Gift Planning
Securities Transfer
An outright gift of securities has an immediate impact on Senior Community Centers. Gifts of marketable, long-term appreciated securities allow you to save taxes in two ways—you receive a charitable gift deduction and avoid all capital gains taxes. Direct transfers can be made by completing the Letter of Instruction for Share Transfer for your broker. Please contact Sheona Richardson at sheona.richardson@servingseniors.org or (619) 487-0605 regarding your transfer to receive approprate acknowledgement and IRS tax notification.
IRA Rollover Changes
The IRA Charitable Rollover permits those taxpayers to make donations directly to charitable organizations like Senior Community Centers from their IRAs without counting them as part of their AGI and, consequently, without paying taxes on them.
A donor’s total combined charitable IRA rollover contributions cannot exceed $100,000 in any one year.
Distributions can only be made from traditional Individual Retirement Accounts or Roth IRAs.
Distributions must be made directly from the IRA trustee payable to Senior Community Centers.
Individuals should consult with their tax advisors or financial planners to determine how this giving tool may impact their specific situations.
Endowment Gifts
A gift for endowment demonstrates your enduring commitment to Senior Community Centers. It is maintained in perpetuity and only the income is spent for the purposes specified by the donor. An endowment fund, which typically bears the name of the donor(s), reflects your interests and serves as a testament to your generosity for years to come.
Legacy Circle
The Legacy Circle recognizes an important group of individuals playing a key role in securing the future of Senior Community Centers as the organization meets the ever increasing demographic and economic needs of low-income seniors in San Diego. Anyone that has listed Senior Community Centers as a full or partial recipient of a planned gift (i.e. bequest, IRA or life insurance policy) is invited to join by completing and returning the Legacy Circle Letter of Intent
Bequests
By naming Senior Community Centers in your Will as a beneficiary of your estate, you help ensure that seniors in San Diego continue to receive the quality and compassionate services they need for their survival, health and independence of seniors living in poverty.
Charitable bequests help to reduce the size of your taxable estate, resulting in potential estate tax savings.
Sample Bequest Clause for Unrestricted Support:While you should consult your attorney about the precise legal requirements necessary under your state’s laws, here are some suggestions for language you and your attorney might include in your Will or Trust:
I hereby give, devise, and bequeath to Senior Community Centers, located in San Diego, California, (the sum of $___) or (___ percent of my estate) or (the rest, residue, and remainder of my estate). This gift may be used to further the objectives of Senior Community Centers in such a manner as the Board of Directors may direct.
Using a Codicil to Modify Your Will
Without drawing up a new Will, you can make a charitable bequest to Senior Community Centers simply by adding a codicil (a supplement or an addition) to an existing Will. It is always advisable to discuss changes or additions to your Will or Trust with your legal advisor to ensure all requirements under your state’s laws are met..
Charitable Gift Annuities
Senior Community Centers, in partnership with The San Diego Foundation, offers charitable gift annuities. The benefits of charitable gift annuities include an immediate charitable tax deduction and an avoidance of capital gains tax on the gift portion of the annuity (with remaining capital gains tax spread over donor’s life expectancy). Regular guaranteed income is paid to the donor and secured by The San Diego Foundation’s assets (a portion of the income stream may be tax-free). A donor can fund a charitable gift annuity with cash or appreciated securities to form an irrevocable contract with the remainder transferred to Senior Community Centers’ endowment fund at The San Diego Foundation upon death of last beneficiary. This giving instrument is available at the age of 65 with a minimum gift of $25,000
IRA (Individual Retirement Accounts) and Life Insurance
Gifts of IRA or life insurance policies can be made by simply completing a designation (or change) of beneficiary form that your plan manager or insurance company provides.
You can designate Senior Community Centers to receive any remaining assets on your individual retirement account (IRA) or other retirement plans while maintaining complete access to your retirement plan assets during your lifetime. Contact the custodian of your retirement account to update the beneficiary designations information on your account.
Donors should consult with their tax advisors or financial planners to determine how these gift planning options impact their specific situations.
