Committee
Travis D. Finchum, Chair
Ray Bouchard
Elizabeth E. Brown, CFP
Marty Matula
Hunter Orr
Charles Riggs
Thomas G. Wagner
DR. WILLIAM E. HALE LEGACY SOCIETY
UPARC Foundation and the Planned Giving Committee are honored to announce the establishment of the Dr. William E. Hale Legacy Society. Those who make a charitable planned gift, regardless of the amount, are invited to be a member of the Legacy Society. This is an honorary society of donors who have made the UPARC Foundation a beneficiary of their estate. By joining the society, you assure that UPARC will continue to provide services for many future generations. It is a special person who provides for the future of their community.
Any donor that notifies the Foundation before December 31, 2012 that they have included UPARC in their planned giving will automatically become a Charter Member of the Dr. William E. Hale Legacy Society. Charter Members will be recognized on a donor wall at the Long Center, specifically designed to recognize these very special friends of UPARC. All Legacy Society members will also receive a commemorative gift and be recognized at an annual celebration.
For additional information about making a planned gift, the Legacy Society, or if you believe you already qualify for membership, please contact Cathy Holland, Executive Director.
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Planned giving is a way for you to make a difference even after your lifetime. A gift now or in the future can help the UPARC Foundation continue to play a role in providing cultural education to our community- this can be your legacy. Your planned gift to the Foundation, large or small, can have a big impact upon future lives.
Tax savings, immediate income, and future income, for family members and guaranteed payments later in life are just some of the benefits planned giving can provide you and your family. Usually planned giving involves a financial or legal document. You may choose from a variety of planned gifts. Here are just a few of the effective options available.
Wills & Gifts of Stocks and Bonds
You can avoid capital gains tax by donating stock that has appreciated. This is an excellent way to provide a much larger gift than you may have thought possible. Current tax laws allow you to take an immediate income tax deduction for the full value of this charitable gift (subject to legal limitations), regardless of what you have initially paid for the securities. However, you must have owned the stocks or securities for at least one year and one day.
Charitable Remainder Trusts
This type of trust allows a donor to reduce gift or estate taxes, defer capital gains, benefit from a diversified portfolio, claim an income tax deduction, and benefit your favorite charity A Charitable Remainder Trust makes periodic payments to the donor (or other designated beneficiary) during his or her lifetime, generally either a fixed annuity amount or an amount based on the fair market value of the donated property. Any gain on the sale of appreciated assets during the trust terms taxed over time as payments are received by the trust beneficiary. Upon the expiration of the trust term, assets of the trust are distributed to UPARC Foundation.
Charitable Lead Trusts
With a Charitable Lead Trust, UPARC Foundation becomes the initial beneficiary, generally receiving a steady stream of payments for a designated term of years. the assets of the Trust are distributed to the donor's designated beneficiaries- typically family members or friends- at the end of the of the trust. Use of a Charitable Lead Annuity Trust allows you to stretch your available estate or gift tax exemption, and is particularly effective in a low interest rate environment.
Gifts of Life Insurance
Making a donation through a paid up life insurance policy is an excellent way to give a large gift- larger then you ever thought possible. Consider the following points :
You can receive a charitable income tax deduction by giving the whole policy to UPARC Foundation
Naming UPARC Foundation as a beneficiary helps you avoid federal income and estate taxes.
The death benefit of a life insurance policy would pass to UPARC Foundation and not be subject to any probate or estate administrative costs.
Gifts of Art and other Appreciated Property
UPARC Foundation 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 deductions available for lifetime transfers based on either fair market value or tax cost (depending on whether the donation meets the "related use"test). For transfers of art, real estate or other property made through a Will or Trust, the estate tax charitable deduction is generally based on fair market value.
Retirement Assets
Distributions from retirement plans, such as pension plans, IRAs and 401(k) plans are typically taxed as ordinary income to your named beneficiaries, making them relatively undesirable from an income tax stand point. For this reason, they may be ideal assets to contribute to UPARC Foundation, which is tax exempt. You can name UPARC Foundation as a Primary or contingent beneficiary, as you prefer. As always, enlist the help of a competent estate planning attorney or financial advisor to make sure your beneficiary designation works as you expect it to.
Wills and Bequests
A will ensures that 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 UPARC Foundation.
There are several ways to leave a bequest to UPARC Foundation in your Will. You may wish to designate a gift of a specific amount or a percentage of your estate. Or, gift the residual amount of your estate to UPARC Foundation after other bequests are granted. You can also designate that your bequest be placed in UPARC Foundation's Endowment Fund so that income from your bequest will support UPARC in perpetuity.
If you have a Will, it is always wise to have it reviewed by your estate planning professional to make sure it is up-to-date.
