Legacy and Planned Gifts
Bequests
Among the simplest and most common planned gifts are Will Bequests. Many donors like this approach because bequests can be changed if your circumstances change, without affecting your assets or cash flow during your lifetime. Moreover, because your bequest reduces the value of your estate for federal estate tax purposes, it is also usually exempt from state inheritance taxes. Consult with your financial advisor to determine what type of bequest is most appropriate for your circumstances (general, specific, residual, contingent or percentage).
Your bequest to BBBSLC can be in the form of cash, securities or property. Sample wording might be:
“Upon my death I give and bequeath to Big Brothers Big Sisters of Lorain County the sum of $_______, or the face value of bonds, or ______% of my estate.
Life Insurance
Another simple and easy way to donate more than might otherwise be possible is to donate life insurance. You can give a paid policy, buy a new policy with BBBSLC as the beneficiary, purchase a single premium policy with BBBSLC as the owner and beneficiary, or add BBBSLC as a beneficiary of an existing policy.
Charitable Remainder Trusts
A Charitable Remainder Trust is a powerful charitable tool that allows you to donate to BBBSLC and avoid capital gains tax on donated assets, receive an income tax deduction for the fair market value of the remainder interest, and reduce estate taxes – all while you continue to use the donated property and/or receive income from it during your lifetime.
Gifts of Real Estate
You may be eligible for a charitable income tax deduction equal to the fair market value of the property, as well as reduced capital gains tax – if you make an outright, irrevocable gift of property to BBBSLC.
Retirement Plans
You may consider using your retirement account to make a gift to BBBSLC if you have accumulated funds in a company pension plan or IRA beyond your needs for a comfortable retirement. A Retirement Plan gift, if made at the time of death, can lower your estate taxes through the charitable deduction it provides.
Donor Advised Funds
Recommend a gift to Big Brothers Big Sisters of Lorain County through your Donor Advised Fund using DAF Direct. Simply select your DAF’s sponsoring organization from the drop down menu and enter your gift amount. In the event that your DAF’s organization is not listed, please contact them directly to recommend a contribution.
A Donor Advised Fund is a type of charitable investment account that provides an immediate tax benefit to you, and allows you to recommend grants to charities, such as Big Brothers Big Sisters of Lorain County.
Please use the following tax information when making a grant through your Donor Advised Fund:
Tax ID: 34-1809153
Big Brothers Big Sisters of Lorain County
1917 North Ridge Road East, Suite A
Lorain, Ohio 44055