A Winning Legacy:  Supporting Victory with Planned & Estate Gifts

The Gay & Lesbian Leadership Institute, a 501(c)(3) charitable organization, supports leadership development programs for LGBT Leaders.  Gifts to the Leadership Institute are tax-deductible to the full extent of the law, which creates an excellent opportunity for individuals to include the Leadership Institute in estate plans.

Planned gifts allow individuals to provide financial support to a charitable organization during and after their life.  Planned gifts are typically a part of an individual’s overall estate plan and present many opportunities to reduce the overall tax burden on an estate. 

How to Support Victory with a Planned Gift

A gift through your will.  Cash, securities, real estate, or personal property can all be given to the Gay & Lesbian Leadership Institute through a well-planned will.  There is no limit to the amount of charitable gifts that are deductible for gift and estate tax purposes.
 
Should you decide to include Victory in your estate plan, please use the following language:

“I give and bequeath ___ % of my total estate (or $____ or other property) to the Gay & Lesbian Leadership Institute, located at 1133 15th Street, NW Suite 350, Washington, DC 20005 and having federal tax ID number 52-1835268, for its general purposes.”

Such a provision creates an unrestricted bequest, which assures that your gift will be used where it is most needed at the time it is received.
 
In addition to the unrestricted bequest, a gift by will may be designated for a specific program or purpose within the scope of the Leadership Institute’s mission.
 
Gifts of retirement plan assets.  Recent federal tax law changes and proposals are designed to make charitable gifts from retirement plans even more attractive and simple.  Under the right circumstances, gifts of these assets can be made to the Gay & Lesbian Leadership Institute on a tax-free basis during and/or following your lifetime.
 
Gifts of life insurance.  You may own life insurance policies that have built up cash value but are no longer needed for the purpose for which they were intended.  Such policies can make excellent charitable gifts to the Gay & Lesbian Leadership Institute.  In addition to providing income tax savings today, gifts of all or a portion of the value of your life insurance can also result in significant estate tax savings.
 
Please contact the Gay & Lesbian Leadership Institute about making a gift of property, stocks, bonds or mutual funds by email or call 202-VICTORY.
  

Neither the author, the publisher, nor this organization is engaged in rendering legal or tax advisory service.  For advice and assistance in specific cases, the services of an attorney or other professional advisor should be obtained.  Watch for tax revisions.  State laws govern wills, trusts, and charitable gifts made in a contractual agreement.  Advice from legal counsel should be sought when considering these types of gifts. Copyright 2004 RFSCO, Inc.