Creating a Legacy in our Community
A planned gift to the Greater Lawrence Community Action Council in your will not only benefits the GLCAC and the children and families we serve in our community, but it may also support your personal estate tax and financial goals.
Charitable Gift Planning
Donors may make GLCAC the beneficiary of their life insurance policies. An existing policy yields a current charitable income tax deduction approximately equal to the cash surrender value of the policy. A policy that is paid-up yields a charitable income tax deduction approximately equal to the policy’s replacement value. (The exact figure is available from the company issuing the policy). Whether it’s existing policy or a new policy, donors continue to pay the premiums and take a charitable deduction for each additional premium payment.
Planned and Life Income Gift
- Charitable Bequests: A gift in your will to GLCAC offers estate tax savings and creates a living legacy to ensure a stable future for GLCAC. Bequests are entirely free from federal estate tax and therefore offer substantial estate tax savings.
- Retirement or Pension Plans: These plans are treated as income to the beneficiaries when received and can result in a significant tax. No estate tax or income tax is owed on these plans by naming GLCAC as the beneficiary of a retirement or pension plan.
Bonds, appreciated stock or mutual fund shares are a way to support the programs and services of GLCAC while providing tax advantages to you.
If you choose to donate stocks to GLCAC, know that the value of the gift (for tax purposes) is based on the fair market value of the stock on the date the gift is made.