These gifts often do not affect cash flow during lifetime.
Bequest
Making a Gift Through Your Will or Estate
A bequest – a gift made through your will or living trust – can often be the easiest gift to make to
Broken Arrow Seniors because it costs you nothing during your lifetime. Plus, it’s “revocable,” so you can always update or change it if your circumstances change. If you already have a will or living trust, you can easily amend it to include a bequest to Broken Arrow Seniors with a simple codicil. (We can provide you with sample bequest and codicil language.)
How it Works
Bequests are one of the most popular and impactful gift plans because they are designed to fit any individual’s situation single, married, child-free or multi-generational, wealthy or not. Often a bequest is simply a set amount or percentage of an estate set aside to make a gift to
Broken Arrow Seniors. Do you already have a will and do not want to pay your attorney to change it? In most states you can execute a simple codicil (or will addition) to make the gift in a cost-effective manner.
Appreciated Securities
Buy Low. Give High.
You also can transfer publicly traded securities that you have owned for more than one year to Broken Arrow Seniors. The securities are sold, and the proceeds are applied to the charitable purpose(s) that you designate. You can then claim an income tax charitable deduction based on the fair market value of the securities and also avoid capital gains tax on the securities’ appreciation.
How it Works
This plan suits those who hold highly appreciated securities for a number of years or those who do not plan on selling the stock.
Life Insurance
Large Gift. Little Cost.
Transformative gifts can be made when you designate Broken Arrow Seniors as a beneficiary of your life insurance policy. When the time comes, Broken Arrow Seniors receives the proceeds. Thus, you can provide a large gift to benefit Broken Arrow Seniors for relatively little cost. The policy proceeds distributed to Broken Arrow Seniors will be exempt from estate tax.
How it Works
Great for those individuals who hold a current life insurance policy and do not want to affect their current cash flow. This type of gift also includes the flexibility to change your beneficiary designation later if circumstances change.
Gifts of Real Estate
Tired of Maintaining It?
Real estate makes a real great gift. When you deed property to Broken Arrow Seniors, you receive an income tax charitable deduction for the value of the contribution. Plus, you can elect to make an outright donation, or use the value to fund a gift that pays you income. Either way, you make a generous gift to Broken Arrow Seniors and those it serves.
How it Works
People whose property will face significant capital gains tax and who do not need (or want) to pass their property on to an heir are the best fits for making a real estate gift. Also perfect for properties that are tough to maintain or vacation homes one no longer wants.
Personal Property
Paintings? Antiques?You can make a significant gift by transferring a painting, antiques, collectibles – any “appreciated stuff” – to Broken Arrow Seniors. In return, you receive an immediate income tax deduction, and pay no capital gains on the appreciation. Broken Arrow Seniors can either hold the property, display it, or sell it and apply the proceeds to the purpose you choose.
How it Works
Donors who have appreciated property and no heirs, or no interested heirs, are the best match for this type of gift. In some cases, prospects have heirs, but they own a piece of appreciated personal property that their heirs do not want or cannot use.
Retirement Plans
Avoid heavily-taxed assets to heirs.
Donor names Broken Arrow Seniors as the beneficiary of a portion or all of his/her IRA, 401(k), or other retirement account. When the time comes, the amount designated passes to Broken Arrow Seniors income- and estate-tax free.
How it Works
Someone who holds a 401(k), IRA, or other retirement plan and does not need the additional income, and want to give the most heavily-taxed assets in his/her estate to Broken Arrow Seniors and leave more favorably-taxed property to his/her heirs.
Charitable IRA Rollover
A “Tax Free” Gift?
The IRA charitable rollover allows taxpayers age 73 or older to make tax-free charitable gifts of up to $105,000 per year directly from their Individual Retirement Accounts to Broken Arrow Seniors. The funds should be directly transferred to Broken Arrow Seniors and not withdrawn first.
How it Works
This plan is typically for a person who does not need the additional income and wants to avoid “double taxation” on the minimum required distribution (MRD).