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| Intro | Types of Giving | ||
Types of Planned Giving
Bequests
Gifts by Will
A Will is the easiest and most effective means for individuals to ensure that they fully provide for their families and that their assets are distributed as they wish. Many of our supporters have remembered Camillus House in their Will while also providing for their family. These bequests provide a major portion of Camillus’ funding each year. A bequest through a Will also provides continuing support of the ongoing work of Camillus House. A gift to Camillus House through a Will has several advantages:
A Will offers you many benefits:
- Allow individuals to direct how their assets will be distributed and provide for their families, relatives and friends.
- Provides for minor children financially and by designating a guardian.
- Allow individuals to give to charitable causes, thus leaving a legacy that reflects their values.
By creating a Will, individuals are able to:
- Choose the personal representative or executor they want to oversee the distribution of their assets.
- Avoid unnecessary expenses in administering their estate.
- Use some estate planning techniques to save considerable estate taxes.
- Memorialize individuals, especially important in their lives, through a bequest made to Camillus House in their names.
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Life Income Gifts
Charitable Gift Annuity
Charitable Gift Annuities are a wonderful way to make a gift to Camillus House and realize generous lifetime income as well as current year tax savings. A Charitable Gift Annuity is an agreement between a donor and Camillus House whereby he or she transfer cash or appreciated assets to Camillus, and in return the donor (or donor and someone he or she names) receive guaranteed fixed-dollar payments. These payments will continue for as long as the donor (and/or the person named) lives.
The gift rate and tax savings for a charitable gift annuity vary from person to person, depending on age and the number of beneficiaries. Individuals can arrange a one-life or a two-life charitable gift annuity that can provide for them and/or their loved ones.
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Deferred Charitable Gift Annuity
A Deferred Gift Annuity is similar to a charitable gift annuity. Individuals transfer cash or stocks in exchange for quarterly fixed-dollar payments that will continue for as long as they live. The difference is that the annuity payments start at some point in the future. Donors set the date when the gift is made. Individual might consider a Deferred Gift Annuity if they don't need more income now, but would benefit from a charitable deduction while insuring a regular income at some future point in their lives. Deferred Gift Annuities are an excellent way to combine a legacy gift with supplemental retirement savings.
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Charitable Remainder Trust
A Trust is a legal agreement that specifies how the assets placed under the Trust will be managed. The charitable remainder trust is an attractive method to achieve a variety of goals while providing income for life and knowing that after the person’s lifetime, the property remaining in the trust will be used by Camillus House as he or she has specified. There are two types of charitable remainder trusts: the Unitrust and Annuity trust.
- Unitrust: income fluctuates annually with the fair market value of the Trust.
- Annuity Trust: income payments are fixed and determined when the gift is made.
The advantages of a Charitable Remainder Trust are many. For example, individuals receive income for life, avoid capital gains tax if the Trust is funded with appreciated securities, receive immediate charitable income tax deduction, possibility of reducing estate tax, and the satisfaction of supporting Camillus House.
These types of Trust allow individuals to attain their own personal financial objectives while making a significant gift to Camillus House. The best type depends on individual needs. For more information, please email contactus@camillus.org or call 305.374.1065, Ext. 303.
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Retirement Plans
When individuals participate in retirement plans, they set aside money to use later. If an individual dies before he or she receives any lifetime payments, the accumulated funds go to the named beneficiary or beneficiaries. If an individual dies after his or her retirement benefits have begun, the remainder in the fund is paid to the named beneficiaries.
It's also possible to donate all or part of a retirement plan to Camillus House. For individuals considering this, here are some points to keep in mind.
Individuals may name Camillus House as first, second or last beneficiary for part or all of the remainder. (Camillus House may be named as a beneficiary at any time.)
A spouse must sign a spousal waiver when Camillus House is named for benefits to which the spouse is entitled.
There are four basic types of retirement plans:
- Qualified pension and profit-sharing plans
- 401(k) Plans
- Keough Plans
- individual retirement accounts (IRAs).
Tax benefits: Retirement plans offer important tax advantages to participants.
- Contributions can be deductible for Federal income tax purposes, by the employer, the participant or both.
- Earnings from investments accumulate and income tax is deferred until retirement payments begin.
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Life Insurance Gifts
Many people have insurance policies that have outlived their original purpose. For example, some people have old policies to cover the cost of a child's education or to provide financial support to a spouse or child in case of a premature death. If the original need for a policy has been met, consider giving the policy to Camillus House.
How to give general life insurance as a gift
- Donate a paid-up policy: Policies that have outlived their intended purpose can make wonderful gifts.
- Buy a new policy: Individuals can make a substantial gift by taking out a policy and making themselves and Camillus House both owners and beneficiaries. The premium payments can be tax deductible.
- Give a single premium policy for maximum benefits.
- Add a beneficiary: Name Camillus House as a primary or joint beneficiary. Another option is to name Camillus as a secondary or final beneficiary on an existing or new policy. If the beneficiary dies before the policy holder, Camillus will become the beneficiary. This allows individuals to provide for loved ones and potentially make a gift to fight homelessness and poverty. Because the gift isn't definite, the tax benefits would be deductible from Federal estate taxes. Camillus House may be named as a beneficiary on whole or term life insurance policies.
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Charitable Lead Trusts
A Charitable Lead Trust creates a gift for Camillus House today and ultimately returns that gift to the donor or his or her loved ones.
A Charitable Lead Trust is created by the irrevocable transfer of assets, such as cash or securities, to the Trust. The gift that results is an annual income that is paid to Camillus, generally for a lifetime or a period of years. The donor determines the income amount to be paid to Camillus House when the Trust is created. At the end of the Trust period, the accumulated assets in the Trust are returned to the donor or passed to others as he or she has chosen. The Charitable Lead Trust presents an attractive method for a donor to return assets to his or her control in later years or pass assets to family members.
Benefits of a Charitable Lead Trust
- The satisfaction of creating a gift that immediately benefits Camillus House.
- A gift of current income for Camillus House.
- The ability to provide a multi-year gift that Camillus House can count on.
- The ability to transfer assets back to yourself or to other generations.
- Potential tax savings.
- The ability to make a gift now, but retain control of assets in later years.
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