Planned giving is a method of supporting CurePSP that enables philanthropic donors to make larger gifts than they could make from their income. While some planned gifts provide a life-long income to the donor, others use estate and tax planning techniques to provide for charity and other heirs in ways that maximize the gift and/or minimize its impact on the donor’s estate. A planned gift is any major gift, made in lifetime or at death as part of a donor’s overall financial and/or estate planning.
Whether a donor uses a bequest, cash, appreciated securities/stock, real estate, artwork, partnership interests, personal property, life insurance, or a retirement plan, the benefits of funding a planned gift can make this type of charitable giving very attractive to both donor and charity. Some benefits may include various tax advantages, the possibility of the gift deriving from current assets (as opposed to cash), and potentially allowing the donor to make a significantly larger gift than would normally be possible.
There are several different options for providing a planned gift to CurePSP.
Bequests are the making of a provision in a donor’s will, where a charitable organization receives cash and/or other assets at the time of the donor’s death. Bequests may be used to establish memorials in honor of the donor, family members or others.
To make a bequest of cash or property to CurePSP, your will, or supplemental codicil should state:
“I give and bequeath to CurePSP, a non-profit organized under the laws of the State of Maryland, and having its main office at 30 E. Padonia Road, Suite 201, Timonium, MD 21093, the sum of $ ________ or ________% of the residue, rest and remainder of my estate to be used for the general purpose and mission of the organization.”
Gifts of Life Insurance
- Transfer of ownership from an existing policy to the charitable organization
- Purchase of a contract by the donor, where the institution is named the beneficiary
Charitable Remainder Trusts
Used by donors to transfer assets to a trust, which then goes to the charitable organization after the death of the last beneficiary. The donor retains a fixed amount of variable income for life.
Charitable Lead Trusts
Established by a donor transferring assets to a trust which provides income to a nonprofit organization for a period of years. At the end of that period, the trust assets revert either to the donor (grantor) or to someone else the donor designates (non-grantor).
Ultimately, your financial advisor should help you decide on the best planned giving option for you and your family. If you would like to discuss planned giving with us, please contact David Kemp, President, at 347-294-2838, or via email at email@example.com.