Ways to Give and sustain the BHA for the future.....
Goals
To provide support for the Beaufort Historical
Association's buildings, grounds, programs and daily
operations by growing the BHA Foundation assets through
education of BHA members and friends.
Gifts
Giving to the BHA is easy, convenient, and flexible as
possible. Gifts to the BHA go beyond helping a
worthy cause close to your heart - gifts can help
eliminate taxes or provide benefits to you from
continued income.
I. Outright Gifts
Gifts for immediate use are outright gifts.
There are many ways to make them, and many
options.
Cash, Checks, Credit Cards - In addition to
checks and cash, you may charge a gift to a
credit card. This gift is still tax
deductible. Recurring monthly gifts
can be arranged.
Stocks, Real Estate - Either may be
accepted. Your financial advisor
should be consulted; however, many gifts of
this type can be used to avoid capital gain.
Your primary home can also be donated while
you retain the right to live there for the
rest of your life or the life of a spouse.
II. Revocable Living Trust
Created during your lifetime to provide for you
and your family, a living trust can be a
powerful tool in estate planning. Used in
conjunction with your will, there are many
advantages of a living trust.
Advantages include:
Avoid
Probate & Probate Expenses
Flexible
terms (revocable trusts can be
changed, added to, revoked, etc.)
Flexible
Control ( name the trustee &
beneficiaries)
Professional Management (
professional trustees: banks, financial
managers, etc.)
Private & Confidential
(contents
of trust are not public)
Tax
Advantages (charity trust
disbursements can avoid estate taxes)
III. Bequest
Be as clear and as specific as possible when
remembering the BHA in your will. Your
gift to the BHA will reduce your overall
taxable estate. There are different
ways to bequest an asset. Please consult
your estate planner or attorney creating
your will which is best for you. When you
include the Beaufort Historical Association
in your will, please let us know so that we
can thank you.
IV. Life Insurance
The BHA can be named as a primary, partial,
or contingent beneficiary.
V. Retirement Plans and Their Assets
The BHA can be named as a beneficiary for
your retirement plan. Typically, these
assets are subject to high taxation.
Charitable donations of these assets are a
powerful estate planning tool. Consult
your tax advisor if you would like to
examine options for your IRA, 401(k), etc.
VI. Real Estate
Whether you have owned your property for a
long time and have almost no basis in the
purchase price or have held the property
only for a year or two, there are many
advantages to donating real estate to the
BHA.
A gift or real estate to the BHA is
equivalent to a charitable donation equal to
the property's market value. You avoid
paying all or a portion of the capital gains
on the appreciation and the gift tax.
Please consult your tax advisor, estate
planner to see if this type of gift is right
for you.
Your attorney can assist with the creation
of a Life Estate where you can continue to
enjoy your home and only after your death
does the BHA receive the property.
Bottom Line.. there are many ways that
you can help sustain the BHA for the future........
