LEAVE A LEGACY® - Thomas Jefferson Area
... a program encouraging charitable gift planning

Thomas Jefferson
Area Chapter

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The Thomas Jefferson Area Chapter of
LEAVE A LEGACY® is in partnership with area non-profits and local charities in our mission to educate the general public about the importance of legacy charitable giving - specifically bequests - hence the name LEAVE A LEGACY®. At the heart of our message is this simple truth: ANYONE can leave a gift to his or her favorite charity or charities through a simple bequest.

We not only seek to educate the general public about the importance of legacy planned giving (hopefully creating a larger pool of charitable donors) but we also seek to serve as a resource and public voice for the charities and non-profits who will receive these gifts.

We are always seeking more effective ways to provide resources for these charitable and non-profit fundraisers, donor advisors, and professional financial advisors, including attorneys, trust officers, CPAs, and Insurance salespersons, who will be the ones connecting the donor and the charity and making their clients aware of the possibilities, rewards. and benefits of charitable planned giving.

So the focus of LEAVE A LEGACY® in 2005 will be to encourage all those who have not done so to prepare a will and those who have a will but have made no provision for a charitable gift to consider a bequest to a favorite charity or other non-profit after they have taken care of their family or any other legal obligations. This is a generous community in annual giving, but we all want to do better in charitable gift planning


Add a charitable organization as beneficiary to your IRA or a percentage beneficiary (for example 10% or more). You don't have to pay income taxes on that portion that benefits a charitable organization. It is easy to do. Just request a change of beneficiary form the financial institution that is the custodian of your IRA.
Make a bequest in you will. Everyone should have a will! Leave a gift in your will for the charitable organizations that have made a difference in your life or in that of a loved one. This can be done by naming a specific amount or by setting a percentage.
Consider making gifts during your lifetime with appreciated assets such as stocks or real estate. You can receive an income tax deduction for the current value of the gift. By transferring ownership to the charitable organization, you avoid paying the capital gain tax. The organization can sell the asset without paying the tax and so receive the full amount for their use.
Supplement your income by getting a check FROM a charity! Invest in Charitable Gift Annuity whereby you transfer an asset irrevocably to a non-profit organization in exchange for tax benefits and an annual income for your lifetime.
Purchase a new life insurance policy naming your favorite charity as the beneficiary. Or, name your favorite non-profit as the beneficiary of an existing and no longer needed life insurance policy.
Create a "life estate" with real estate you currently own by giving ownership to the charity but retaining the right to live in the home for your lifetime. This can generate current income tax deductions.
Remember and honor loved ones with memorial gifts in their name to charitable and other non-profit organizations.
Encourage family members and friends to make bequests in their wills or add non-profits as beneficiaries to their retirement plans.
You can make a charitable gift to set up a charitable trust. You donate the asset to the charitable trust. This works particularly well with appreciated assets such as stocks or real estate. The asset can then be sold inside the trust without capital gains taxes and repositioned into income-generating assets. You can receive income from the trust for you lifetime and also receive current income tax deductions. At your (or your spouse's) death the remaining principle goes to the charity, avoiding any potential estate tax. Want to also remember family members? Use part of the income generated by trust (or a portion of the tax savings) to replace the asset using life insurance in a wealth replacement trust. Heir can be made whole or even come out ahead.
Ask your legal or financial advisor to include charitable giving recommendations to you and their other clients as part of their counsel.