Planned giving is a way for you to continue to make a difference even after you are gone. A gift now or in the future can help The Arc Tampa Bay Foundation continue to play a vital role in providing essential supports and services to our community – this can be your legacy. Your planned gift to The Arc Tampa Bay, large or small, can have a big impact over time.
Tax savings, immediate income, future income for family members, and guaranteed payments later in life are some of the benefits planned gifts can provide you or your family. Usually, planned giving involves a financial or legal document. You may choose from a variety of planned gifts.
Leaving a Legacy of Love
There are numerous types of planned gifts. An estate specialist can review your personal situation, consider your special needs, and explain how specific federal and state laws impact your estate.
What is most important is that you take the initiative to act. An effective estate plan will preserve your hard-earned wealth for your family, while allowing the institutions to whom you contributed over the years to continue implementing the missions you so loved and generously supported in your lifetime.
Since 1958, The Arc Tampa Bay has grown to serve individuals with intellectual and developmental disabilities throughout the Tampa Bay area. We have 3-day programs located in Clearwater, Tarpon Springs and Safety Harbor and we provide a variety housing to some of the Tampa Bay area’s most vulnerable residents. We also operate a clinic for Applied Behavior Analysis, which provides support to children and families touched by the autism spectrum. On average, the agency provides over 1.2 million hours of support and supervision to participants across our program continuum on an annual basis. Here are just a few of the many options available.
Wills & Gifts of Stocks and Bonds
You can avoid capital gains tax by donating stocks that have appreciated in value. This is another excellent way to provide a much larger gift than you thought possible. In most circumstances, current tax laws allow you to take an immediate income tax deduction for the full value of this charitable gift (subject to certain limitations), regardless of what you initially paid for the securities.
Gifts of Life Insurance
Donating through a paid-up life insurance policy is an excellent way to give a large gift – larger than you ever thought possible. Consider the following points:
- You can receive a charitable income tax deduction by giving the whole policy to The Arc Tampa Bay.
- Naming The Arc Tampa Bay as a beneficiary helps you avoid federal estate taxes.
- The death benefit of a life insurance policy would pass to The Arc Tampa Bay and not be subject to any probate, tax or estate administrative costs.
Retirement Assets
Distributions from retirement plans, such as pension plans, IRA, and 401k plans, are typically taxed as ordinary income to your named beneficiaries, making them relatively undesirable to inherit from an income tax standpoint. For this reason, they may be ideal assets to leave to the Arc Tampa Bay, which is tax-exempt. You can name The Arc Tampa Bay as a primary or contingent beneficiary, whichever you prefer, and you can designate any percentage of the total. As always, enlist the help of a competent estate planning attorney to make sure your beneficiary designation works as you expect. Another alternative is to give an existing commercial annuity to The Arc Tampa Bay during your lifetime or at death.
Gifts of Art and Other Appreciated Property
The Arc Tampa Bay welcomes gifts of art or other collectibles. Under current tax laws, donors pay no capital gains tax when they make lifetime contributions of appreciated works. In addition, an income tax charitable deduction is likely available for lifetime transfers based on the fair market value of the asset gifted. For transfers of art, real estate, or other property made under a will or trust, an estate tax charitable deduction is generally based on fair market value.
Wills & Bequests
A will ensures your wishes will be carried out after your lifetime. A bequest is especially appropriate if you wish to maintain control of your estate during your lifetime yet leave a lasting legacy to The Arc Tampa Bay
Foundation.
There are several ways to leave a bequest to The Arc Tampa Bay in your will. You may wish to designate a gift of a specific amount or percentage of your estate. Another option is to gift the residual amount of your estate to The Arc Tampa Bay after other bequests are granted. Alternatively, you could designate that your bequest be placed in an Endowment Fund so that income from your bequest will support The Arc Tampa Bay in perpetuity.
If you have a will, it is always a good idea to have it reviewed by your estate planning professional to make sure it is up to date.
