PLANNED GIVING
Ways to Give
Following are suggestions and brief descriptions for ways of making a planned gift to Seacology. Planned gifts may be beneficial to the donor as a means to reduce estate, gift, and/or current income taxes, and to satisfy other financial goals. This information is not intended as legal, tax or investment advice. For such advice, please consult an attorney, tax professional or investment professional.
Bequests
Leave your legacy by making a gift in your will to family, friends and charitable organizations. A bequest is one of the simplest ways to remember those you care about most.
Here are eight generally accepted ways to make a bequest. You might discuss them with your attorney as you prepare to update your will.
- Specific bequest. This is a gift of a specific item to a specific beneficiary. For example, "I give my island artifacts to ;my nephew, John."
- General bequest. This is usually a gift of a stated sum of money.
- Contingent bequest. This is a bequest made on condition that a certain event must occur before distribution to the beneficiary. For example, "I give $50,000 to my son, Joe, provided he enrolls in college before age 21." A contingent bequest is specific in nature.
- Residuary bequest. This is a gift of all the "rest, residue and remainder" of your estate after all other bequests, debts and taxes have been paid.
The previous items can apply in the case of bequests to individual heirs or bequests to charitable organizations. The following items are special considerations when you plan a charitable bequest to help support Seacology’s mission.
- 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. It's best to consult us when you make your will to be certain your intent can be carried out.
- Honorary or memorial bequest. This is a gift given "in honor of" or "in memory of" someone. We are pleased to honor your request (when possible) and have ways to confer appropriate recognition.
- 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.
Estate Gifts
Gifts by Will or Living Trust
It is possible to give to Seacology without affecting your cash flow in your lifetime. You can provide now for a future gift to Seacology by including a bequest provision in your will or revocable trust. Your will or trust directs assets to your heirs, and directs a bequest to Seacology for the purpose(s) you specify.
Gifts of Retirement Plans
Your retirement plan may be worth more when donated to Seacology than to your heirs. You name Seacology as the beneficiary of your IRA, 401(k) or other qualified plan. Any residual left in your plan when you die passes to Seacology tax-free. Gifts of retirement plan assets during your lifetime are not recommended because they are subject to income tax.
Gifts of Life Insurance
Create a significant endowment for Seacology without dipping into your capital assets. You transfer ownership of a paid-up life insurance policy to Seacology.
Gifts in Partnership with Seacology
Charitable Gift Annuities – Immediate
Receive a fixed payout and significant tax benefits by transferring cash or securities to Seacology. Seacology then pays you, or up to two annuitants you name, fixed payments for life. The principal passes to Seacology when the contract ends.
Charitable Gift Annuities – Deferred
Build retirement earnings by deferring the onset of annuity payments. You transfer cash, securities or other property to Seacology. Beginning on a specified date in the future, Seacology begins to pay you, or up to two annuitants you name, fixed annuity payments for life. The principal passes to Seacology when the contract ends. This type of gift is recommended for younger donors.
Charitable Lead Trusts
Freeze the taxable value of your appreciating assets by using them to make gifts today and pass them back to family members later. You contribute cash, securities or other property to a trust. The trust makes fixed annual payments to Seacology for a specified term of years. When the trust ends, the remaining principal goes to your heirs.
Charitable Remainder Annuity Trusts
Combine a charitable gift with a predictable fixed-income payout by placing your donation to an individually managed trust. You contribute cash, securities or other property to a trust. The trust makes fixed annual payments to you or to anyone you name. When the trust ends, the principal passes to Seacology.
Charitable Remainder Unitrusts
Choose from several options that best meet your personal financial situation and our needs. You transfer cash, securities or other appreciated property into a trust. The trust pays a percentage of the market value of the assets re-valued annually to you or to beneficiaries you name. When the trust ends, the principal passes to Seacology.
Retained Life Estates
Give Seacology your house and continue to live there rent-free. You transfer your residence, farm, or vacation home to Seacology, subject to a life estate. You continue to live in the property for life or a specified term of years, while continuing to be responsible for all taxes and upkeep. The property passes to Seacology when your life estate ends.
Outright Gifts
A number of ways exist for those who want to make a planned gift in their lifetimes. Following are some suggestions you might want to explore with your attorney, tax professional or investment professional.
Gifts of Cash
Gifts of Business Interests
Gifts of Appreciated Securities
Gifts of Real Estate
Gifts of Partnership Interests
Gifts of Personal Property
Let Us Know
Please tell us when you have named Seacology in your estate plans. We would very much like the opportunity to thank you for your generosity. If you have made a provision for Seacology in your estate plans and become a member of Seacology’s Island Legacy Society, you will be acknowledged (with your permission) on our website and periodically in future newsletters and other listings. Membership in the Island Legacy Society occurs upon confirmation of your future provision.
To find out how to provide Seacology with your planned giving information, or to receive more information about the Island Legacy Society, please contact our Development Director at:
Tel: 510-559-3505
Fax: 510-559-3506
Email: islands@seacology.org
