals at least 70½ years of age are able to make tax-free gifts from IRA funds that would be subject to taxes if withdrawn voluntarily or withdrawn under mandatory requirements. Donors may choose to make charitable contributions in any amount up to $100,000 per year. Couples with separate IRAs can each give up to that amount.
Life Income Gifts
Do you want to support the YMCA but worry about having enough income for yourself and your loved ones? Life-income gifts such as gift annuities and charitable remainder trusts can provide you with an income stream, significant tax savings and the satisfaction of providing the YMCA with vital long-term resources. The creation of a life-income gift benefits both the giver and the receiver—a “win-win” situation.
Through an outright gift to the YMCA’s endowment, you will be establishing your legacy and supporting the Y for perpetuity. The simplest way to support the YMCA is through cash gifts. But creative gifts of assets can include stocks, bonds, and property (real estate and personal property such as artwork.) These can not only provide you with charitable deductions, but often offer additional tax savings as well.
Please consult you financial advisors for more information about developing a plan that balances what you wish to accomplish for yourself, your family, and your philanthropic interests. For more information about planned giving or to have a confidential conversation, please contact Kate Rozzi, VP of Development at 978-725-6681 ext 130 or by email at firstname.lastname@example.org.