Legacy Giving: Innovative Charitable Options
When you take stock of your financial assets, you may be surprised at how much you've accumulated. Once you’ve added your home equity, retirement, and investment accounts together, it may be a number that pleasantly surprises you. Making a gift to Phoenix Center in your estate will allow you to reduce your taxes and leave an eternal legacy. Our desire is for you to discover the joy of leaving a legacy that will impact lives for generations.
Retirement Accounts, Life Insurance & Annuities
Do you know who you've named as your primary beneficiary on your IRA or 401k? How about your contingent (secondary) beneficiary?
Retirement accounts are tax-deferred; you don't pay the taxes until you withdraw the money.
Annuities work in a similar manner.
Life insurance is tax-free income.
All of these may be subject to estate taxes if your estate is large enough. None of these assets flow through your Will or Living Trust, instead, they go directly to your beneficiary (including a charity).
Please consider naming Phoenix Center as your primary or contingent (secondary) beneficiary on your retirement accounts, life insurance (including group life insurance from your employer), or any annuities you may have. By naming Phoenix Center as your beneficiary, you will leave a legacy that will make a life-changing difference far into the future. You can even name several beneficiaries by stating a percentage amount. Because these accounts each have separate beneficiary forms, you will need to use the form provided by that institution (many allow you to make these adjustments online), or through your HR Department. If you name the Phoenix Center as your beneficiary, we will receive the amount you've specified completely TAX FREE.
Here's how:
Primary Beneficiary: Phoenix Center (__%)
or
Contingent Beneficiary: Phoenix Center (__%)
In doing so, your gift will support our mission and change lives for generations!
Wills and Living Trusts
Whether you use an attorney or a computer-generated service like Legal Zoom to prepare your Will or Living Trust, by naming Phoenix Center, your gift of any amount (or percentage) helps support our mission far into the future.
Charitable gifts must be made from your estate or living trust with specific language. Below is the suggested bequest language:
"I give and bequeath to Phoenix Center ($________ or ________%)"
Gifts of Stock
You can also give stocks directly. Your financial advisor can help you with this and you can also avoid paying unnecessary taxes.
Bank and Investment Accounts
You can also transfer your bank, credit union, and regular (Non-IRA) accounts to a charity as well. You can do this by putting a POD (Payable on Death) or TOD (Transfer on Death) designation on those accounts to Phoenix Center. Ask your financial institution for their assistance.
Gifts of Real Estate
With a gift of real estate to Phoenix Center, you can support our mission, change lives for generations, and lower your taxes as well! You can even donate your house to Phoenix Center now, live in the home the rest of your life, and receive a significant income tax deduction. Before you begin the process of donating real estate, please contact Phoenix Center to ensure we will be able to accept your generous gift.
Gift Annuities and Charitable Trusts
A Charitable Gift Annuity is a way to make a donation to Phoenix Center upon your death. This allows you to receive a lifetime of income and receive an income tax deduction. There are special trusts called a Charitable Remainder Trust which works much like a Gift Annuity and are more suitable for larger gifts.
There are other creative options available. Please let us know if you have any questions. Thank you for your generosity and support.
*This information is not intended to be used as legal or tax advice. Please contact your attorney and financial advisor to discuss the benefits of your charitable gift.
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