Planned Giving is Effective.
Planned Giving benefiting to the ECAA is one of the most effective ways you can aid us to increase an awareness of the growing risk and damage caused by Esophageal Cancer (EC). The ECAA is a tax exempt charitable organization, and your donations will enable us succeed in our efforts to increase public awareness of EC and its effects.
Below are some of the more traditional methods of Planned Giving. We suggest you may want to contact your attorney and/or tax advisor for specific information on the possibilities that make sense for you and your financial situation.
Bequests
A bequest is a gift from an estate after his/her death, usually described in the donor’s will. Charitable bequests are generally deducted from the overall value of the estate and may decrease or eliminate estate and/or inheritance taxes levied by state and federal governments.
There are several types of bequests that are possible:
- A contingency bequest provides for a donation to ECAA only if your spouse does not survive you.
- A remainder bequest allows a portion of your estate to be set aside to provide income for a surviving spouse for a period or lifetime.
- A residuary bequest provides that other expenses and bequests be honored prior to the donation to ECAA.
If you already have a will, your attorney can create a codicil, or amendment to the will to accomplish any of the above.
In many instances the simple insertion of a phrase such as that below can create a living legacy:
“I, (name of benefactor) , bequeath to the Esophageal Cancer Awareness Association, Inc., a not-for-profit corporation incorporated under the laws of New York with principal offices in Ithaca New York, the following (sum, percentage, or property) .”
Memorial Gifts
Memorial gifts are a very touching way to honor the loss of a loved one. Gifts of this nature can be made by noting the name of the individual being memorialized in the note section of the check. A special memorial card will be sent to the family of the individual being memorialized for gifts including names and complete address information.
Life Insurance
You may contribute a paid-up policy that you or your heirs no longer need by naming “The Esophageal Cancer Awareness Association” as the irrevocable owner and beneficiary. In this manner there may be an immediate tax deduction and a reduction in the total amount of your taxable estate. Life insurance proceeds pass immediately to the ECAA without delay of probate or estate handling.
Even if your life insurance policy is not paid-up, if it has an immediate surrender value, you may derive an immediate benefit by giving. ECAA will then obtain the current value from your insurance company.
Your attorney and/or tax advisor can share other means by which you can gain tax savings by obtaining a new insurance policy with ECAA as the beneficiary or assigning the ownership of a policy to ECAA and continuing to make payments.
Income-Generating Gifts
Charitable-Remainder Trusts and Gift Annuities are methods of making an irrevocable gift of assets during your lifetime that will ultimately benefit the ECAA while providing income during your lifetime and/or your heirs’ lifetimes. Because appreciated assets such as stocks or real estate can be protected from taxes, these approaches may benefit the donor while providing income for a period of time to one’s heirs.
Because state laws may impact the preparation of these instruments, it is important to seek local legal counsel to provide the maximum tax savings and avoid errors that may impact the gift transfer.
