Bequests

A bequest is an easy and simple way to give a gift of cash, securities or personal property that does not affect the donor’s income or estate during their lifetime. A charitable donation through a bequest in a will also enables the donor to take advantage of tax-saving opportunities that preserve as much of the estate as possible by lowering estate taxes that must be paid by heirs. There are several types of bequests, and donors are urged to discuss their plans with an attorney or financial advisor before any decisions are made. Here are just a few examples of commonly used bequests:

• Unrestricted bequest -This is a gift for our general purposes, to be used at the discretion of our governing board. A gift like this—without conditions attached—is frequently the most useful, as it allows us to determine the wisest and most pressing need for the funds at the time of receipt.
• Restricted bequest -This type of gift allows you to specify how the funds are to be used. Perhaps you have a special purpose or project in mind. If so, it's best to consult us before you make your bequest to be certain your intent can be carried out.
• Endowed bequest - This bequest allows you to restrict the principal of your gift, requiring us to hold the funds permanently and use only the investment income they generate, or other similar formula. Creating an endowment in this manner means that your gift can continue giving indefinitely.

Life Estate Agreement

Entering into a Life Estate Agreement is another way to donate land or a residence for those donors who want to continue to enjoy and use their property throughout their life. While the actual transfer of the future interest in the property is made to the Land Trust now, you may continue to live in the home or on the property for the rest of your life. A substantial income tax deduction may be allowed.

Gift of Life Insurance Policy

A gift of a life insurance policy is an excellent method to make a larger contribution than you could otherwise provide with an outright gift of cash or stock during your lifetime. If you own a life insurance policy and the original beneficiary no longer needs the protection, the policy may be transferred to the Foundation as both owner and beneficiary. By doing so you are then entitled to an income tax deduction for the lower of the policy’s value or your cost basis in it at the time of the transfer. If you continue to pay the premiums on the policy, they are also deductible.

Giving IRAs or other Retirement Plans

Individual Retirement Accounts (IRAs), company-sponsored pension and profit-sharing plans, and other methods of saving for retirement may be appealing sources for charitable gifts. If you are over age 59 ½ and find that you have more than adequate resources set aside for retirement, you may choose to use a portion of your retirement funds to make charitable gifts which may reduce your estate and income taxes.

Charitable Gift Annuities

Through a charitable gift annuity, you can make a gift to the Land Trust and receive fixed annual payments as well as income and estate tax benefits. A gift annuity is a simple, contractual agreement between a donor and the Nantucket Conservation Foundation in which you give assets to us in exchange for our promise to pay you a fixed sum for life.

Charitable Remainder Trusts

When you create a charitable remainder trust, you give money, securities or other assets to a trust you create that will then pay you an income for life or for a period of years (not to exceed 20). If you wish, the trust also can pay an income to other beneficiaries of your choice. At the death of the final beneficiary, the remaining balance in the trust goes to the Foundation.

If you are interested in learning more...

about any of these giving options, please contact clt@charlestownlandtrust.org

Please remember:

• Always consult with your own financial and legal assistance.
• Consult with the Charlestown Land Trust in advance before executing a will or living trust. We want to be certain that we understand your goals and can provide the correct technical details for easements to your advisor or attorney.

Every gift is important and helps to sustain the Charlestown Land Trust mission. Thank you in advance for your continued support.