Penick Village
for retirement living
Foundation – Planned Giving
Capital Campaign | Giving Programs | Ways to Give | Planned Giving
Foundation Board of Trustees | Professional Advisory Committee
Special Events | Annual Report | Contact Us | Make an Online Gift
Foundation Board of Trustees | Professional Advisory Committee
Special Events | Annual Report | Contact Us | Make an Online Gift
Bequest
By remembering The Penick Village Foundation in your estate plans, you can leave a meaningful mark on Penick Village that spans beyond your years. In fact, many donors find that through bequests, they are able to make a significant philanthropic commitment more comfortably than doing so during their lifetimes. There are also many types of planned and life-income gifts that can offer benefits to donors and their families in addition to the charitable support provided to Penick Village.
Charitable Gift Annuity
A charitable gift annuity enables you to transfer cash or marketable securities to the charitable organization issuing the gift annuity in exchange for a current income tax deduction and the organization's promise to make fixed annual payments to you for life. By donating through a gift annuity, you contract for a fixed payment and make a gift too. Also, savings from the charitable deduction reduce the net cost of the gift if you itemize deductions on your tax return.
For a period of years, based on a government table of life expectancies, a portion of each payment received is considered a nontaxable return of your investment in the gift. This further increases your after-tax dollars available for spending or investing.
With a deferred payment gift annuity, the start of payments is delayed until a specific date, initially determined by the donor. Deferral of payments increases the initial income tax charitable deduction, tax savings and the annuity rate. However, it also reduces the nontaxable amounts to be received. This option is appealing to younger donors who wish to improve future income, such as at retirement.
Contribute a Life Insurance Policy
You may wish to make the charity the beneficiary of a life insurance policy as a way to make a sizeable future gift. You retain lifetime ownership of the policy, keeping the right to cash it in, borrow against it, and change the beneficiary. A gift of this nature is treated much like a bequest made through your will. Because you retain the ownership of your policy, you will not receive an income tax charitable deduction for this future gift or for your premium payments during your lifetime. The policy's proceeds will be included in your gross estate, and your estate can take an estate tax charitable deduction.
Charitable Remainder Annuity Trust (CRAT)
A charitable remainder annuity trust is a custom designed and individually managed trust that enables you to retain a fixed income for your lifetime or a fixed term of years, take an immediate tax deduction, and make a gift to a charity in the future. Establishing a charitable remainder trust may be particularly beneficial for your retirement years. Charitable remainder annuity trusts pay a fixed dollar amount each year based on the value of the assets in the trust at the time the trust is funded. This type of trust is well-suited for retirees who want to support a charitable organization while receiving a dependable annual income. If appreciated property is used to fund the charitable remainder annuity trust, up-front capital gains taxes can be avoided.
Charitable Remainder Unitrust (CRUT)
A charitable remainder unitrust is a custom designed and individually managed trust that enables you to retain a variable income for your lifetime or a fixed term of years, claim a current income tax deduction, and make a future gift to charity. Charitable remainder unitrusts pay a variable amount based on a percentage of the fair market value of the trust. The payment of a charitable remainder unitrust is calculated annually and the investor can benefit from growth in the trust.
Charitable Lead Trust
A charitable lead trust is a trust that the estate owner establishes either during life or at death. The proceeds from the trust are given to a charitable organization for a predetermined period of time. After that period, the assets inside the trust are then distributed.
This particular trust is considered a nongrantor trust since the trust assets are not owned by the person who established the trust and the assets will not be returned to him or her in the future rather they will be transferred to another person.
By remembering The Penick Village Foundation in your estate plans, you can leave a meaningful mark on Penick Village that spans beyond your years. In fact, many donors find that through bequests, they are able to make a significant philanthropic commitment more comfortably than doing so during their lifetimes. There are also many types of planned and life-income gifts that can offer benefits to donors and their families in addition to the charitable support provided to Penick Village.
Charitable Gift Annuity
A charitable gift annuity enables you to transfer cash or marketable securities to the charitable organization issuing the gift annuity in exchange for a current income tax deduction and the organization's promise to make fixed annual payments to you for life. By donating through a gift annuity, you contract for a fixed payment and make a gift too. Also, savings from the charitable deduction reduce the net cost of the gift if you itemize deductions on your tax return.
For a period of years, based on a government table of life expectancies, a portion of each payment received is considered a nontaxable return of your investment in the gift. This further increases your after-tax dollars available for spending or investing.
With a deferred payment gift annuity, the start of payments is delayed until a specific date, initially determined by the donor. Deferral of payments increases the initial income tax charitable deduction, tax savings and the annuity rate. However, it also reduces the nontaxable amounts to be received. This option is appealing to younger donors who wish to improve future income, such as at retirement.
Contribute a Life Insurance Policy
You may wish to make the charity the beneficiary of a life insurance policy as a way to make a sizeable future gift. You retain lifetime ownership of the policy, keeping the right to cash it in, borrow against it, and change the beneficiary. A gift of this nature is treated much like a bequest made through your will. Because you retain the ownership of your policy, you will not receive an income tax charitable deduction for this future gift or for your premium payments during your lifetime. The policy's proceeds will be included in your gross estate, and your estate can take an estate tax charitable deduction.
Charitable Remainder Annuity Trust (CRAT)
A charitable remainder annuity trust is a custom designed and individually managed trust that enables you to retain a fixed income for your lifetime or a fixed term of years, take an immediate tax deduction, and make a gift to a charity in the future. Establishing a charitable remainder trust may be particularly beneficial for your retirement years. Charitable remainder annuity trusts pay a fixed dollar amount each year based on the value of the assets in the trust at the time the trust is funded. This type of trust is well-suited for retirees who want to support a charitable organization while receiving a dependable annual income. If appreciated property is used to fund the charitable remainder annuity trust, up-front capital gains taxes can be avoided.
Charitable Remainder Unitrust (CRUT)
A charitable remainder unitrust is a custom designed and individually managed trust that enables you to retain a variable income for your lifetime or a fixed term of years, claim a current income tax deduction, and make a future gift to charity. Charitable remainder unitrusts pay a variable amount based on a percentage of the fair market value of the trust. The payment of a charitable remainder unitrust is calculated annually and the investor can benefit from growth in the trust.
Charitable Lead Trust
A charitable lead trust is a trust that the estate owner establishes either during life or at death. The proceeds from the trust are given to a charitable organization for a predetermined period of time. After that period, the assets inside the trust are then distributed.
This particular trust is considered a nongrantor trust since the trust assets are not owned by the person who established the trust and the assets will not be returned to him or her in the future rather they will be transferred to another person.