Make a life gift to help permanently preserve
America’s sailing legacy and engage the next generation.
Possibly the largest charitable contribution most people will make in their lifetimes will be establishing an estate gift (or a “planned gift”) to benefit a charity. Through an estate gift, you might very well be able to give what is referred to as a “transformational gift“ to the charity of your choice – a gift that could have a transformational impact upon that charity. An estate gift to the National Sailing Hall of Fame could potentially dramatically increase the size, scope and impact of the programs that recognize and preserve America’s sailing legacy and that engage sailing’s next generation for many years into the future. A gift such as this would become a donor’s permanent legacy. You may even direct that your estate gift be used to establish a special fund named in honor of a loved one or someone that was influential in your life. This type of permanent legacy is why the National Sailing Hall of Fame has established its Planned Giving Society to recognize and honor these gifts.
The Planned Giving Society
The National Sailing Hall of Fame has established its Planned Giving Society to recognize these special kinds of gifts, when two such gifts were established. The Society acknowledges those people who have provided for the National Sailing Hall of Fame through provisions in their estate plans, in any form or amount. Recognition in the Planned Giving Society will be on a permanent plaque at the National Sailing Hall of Fame, and may also eventually include: an annual luncheon program, a special newsletter, and engraved commemorative lapel pins.
The charter members of the National Sailing Hall of Fame’s Planned Giving Society are:
- Walter L. Cronkite
- Douglas L. Lashley
Each of these individuals named the National Sailing Hall of Fame as a beneficiary in their estate plan.
Types of Estate Gifts
There are four basic types of estate gifts. They are bequests, charitable trusts, retirement plans, and life insurance . In each case, one of the first steps is naming the National Sailing Hall of Fame as a beneficiary. Below we have described the most common type of estate gift—a Bequest.
A bequest is the simplest form of an estate gift. You can make a bequest by preparing a new will or by adding a codicil to your present will. An outright bequest is fully tax-deductible for estate-tax purposes. Below are brief descriptions of the most common types of bequests. You may arrange for the National Sailing Hall of Fame to receive a specific dollar amount, a percentage, specified assets, such as securities, real estate, or tangible personal property, all or a percentage of the remainder of your estate after all other obligations (a residuary bequest).
A Specific Bequest is when you designate a specific portion of your estate or a specific asset. “I give, devise, and bequeath X percent of the assets of my estate to the…” or “I give, devise, and bequeath $ X…” or “I give, devise, and bequeath X, Y or Z (asset or personal property),
A Residuary Bequest is when you designate the remainder of your estate. “I give, devise, and bequeath all the rest, residue and remainder of my estate to the…”
There are many types of trusts. Trusts are typically established to provide a charitable deduction and fixed income to a donor/investor during his or her lifetime. A trust should be set up in consultation with your attorney, your tax planning professional, and your financial advisor. Here are the three most common.
Charitable Remainder Annuity Trusts pay income to the donor as a fixed dollar amount that remains constant for the term of the trust, and the remaining assets pass on to the beneficiary.
Charitable Remainder Unitrusts pay income to the donor that varies from year to year depending upon investment returns, and the remaining assets pass on to the beneficiary.
At the termination of the trust, the remaining assets pass to the National Sailing Hall of Fame for its general purposes or for the use you specify. A charitable deduction for a portion of your contribution is available on your income tax return in the year you make the gift.
Charitable Lead Trusts provides income to the National Sailing Hall of Fame for a period of years, after which the trust property typically passes to the donor’s heirs.
You simply make the National Sailing Hall of Fame the beneficiary of a policy.
Retirement account assets, if left to anyone other than a spouse, may be subject to very high taxation. However, by designating the National Sailing Hall of Fame as recipient of any benefits remaining in your retirement plan, you may effectively reduce the estate taxes on those assets.
For Further Information
We are available to provide you with more detailed information on all these types of estate gifts and how to proceed, as well as providing the basic information your attorney or tax planning advisor will need to set up one of these instruments.
If you would like more information about making an estate gift to the National Sailing Hall of Fame, or if you have already provided for the NSHOF in your estate plans, please call us toll-free at 877.295.3022 or send an email to firstname.lastname@example.org.
Additionally, current members of the National Sailing Hall of Fame Planned Giving Society are willing to make themselves available to discuss with your the basics of their estate gifts and share their perspectives and insights.