How
to include the Seniors' Resource Center in my will:
Donors may make a charitable gift by naming the Seniors' Resource
Center as a beneficiary in their will. The federal government
encourages these gifts or bequests, by allowing an unlimited estate
tax charitable deduction. In addition, a charitable bequest may
place your estate in a lower estate tax bracket.
To make a bequest to the Seniors' Resource Center
the following language will be helpful to your lawyer:
“I give _______% and/or $___________ of my estate to the
Seniors’ Resource Center, Inc, 3227 Chase Street, Denver,
CO 80212, provide funding for the_______________ (program
or department) at Seniors’ Resource Center, Inc. or the
program(s) in need determined by the administration and the Board
of Directors of Seniors’ Resource Center, Inc.”
Tax ID Information: 84-0877538
There are three ways you can make a bequest:
1. Specific Bequest: You designate a
specific dollar amount, specific percentage, or specific property
to the Seniors' Resource Center.
2. Residual Bequest: Your
estate will pay all debts, taxes, expenses, and specific bequests.
The remaining amount -- the residual -- will be transferred to
the Seniors' Resource Center.
3. Contingent Bequest: You
can ask that the Seniors' Resource Center receive all or a portion
of your estate only under certain circumstances. For example,
you can name the Seniors' Resource Center as a beneficiary
of your estate only if there are no surviving close family members.
Childless couples sometimes provide for the entire estate to
go to the surviving spouse, or if the spouse does not survive,
to the Seniors' Resource Center.
We make no claims regarding the accuracy of the above information
or the tax consequences stemming from your use of it. Please
consult with your own tax, legal, or financial
Life Insurance Gift
Some of our supporters no longer need their
life insurance that was purchased years ago to provide for children
or other family members. If that is your situation, please consider
donating the policy to the Seniors' Resource Center.
You may claim a charitable deduction for approximately the policy's
cash surrender value, and the proceeds are completely removed
from your estate.
We make no claims regarding the accuracy of the above information
or the tax consequences stemming from your use of it. Please
consult with your own tax, legal, or financial planning advisor.
Retirement Plan Gift
Many individuals today have large qualified retirement plans
such as an IRA, 401(k), or Keogh plan. These assets have been
growing tax-free for years. Once the owner begins to receive
payments from the qualified plans, the distributions are taxed.
The plans are also included in the owner's taxable estate. A
retirement plan may be an excellent source of funds for making
a gift to the Seniors' Resource Center.
One way to make a gift of your retirement plan is to create
a charitable remainder trust through your will. It works like
this: Your IRA assets will be transferred to a charitable remainder
trust. There is no tax due because the charitable remainder trust
is a tax-exempt entity. The trust will provide life income to
the beneficiary (for example, your child) with an eventual gift
to the Seniors' Resource Center. The beneficiary will
pay income tax on the distributions from the trust. Your estate
will receive an estate tax charitable deduction for the value
of the Seniors' Resource Center right to eventually
receive the trust assets.
For example: Mrs. Edwards irrevocably transfers $100,000 to
create a charitable remainder annuity trust that will provide
her with life income payments. Included in the trust agreement
is the stated payout percentage of 7. She will receive $7,000
annually for her life ($100,000 x 7%). If income earned by the
trust exceeds the fixed payment of $7,000, the excess is reinvested.
The many benefits of a Charitable Remainder Trust include:
- receive income for life
- eliminate taxes on capital gains on the sale of appreciated
securities
- receive immediate charitable income tax deduction based on
your age
- remove all or most of the assets donated from your estate,
thereby reducing potential estate taxes
- receive the satisfaction of supporting the Seniors' Resource
Center
These types of trusts allow you to attain your own personal
financial objectives while making a significant gift to the Seniors'
Resource Center. The best type for you depends on your own individual
needs.
We make no claims regarding the accuracy of the above information
or the tax consequences stemming from your use of it. Please
consult with your own tax, legal, or financial planning advisor.
