What is Planned Giving?
“Planned giving” is a term commonly used to describe a wide variety of giving vehicles that allow you to give to charity during your lifetime and/or after your death, while meeting your current income needs and providing for your heirs. Planned gifts are a crucial source of support for The Life Raft Group’s (LRG) lab and patient-based research, as well as our patient education and support programs.
Planned gifts allow LRG to engage in long-term financial planning knowing that resources will be available in the future. Unrestricted gifts also give us the financial flexibility to explore new directions in GIST cancer research. The ability to act quickly is especially valuable as we continue to work toward finding a cure for GIST. Today’s planned gift can make tomorrow’s research breakthrough possible.
Remembering LRG through a bequest is truly philanthropic. For those who choose to leave a legacy gift, they can be assured that their donation will help fund and support GIST programs and research efforts that will endure far into the future. Such generosity springs from the heart and is appreciated by all those who are touched by The LRG. Therefore, we acknowledge such support with membership in The Rafters Legacy Society, to ensure that support services for GIST patients will endure for years to come.
From a donor’s perspective, planned giving is attractive for many reasons. It may allow you to make larger gifts than you otherwise could out of your current assets. Depending on how a planned gift is set up, it may even help you reduce your capital gains or estate taxes. Planned gifts often appeal to people who want to benefit a charitable organization but are not certain how much of their assets they’ll need for themselves during their lifetimes. Planned giving is typically done in conjunction with estate planning, and is a viable option for donors of all income levels.
Most importantly, a planned gift allows you to leave a legacy that will help future GIST patients and their families, as well as to support a cause you fervently believe in at a level not possible during your lifetime.
Planned Gift Options
Will or Bequest
Often a planned gift takes the form of a charitable bequest. The term “charitable bequest” is used to describe anything you give or leave to charity from your estate upon your death. An estate is any property, money or personal belongings that you may have at the time of your death.
Will or Living Trust
Most people leave an estate when they die, even though they may not have a great deal of wealth. Even an individual with a small estate can arrange to leave a charitable bequest. Whatever the amount, your generosity will help support the LRG, and all those fighting GIST, for years to come. You can arrange to bequeath a gift from your estate in several different ways. You can set aside a specific dollar amount, leave a percentage of your estate, or leave any assets left over after your family has been provided for. Some people use a bequest to give a charity something they own, such as a car, home, art or jewelry or other financial investments, such as stocks, bonds, CDs, life insurance policies. Any of these gifts may provide tax savings and at the same time make a difference in the fight against cancer.
The language for making a simple bequest is as follows:
I give the Life Raft Group, 155 US Highway 46, Wayne, NJ 07470 the following amount, $ (insert specific dollar amount).
I give the Life Raft Group, 155 US Highway 46, Wayne, NJ 07470 the following percentage of my estate, (insert specific percentage)%,
after all specific bequests have been made.
Charitable Gift Annuities (CGAs)
With a charitable gift annuity, you make a donation to the LRG, and you receive a stream of fixed payments for your lifetime – with the potential for favorable tax benefits at the time of the gift and for each year’s income.
Charitable Remainder Trusts (CRTs)
With you donated assets, you or your beneficiaries can receive a rate of return for a period of time and a range of potential tax advantage. At the end of the period, the remainder goes to the LRG for charitable purposes.
Charitable Lead Trusts (CLTs)
By entrusting property, securities, or cash to provide support to the LRG for a fixed term, you can potentially offset estate taxes and taxes on appreciation when assets are transferred to beneficiaries.
The simplest way to support the LRG is through cash gifts. Creative gifts of assets can include stocks, bonds, and property (real estate and personal property). These can not only provide you with charitable deductions, but often offer additional tax savings as well.
- Gifts of Cash – Maximize your charitable deduction and deliver immediate benefits to the LRG.
- Gifts of Appreciated Securities – The IRS allows you one of its most significant tax breaks for gifts of appreciated securities.
- Gifts of Personal Property – Donate vehicles, artwork or jewelry and secure an income tax deduction.
- Gifts of Real Estate – Donate property and secure an income tax deduction.
- Gifts of Retirement Assets – The IRS currently allows donations of IRAs up to $100,000 without penalties. Please check with your financial advisor at the time of the gift for current laws.
- Gifts of Life Insurance Policies – You can designate the LRG as the beneficiary of a Life Insurance Policy in most states. Please check with your financial advisor concerning your state’s laws.