Other Kinds of Special Gifts
There are several other types of special gifts you may want to consider making to help support EAC's work.
Charitable Gift Annuities
The charitable gift annuity offers a way to make a significant gift to EAC while continuing to provide for your future. In exchange for making a gift of cash, securities or property, you and/or the person you designate will receive fixed payments for life. In addition, your gift qualifies for a charitable tax deduction and a portion of your annuity income is tax free. Your annual payment depends upon the value of the gift and the age of the income beneficiary(ies) when the gift is made. Go to the Planned Gift Annuities page for more information.
Publicly traded securities (stocks, bonds, etc.) May be transferred to EAC, entitling the donor to an income tax deduction for the full market value of the securities. If you transfer title of appreciated securities to EAC, you will be exempt from paying capital gains.
You may designate EAC as the final beneficiary of a company pension or profit-sharing plan or of a private fund such as the IRA, Keogh, or tax-sheltered annuity. If you are over age 59, you may find it advantageous to make an annual charitable gift from your retirement plan to receive a tax deduction and save yourself and your heirs costly income and estate taxes. This may be especially attractive if you are over 70 and are required by law to begin withdrawing these retirement funds.
Life Insurance Policies
Gifts of life insurance can provide a large gift at a minimum cost. Gifts of life insurance are deductible up to 50% of annual adjusted gross income, and there is a 5-year carry over for any excess.
1. You may have purchased a life insurance policy that is now fully paid up. By transferring ownership and beneficiary status to EAC you can receive an immediate income tax deduction while making a significant gift to us.
2. You may decide to include EAC as a beneficiary of a life insurance policy that you already have. To do this you will need to contact your insurance company and formally assign beneficiary status to EAC on your policy.
3. You may wish to purchase a new insurance policy naming EAC as beneficiary or co-beneficiary. This is a convenient way of making a special gift must larger than its cost to you. If ownership and beneficiary status are transferred to EAC, your annual insurance payments are deductible.
Savings Accounts and Certificates of Deposit
One of the most convenient ways to benefit EAC is through your savings plans, including savings accounts, certificates of deposit, and other savings arrangements. All you need to do is make EAC a joint owner of the account with rights of survivorship only.
This is a not permanent arrangement. You remain in complete control of the account. At any time, you can withdraw the money, change the survivor designation or close the account, thereby revoking the arrangement. EAC has no claims whatsoever to the account except upon your death.
By utilizing one of these giving options, you can create a legacy that will have a lasting impact and that will leave the stamp of your values on EAC and your community. Small or large, it only matters that you thought to do so and then did it. Remember, everyone can be a philanthropist, and you can make a difference!
Whatever you decide to do, EAC advises you to check with your personal Attorney, Financial Planner or Tax Consultant. If you or your attorney should have any questions, please contact: Jaclynne M. Jacobs via e-mail at firstname.lastname@example.org
, by telephone at (516) 539-0150 or mail at 50 Clinton Street, Suite 107, Hempstead, NY 11550.