Legacy & Estate Gifts

Many people assume that the joy of philanthropy is a privilege of the wealthy; however, with a little planning, people of all ages and backgrounds can leave a legacy to the future through an end of life gift. The creation of an estate gift for the future qualifies our donors for membership in our Bridge Builder Society.

Charitable Bequests
A charitable bequest is typically a gift specified in your last will & testament. A bequest can often be arranged simply with the addition of a codicil amending an existing will. Bequests can be:

  1. a dollar amount, particular securities or other property
  2. the residual of all or a portion of estate after payments to other beneficiaries
  3. a contingent bequest if other beneficiaries die before the donor.

Beneficiary Designations
You can make the LRMC Foundation a whole or partial beneficiary of retirement plans (401Ks, IRAs, etc.), life insurance policies, checking/savings accounts, etc.

Life Insurance
You can make the LRMC Foundation sole owner and beneficiary of a paid- up policy and receive an income tax deduction for the cash surrender value of policy. If your policy is not fully paid, you can continue to pay premiums and receive a tax deduction for annual premium amounts.

Real Estate with Life Estate Reserve
You can make a gift of a residence, farm, or vacation home and receive a tax deduction today, while reserving the right of occupancy as long as the donor and spouse live.

Life Income Trusts
You can convert cash or other assets into a Charitable Remainder Trust. A charitable trust can provide income for life (or a period of years) to the donor. At the conclusion of the trust term (typically at the time of the donor’s death) the remaining trust corpus is gifted to one or multiple charities. A charitable trust can provide a significant tax deduction and decrease the size of a taxable estate. Also, a wealth replacement trust can use life insurance to protect inheritance interests of heirs.

This is intended only to provide general information. Donors are encouraged to consult an attorney or tax advisor for professional legal advice.