Donate to the Androscoggin Land Trust
Planned Giving Options
The following information provides different examples of common tools used to make planned gifts to non-profit organizations. If you are interested in making a planned gift to Androscoggin Land Trust (ALT), please contact us and let us help you to make it happen. Your financial advisor, accountant, or attorney will be needed to formalize most plans, but some options discussed below do not require outside professionals.
A charitable gift annuity is one of the simplest types of life income arrangements. In exchange for a charitable gift to ALT you, or someone you designate, will receive a fixed income payment quarterly or annually. Upon the death of the person receiving payment, the remaining money becomes a permanent fund that supports ALT. A charitable gift annuity is a low cost alternative to creating a trust, and the minimum investment is significantly less than what is required for a charitable remainder trust. Receiving a fixed level of guaranteed income can be more desirable than waiting for low paying investments to appreciate. Another way to give, is to include ALT in your Will or Living Trust through a bequest. This planned giving option is your plan to provide ALT with a specific asset upon your death, or to provide it with a percentage of the value of your estate. This is one of the most commonly used planned giving vehicles. Sample language for a fixed amount: “I bequeath the sum of $____ dollars to the Androscoggin Land Trust, a Maine non-profit organization to be used or disposed of for its general charitable purposes.” Sample language for a residuary bequest: “I bequeath ____ percent of the residue of my estate to the Androscoggin Land Trust, a Maine non-profit organization to be used or disposed of for its general charitable purposes.” Please contact your attorney for help with any changes to your Will or Living Trust.
Another way to support ALT, is by establishing a Charitable Remainder Trust or a Charitable Lead Trust. With the help of an attorney you can create a trust that irrevocably transfers assets into a trust that pays income to the donor during the term of the trust, and then the remainder of the assets to ALT at the end of the term. Because of its tax exempt status, Charitable Remainder Trusts may sell trust property and avoid capital gains taxes. A Charitable Lead Trust works basically the same way, but instead of the donor receiving income over the term of the trust, ALT receives the income from the trust assets. At the end of the specified time period, the remainder is paid to the donor or the donor’s family. These trusts typically are used to avoid estate taxes on large estates. But please talk to your attorney about the specific tax consequences of any estate plan.
Beneficiary of a Retirement Plan:
Naming ALT the beneficiary or contingent beneficiary of a retirement plan, such as an IRA or 401(k). It is usually very easy to obtain this paperwork from your retirement plan. Making a change of this nature, does not require legal advice or consultation with tax professionals, so it is often a convenient planned giving mechanism.
Similarly, designating ALT as the beneficiary or contingent beneficiary of a life insurance policy is another convenient and simple way to make a planned gift. The gift completely avoids the probate process after death, and the cash surrender value of the policy is deductible as a charitable contribution.
For more information on these gift ideas or to learn about other ways to make a charitable contribution, contact us or call 207-782-2302.