Through thoughtful planning, you have the ability to create a permanent legacy that honors your interests and lets them live on forever. A planned gift is one that is arranged during your life, but comes to fruition after you pass.
Whether you are thinking about legacy giving for the first time or want to revisit your current plan, Lake Erie Council, Boy Scouts of America is here to help. We've worked closely with individuals and families to ensure their charitable wishes are honored in perpetuity while also maximizing tax benefits.
There are many creative and flexible giving options to achieve your unique charitable vision. Here are some of the most popular planned giving options amongst donors today:
Bequest by Will or Trust
The simplest way to make a lasting gift to the causes that are important to you during your lifetime is to make a bequest through your will or trust. By simply including information in your estate planning documents, you can easily establish a gift that speaks to your charitable intentions. The bequest can be for a specific dollar amount, a percentage of your estate or residue of the estate. The Council would be happy to provide your attorney and you with suggested language to include in your will or trust.
Naming Lake Erie Council, Boy Scouts of America as a beneficiary of your retirement plan - such as IRA, Keogh, 401(k) and 403(b) - is an opportunity to avoid income and estate tax penalties while benefitting your community. These assets are the most heavily taxed; therefore, it may be more effective for you to transfer assets to a tax-exempt organization, such as Lake Erie Council, Boy Scouts of America, and leave assets not subject to income tax to your heirs.
By naming the Council as a beneficiary of your life insurance policy, you can make a much larger gift than what you possibly could make during your lifetime. There are a number of different ways you can gift a life insurance policy. You can irrevocably name the Council as the owner of an existing policy, deduct a calculated value of the policy as a charitable gift or choose to name the Council as the beneficiary of a life insurance policy that you continue to own. Charitable gifts made to the Lake Erie Council, Boy Scouts of America to pay any future premiums are eligible for a tax deduction in the year the gifts are made to the Council.
Retained Life Estate (Residence or Farm)
If you don't plan to leave your personal residence, vacation home or farm to family members, you could give the property at death to Lake Erie Council, Boy Scouts of America while receiving current tax benefits. By deeding the property to the Foundation, you retain the right to live in the home or occupy the land without disruption until death or for a term of years. While living on the property, you continue to be responsible for all routine expenses such as maintenance, insurance and property taxes. When the retained life estate ends, the Council can use the property or proceeds from the sale of the property for your designated charitable purpose.
Gifts That Pay You Income
There also are a number of planned giving options that provide income to you during your lifetime to the causes you care about.
Charitable Gift Annuity
A charitable gift annuity is a way for you and/or your spouse to receive a fixed and secure stream of income for life. You make a charitable gift (cash or securities) to Lake Erie Council, Boy Scouts of America in exchange for the council's commitment to pay a fixed amount to you for the remainder of your lifetime. After all payments have been made, the remaining assets are then contributed to your fund at the Council to accomplish your specific charitable goals. We can provide you with your personal rate based on your age.
Charitable Remainder Trust
Making a gift to establish a charitable remainder trust allows you to support the community, retain an income stream and receive a substantial charitable income tax deduction. The trust pays either you or a designated beneficiary a series of fixed or variable payments for life or for a fixed term (not to exceed 20 years), or a combination of the two. You also receive an immediate charitable tax deduction for the present value of the gift the year the gift is made. When the trust term expires, the remainder is then distributed to the Council.
Charitable Lead Trust
Making a gift to establish a charitable remainder trust allows you to support Scouting, retain an income stream and receive a substantial charitable income tax deduction. The trust pays either you or a designated beneficiary a series of fixed or variable payments for life or for a fixed term (not to exceed 20 years), or a combination of the two. You also receive an immediate charitable tax deduction for the present value of the gift the year the gift is made. When the trust term expires, the remainder is then distributed to Lake Erie Council, Boy Scouts of America.
If you have questions, please call Scott Evans, chief development officer, at 216-498-8927 or email firstname.lastname@example.org; or, call Culeen Carey, director of major gifts, at (216) 458-8948 or email email@example.com. Before proceeding, you should also consult with your tax advisor to discuss your particular situation including any impact of your state's tax laws.