Leave a Legacy: Make a planned gift.
TYPES OF PLANNED GIFTS:
There are many ways that you can make a planned gift to the Club. The information below is a guideline to give you an idea of what is available. Consult your attorney or financial adviser for more information on these gifts to The Club.
A GIFT IN YOUR WILL OR LIVING TRUST
A simple charitable bequest can provide very meaningful support to our mission as well as reduce the amount of estate and inheritance taxes paid. Bequests may be specific, proportional or residual in nature.
A GIFT OF A NEW OR EXISTING LIFE INSURANCE POLICY
Many people have life insurance policies that exceed their current needs. Such policies can be given to the Club, and you may take an income tax deduction for the cash surrender value.
A GIFT OF RETIREMENT BENEFITS
Naming the Club as primary, partial or contingent beneficiary of your retirement plan is a simple, practical gift idea. See your personnel office for the proper forms. Donors over age 70½ are permitted to transfer to charity up to $100,000 per year directly from an IRA without counting it as income on their federal income tax.
AN OUTRIGHT GIFT OF CASH OR SECURITIES
For gifts of cash, you are entitled to an income tax deduction up to 50 percent of your Adjusted Gross Income (AGI) with a five-year carryover period for any excess. For gifts of long-term appreciated securities, the limit is 30 percent of AGI, and you will avoid the capital gain tax that would have applied had you sold them.
AN OUTRIGHT GIFT OF REAL ESTATE OR OTHER PROPERTY
Most real estate has appreciated faster than the rate of inflation and offers great potential in charitable gift planning. A tax deduction for the fair market value of the property is permitted up to 30 percent of AGI and, again, you will avoid the capital gain tax.
A GIFT OF A PERSONAL RESIDENCE OR FARM WITH A RETAINED LIFE ESTATE
It is possible to transfer ownership of your personal residence or farm to the Club while retaining use of the property during your lifetime. You receive a current income tax deduction for the property’s discounted value.
A LIFE INCOME GIFT TO THE CLUB
You can receive a lifetime income, in addition to various tax benefits, from making a gift to one of our life-income plans. For instance, you will receive a current income tax deduction for the present value of the eventual gift, subject to the same contribution ceilings mentioned above, and you may reduce or eliminate the capital gains tax on long-term appreciated assets. On the death of the income beneficiary (you and/or another person), the Club will have use of the funds to further its programs. Life income plans include:
Charitable gift annuity
In exchange for a gift of cash or securities, we will agree to pay you a fixed annual income for your lifetime, backed by the assets of Boys & Girls Clubs of America. This income may start now or at a later date, such as retirement. The rate of the annuity is based on the ages of the annuitants, you or another person. You will incur no immediate capital gain on the transfer of appreciated securities and part of your annuity payment will be tax-free.
Charitable remainder trust
We are happy to work with you and your financial advisers to create an individual income arrangement that suits your unique circumstances. For example, you may choose a fixed or fluctuating payment, the rate of income and many other features to suit your particular needs. You will incur no capital gain tax on the initial transfer of long-term, appreciated securities or real estate into the trust.
A GIFT OF AN INCOME STREAM
You can provide annual payments to the Club from a pool of income-producing assets—a charitable lead trust—that later will be returned to you or distributed to your heirs. This plan allows you to transfer assets to family members at a reduced value while providing meaningful support to our mission for a number of years and receiving a current tax deduction.
CREATIVE COMBINATIONS OF THE ABOVE GIFTS
You also have the ability to provide a planned gift through a combination of the above options. For instance, life income gifts may be established through your will or living trust, giving you the flexibility to change your mind during your lifetime and yet providing a substantial charitable estate tax deduction for taxable estates.
Leave a Legacy: Make a Gift in Memory/Honor
Making a donation to The Club in someone’s memory or honor is a wonderful way to remember them and continue their legacy in making a difference in the lives of the children of our community.
Many families choose to keep the memory of a loved one by directing memorial donations to the Club in their name. People whose lives have been positively impacted by the Club can ensure that the Club will be here with programs and services for generations of kids yet to come.
Donations can be dropped off at either the Eden or Lake Shore Clubhouse, made via secure PayPal donation online; or mailed to: Boys & Girls Club of Eden-Lake Shore – 8284 North Main St. – Eden NY 14057. Please indicate on the check or include a note letting us know who the gift is in memory of.
MEMORIAL/HONOR GIFTS GIVEN:
By David and Susanne Schmittendorf in honor of Gary Walter and in memory of Sharon, his wife.
October 15, 2018
Dear Mr. Walter:
It is our pleasure to inform you that Mr. and Mrs. David and Susanne Schmittendorf have made a $1,000 donation to the Boys & Girls Club of Eden-Lake Shore in your honor, and in memory of your wife Sharon.
In sharing their generous donation, they wanted us to know how much they appreciate and admire you and your wife’s contributions to our community, especially as caring and giving educators of countless children of the Lake Shore Central School District. We join them in acknowledging the impact you have left on our children, and through their donation in your honor, continue to share that legacy as it will further our goal of helping the kids of the Evans-Brant-Eden community BE GREAT!
The mission of the Boys & Girls Club of Eden-Lake Shore is to create a positive place for kids, partnering with and enhancing the great work our school district does in building character and life skills that will help them make good choices and succeed in all aspects of their life.
We thank you for being a good neighbor of our Lake Shore clubhouse and we welcome you to stop by and visit us at any time. Please don’t hesitate to ‘pop-in’ or give us a call ahead of time. We’d love to give you a tour and show you all the great things our Club kids are doing.
Thank you for being a role model for so many in our community, as evident in the testimonial that accompanied this donation.