Annual Fund donations will go towards the revitalization and maintenance of our Olmsted-designed landscape, K-12 educational programs, and historic preservation initiatives that make Planting Fields such an impactful place to over 200,000 people a year.
When you include Planting Fields Foundation in your estate plans, you help to sustain our mission to preserve the historic landscapes, architecture and collections for generations to come. You can name Planting Fields as a beneficiary in your will, life insurance, IRA, or retirement plan and can also establish a gift that will provide you payments for life by funding a charitable gift annuity or charitable remainder trust.
A charitable bequest is one of the simplest ways of making a meaningful gift to Planting Fields Foundation. You may write a new will or simply add a codicil to your existing will. Bequests may come in any form – cash, securities, and other personal property.
There are a number of ways to structure your bequest so that your gift benefits you and Planting Fields.
- Outright bequest: a gift by will of a specific sum of money or property.
- Residuary bequest: provides Planting Fields Foundation with a percentage or all of the remainder of a donor’s estate after specific bequests, debts, taxes, and estate expenses have been paid.
- Contingent bequest: a gift that benefits Planting Fields Foundation only if other named beneficiaries predecease the person making the will.
When you name children or other non-charitable heirs (other than your spouse) as beneficiaries of your retirement plans, they receive only a small fraction of the plan’s face value, with inherited assets of retirement plans being subject to both estate taxes and income taxes. You may wish to designate Planting Fields Foundation as the beneficiary of all or part of your retirement plan assets and set aside other assets for family and friends. As a tax-exempt organization, Planting Fields Foundation will generally receive the full amount of the plan’s value.
Life Insurance Policies
You may want to name Planting Fields Foundation as the beneficiary of an existing or new life insurance policy. This type of contribution is generally made if the policy is no longer needed to provide for your dependents. Depending on the type of policy donated, you may receive an immediate income tax deduction and be able to deduct any future premium payments on the policy.
The Protecting Americans from Tax Hikes (PATH) Act of 2015 made the IRA charitable rollover permanent. Altruistic taxpayers have embraced the IRA charitable rollover as an opportunity to transfer up to $100,000 each year to charity without it being treated as a taxable distribution.
Charitable Remainder Trusts
When you establish a charitable remainder trust, you make an irrevocable gift which is placed in the trust which allows one or more named beneficiaries (including yourself) to receive an income stream from the trust for life and at the end of the trust term, the trust principal is turned over to Planting Fields Foundation to be used as you set forth in the trust documents. When you fund a trust gift, you not only receive a stream of payments, but you also qualify for an immediate income tax charitable deduction, defer capital gains tax on the transfer, and reduce your taxable estate.
Charitable Lead Trusts
With a lead trust, you donate assets to a trust that makes payments to Planting Fields Foundation for the term of the trust. When the trust terminates, the assets are transferred back to you or directly to your heirs, as pre-designated by you. If the trust assets revert to you at the end of the trust term, your gift entitles you to an immediate income tax charitable deduction. If the trust assets are transferred to someone other than you at the end of the trust term, you may enjoy a substantial reduction in estate and gift taxes on the future transfer to your heirs.
Consult your attorney or accountant to discuss your tax situation and the advantages of making a planned gift to Planting Fields Foundation.
For more information on planned giving options, please contact us at firstname.lastname@example.org