What is Planned Giving?
Planned giving, also known as legacy giving, is the process of making a charitable gift as part of an individual’s financial or estate planning. This type of giving allows donors to support charitable organizations while also achieving personal financial and estate planning goals.
What are the benefits of planned giving?
- Tax Advantages: Many planned giving strategies offer potential tax benefits for donors, such as income tax deductions, estate tax reductions, or other tax incentives.
- Financial Planning: Planned giving allows individuals to integrate their charitable goals into their overall financial plan, such as providing for family members, managing income during retirement, and ensuring the longevity of the donor’s assets.
- Legacy and Impact: Donors can leave a lasting legacy by supporting causes that are important to them and that align with their values.
- Flexible Giving Options: There are various planned giving options, such as bequests in a will, charitable remainder trusts, and charitable gift annuities.
- Donor Recognition and Ongoing Involvement: Many charitable organizations recognize and honor planned giving donors during their lifetime. This acknowledgment can provide a sense of fulfillment and appreciation.
- Asset Management: Planned giving allows donors to contribute appreciated assets, such as stocks, real estate, or other investments, which can result in significant tax benefits compared to giving cash.
- Family Values and Education: For families, planned giving can be an opportunity to instill and pass down philanthropic ideals and principles.
- Ensuring Sustainability: Planned giving provides long-term and sustainable funding for nonprofit organizations. Knowing that there is an anticipated stream of support in the future allows organizations to plan and implement strategic initiatives with confidence.
A Lasting Legacy for The Arc Rockland
Please consider supporting The Arc Rockland through a bequest in your will, trust, or other planned giving instrument. Making a planned gift is a meaningful way to help ensure our support of individuals with intellectual and developmental disabilities continues for the next generation and beyond.
Your planned gift can be designated for a specific program or initiative within The Arc Rockland that is close to your heart, or for general support to be applied where it is most needed.
If you have already designated a planned gift to The Arc Rockland, please let us know by clicking below
What are the benefits of making a bequest?
- You leave a lasting legacy to be remembered
- You lessen the burden of taxes on your family
- You may receive estate tax savings
How do I make a bequest?
A bequest may be made in several ways:
- Percentage bequest – make a gift of a percentage of your estate
- Specific bequest – make a gift of a specific dollar amount or a specific asset
- Residual bequest – make a gift from the balance or residue of your estate
A bequest is one of the easiest gifts to make. With the help of an advisor, you can include language in your will or trust specifying a gift be made to family, friends or The Arc Rockland as part of your estate plan.
What are my options?
A bequest can be made in several ways:
Additional Information
The method used to make a bequest will depend on the kind of gift you choose to leave to The Arc Rockland.
Bequests of real estate, personal property, business interests and cash are typically made by way of a will, revocable trust or even a simple codicil to your current estate plan. Your estate-planning attorney can assist you in preparing the necessary papers for you to complete the bequest.
Other bequests, such as those involving retirement assets, insurance policies, bank accounts and stocks and bonds, are typically made by completing the appropriate beneficiary designation form. Simply contact your retirement plan administrator, life insurance company, bank or investment broker and ask them to send you the appropriate “beneficiary designation” or “payable on death” form. To complete your bequest, you will need to complete and sign the form and then send it back to the person who originally sent the form to you.
The last step in leaving any bequest involves the transfer to charity. When you pass away, the bequest property will be transferred to The Arc Rockland. The full value of this gift will be transferred tax-free and your estate will receive an estate tax charitable deduction.
Information from The Arc US. This site is informational and educational in nature. It is not offering professional tax, legal, or accounting advice. For specific advice about the effect of any planning concept on your tax or financial situation or with your estate, please consult a qualified professional advisor.
Take The Next Step
1. Seek the advice of your financial, tax, or legal professional.
2. Contact Colleen Smith at 845-905-6527 or CSmith@TheArcRockland to discuss options.
3. To include The Arc Foundation of Rockland, Inc. in your plans, please use our legal name and federal tax ID. Please let us know of your gift intentions. (Note, many retirement providers assume no responsibility for letting nonprofits know of your intentions so your goals may not be honored).
Legal name: The Arc Foundation of Rockland, Inc.
Legal address: 210 Route 303, Valley Cottage, NY 10989
Federal tax ID number: 13-3558090
Our mission is to empower the people we support to make personal choices and realize their dreams by providing them with resources to participate fully in community life.