Gift Planning
There are many ways to give to Lakeside now and in the future so that others can continue to find opportunities for renewal and growth. If you support the mission of Lakeside and are searching for creative ways to leave a lasting legacy, gift planning offers several options.
· Make a larger charitable gift than you thought possible;
· Increase your current income;
· Plan for the financial needs of a spouse or loved one;
· Provide inheritances for your heirs at a reduced tax costs;
· Reduce your income tax and/ or avoid capital gains tax;
· Diversify your investment portfolio;
Making a planned charitable gift usually requires the assistance of the charity’s advancement professional and/or knowledgeable advisor such as an attorney, financial planner, or CPA to help structure the gift. Planned gifts can provide valuable tax benefits and/or lifetime income for you and your spouse or other loved one.
Gift Planning Options
| Gift Planning Option |
Description |
Tax Benefits |
Benefits |
| Real Estate Gift |
A donation of real property either in full or with a retained life estate |
Immediate income tax deduction for the charitable value of the gift, plus no capital gains tax due |
Can allow you to live in your home and still receive a charitable deduction |
| Life Insurance Gift |
A gift of a new or old policy with a charitable organization named as beneficiary and owner |
Immediate income tax deduction for gift's value, plus possible estate tax savings |
Provides a way to make a significant gift with little expenditure |
| Living Trust |
A trust you establish to take effect during your lifetime |
Possible savings in estate taxes if a charitable organization is the beneficiary of the trust remainder |
Terms of trust can be changed at any time |
| Bequest in Will |
A gift you make by naming Lakeside Chautauqua Foundation in your will |
Estate tax deduction for the value of your bequest to the charitable organization |
Gives you flexibility in providing for your family needs first |
| Retirement Plan Gift |
A gift made by naming Lakeside Chautauqua Foundation as the beneficiary after your death |
Avoids income tax on the plan, in addition to possible estate tax savings |
Preserves plan's value and allows you to leave heirs bequests and other assets free of income tax |
| Charitable Remainder Annuity Trust |
A trust that pays a set income to you or those you name before the Lakeside Chautauqua Foundation receives a remainder |
Income tax savings form deduction, no capital gains tax liability, plus possible estate tax savings |
Provides fixed annual income for donor or other beneficiary |
| Charitable Remainder Unitrust |
A trust that pays a variable income to you or those you name before Lakeside Chautauqua Foundation receives a remainder |
Income tax savings from deduction, no capital gains tax liability, possible estate tax savings |
Provides annual income that could increase if the trust value increases |
| Charitable Gift Annuity |
A contract in which a Lakeside Chautauqua Foundation agrees to pay you back a percentage of your gift annually for your lifetime |
Immediate income tax deduction for part of the gift's value, with capital gains spread out over your life expectancy |
Gives you and/or another beneficiary a set income for life at an attractive rate |
| Charitable Lead Trust |
A trust that pays an income to a Lakeside Chautauqua Foundation for a period of years before you or your heirs receive the remainder |
Gift or estate tax savings for value of payments made to the organization |
Allows you to pass assets to heirs intact |
Bequests
Many individuals designate a portion of their assets be used for the benefit and support of Lakeside. Gifts by will have become an integral part of American philanthropic tradition enabling a person to make significant contributions that may not have been possible during life. Bequests can take various forms.
The following sample language of a charitable bequest is included for your consideration.
"I give (____dollars) or (a specific asset, such as securities, real estate or other property or (all) or (____percentage of the rest, residue, and remainder of my estate) to the Lakeside Chautauqua Foundation in Lakeside, Ohio for its general support of Lake Association) or for the following purpose: ____________)."
Contact the Foundation at: 419-798-5396 or
Advancment@lakesideohio.com