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Planned Giving

You don’t have to be wealthy to make a significant gift to Someplace Safe. There are many options for supporting our organization through planned giving.

 

 

Bequests

Make a bequest in your will.  You can use this wording to share with your estate planning attorney to add to your will or living trust:

“I, (name), of (city, state, ZIP), give, devise and bequeath to Someplace Save, (written amount or percentage of the estate or description of property) for its unrestricted use and purpose.”

If you have included Someplace Safe in your estate plans, we would love to welcome you into our Visionaries group.  We respect your wishes to remain anonymous if you so choose, and any details of your gift that you disclose are held in confidence.

Life Insurance

Another way to continue your support of Someplace Safe is through a life insurance gift.  You can purchase a life-insurance policy and bequeath it to Someplace Safe.  Many people have a whole life policy that is no longer needed to protect you or your family.  You can make a change in the beneficiary so that Someplace Safe receives the benefit of that policy.

Retirement Plan

For many of us, earnings on 401(k)s, IRAs and pension plans constitute the bulk of our net worth.  But did you know that anyone who inherits retirement** plan funds will be subject to income tax on withdrawals? Consider leaving a percentage of your retirement plan assets to Someplace Safe.  Unlike family members, we will receive the full value of your retirement plan assets.  If you’re determined to avoid taxes altogether on your retirement plan assets, you could donate them to Someplace Safe and build an inheritance for your loved ones from other assets.

If much of your nest egg is tied up in a retirement plan, a more reasonable alternative may be to donate a percentage of your retirement plan accounts to Someplace Safe. This will give greater control over how these funds will be used while still providing for the needs of family and friends.

**It’s official—the President signed the charitable IRA rollover extension into law, and it will be in effect for 2010 and 2011.  Donors aged 70 1/2 or older are once again eligible to move up to $100,000 from their IRAs directly to qualified charities without having to pay income taxes on the money.

How to Complete Your Gift

Contact your retirement plan administrator for a change of beneficiary form.  Decide what percentage you would like Someplace Safe to receive and name us on the beneficiary form.  Then return the form to your plan administrator.

Completing a Designation of Beneficiary form for your IRA or other retirement plans assets does not normally require you to change your Will.  The designation form that you file with the plan administrator usually controls the distribution of the assets, not the Testamentary Will.

Securities

Securities that are worth more now than when you purchased them, and that you have owned them for more than one year, make excellent charitable gifts. When making such a gift, you qualify for two tax benefits.

• You are entitled to a federal income tax deduction based on the current fair market value of the securities, regardless of their original cost.  (Your deduction is limited to 30 percent of your adjusted gross income, but the excess is deductible for up to five additional years.)
• You are exempt from paying capital gains taxes on any increase in value—taxes you would pay if  you had otherwise sold the securities.

In addition, you avoid paying up to 15 percent capital gains tax on the appreciated stock you donate.

How to Complete Your Gift

If you have the physical securities, you can hand-deliver them to us or mail us the stocks and stock power separately. If you don’t have possession of the securities, instruct your broker to electronically transfer your intended shares.  Contact Becki Jordan, Director of Development, for information your broker will need to complete the transfer.  Make sure to ask your broker to notify us once the transfer is complete.

Stock

Donating appreciated securities, such as stock, to Someplace Safe is a tax-wise approach for providing safety, options and hope for the individuals we work with. If you wish to donate your stock to Someplace Safe, please contact Amy Morrison at 218-739-3486 for more information.

This information is not intended as legal advice. Please consult your attorney or financial adviser regarding any planned gift.