Planned Giving with PLC
Estate Planning
Giving Through Your Will or Living Trust
Giving Through Retirement Plans
Designating Life Insurance
Creating a Charitable Remainder Trust
Donating Appreciated Securities
Estate Planning
You can guarantee Public Law Center's ability to help people for years to come through an everlasting gift. People who give to the Public Law Center's Legacy for Justice Fund ensure that PLC will be here for as long as we are needed. Your gift will help ensure that access to justice remains a right, not a privilege.
Planning a charitable legacy means different things to different people. What it means to you depends on who you are, what you care about, and how you define your personal and financial goals. In the broadest sense, it addresses the process of accumulating, managing and distributing property/assets over the course of your lifetime. Planning can help you make a difference in the lives of those you love, and if you decide to make a charitable gift as part of your planning, you can make a significant impact on the lives of thousands of other people.
It is important to have professional advisors help you in this process, including your attorney, accountant, and financial consultant. It is also important to make sure you fully consider what to give, when to give, and how to give to assure that you, your heirs (if applicable), and your estate receive the maximum impact for your gift. Depending on the way you implement your plan, you might be able to realize substantial tax savings during your lifetime and save substantial taxes on your estate.
Giving Through Your Will or Living Trust
A well-planned will or living trust ensures that your wishes are honored, even when you are not here to make it happen. You may decide to leave a specific amount, a percentage of your estate, or all or part of what remains after individuals have been remembered. If you don't have a will or living trust, contact your attorney to draw one up. If you have a will or living trust, you may be able to change it with a simple addition of a codicil or amendment.
Giving Through Retirement Plans
Charitable gifts of retirement plan balances usually offer the greatest potential for tax savings because of income tax liability associated with these funds. If you are over 59 1/2 years of age and find you have built up excess retirement funds, you might consider withdrawing a portion of these funds without penalty to fund charitable gifts during your lifetime.
Designating Life Insurance
You can name a charitable beneficiary to receive all or a portion of the policy proceeds at death. Income and estate tax benefits may result from such gifts.
Creating a Charitable Remainder Trust
Though there are different kinds of Trusts, the basic concept is that you or your heirs get a regular income for life, and the charity you designate gets the remainder of the funds. You can realize tax savings on income during your lifetime and tax benefits for your heirs and estate.
Donating Appreciated Securities
When appreciated securities (stocks, bonds, and mutual funds) are donated, you are entitled to a deduction for their full value, not just the original cost.
As you can see, there are many planning tools and additional information is available regarding many of the ideas highlighted here. You may wish to share this information with your advisors as a starting point, or you can call the Development department at (714) 541-1010 to set up a time to discuss your goals. |
