Bequests Through a Will or Trust
The most popular and simplest way to make a planned gift is under your Will or Trust. You can provide a specific dollar amount, a percentage, a residual amount, real estate, or tangible property to the Westerly Land Trust. This provision can be made through a new Will or Trust or added as a codicil or amendment. The following sample language can be used to add a codicil to your Will:
“I give to the Westerly Land Trust, with its principal business office at P.O. Box 601, Westerly, Rhode Island 02891 (insert written amount of gift, percentage of the estate or residuary of estate, or description of property) for its land conservation work.”
A simple codicil as this may be attached to your Will at no cost. It need only be signed and dated by you and forwarded to your attorney.
Gifts of Life Insurance
Several options are available for making a charitable gift of insurance policies. With a relatively small outlay for premiums, you can make a substantial gift while obtaining tax benefits. The Westerly Land Trust can be named as the sole, partial, or contingent beneficiary of a new or existing policy. Also, a paid up policy can be donated to the Land Trust as the owner and sole beneficiary.
Charitable Gift Annuity
There are many ways to fund a Gift Annuity, but cash or appreciated stock are the most common. When transferring securities to the Westerly Land Trust, you can obtain an immediate charitable income tax deduction and avoid a portion of potential capital gains tax as well. In addition, your income can frequently be increased in the form of a lifetime annuity payment based upon your age.
IRA Rollover and Pension Fund Gifts
Often the largest part of one’s estate, these funds are some of the best ways to make a charitable gift because of the ease of initiation, particularly under recent legislation. Donating these assets to the Westerly Land Trust avoids potential double taxation under both income and estate tax provisions. The Westerly Land Trust can be named as a partial or contingent beneficiary of your retirement or pension plan.