Estate Planning

IRA Charitable Rollovers

The Pension Protection Act of 2006 permits individuals to rollover up to $100,000 from an individual retirement account (IRA) directly to a qualifying charity without recognizing the assets transferred to the qualifying charity as income

  Download the full document here

Giving for the Future

Annual gifts provide irreplaceable support for Jefferson Land Trust’s current financial needs. However, there are additional ways to ensure that this important work continues beyond your lifetime.

• Charitable bequests

  Charitable bequests are the easiest form of deferred giving, but they can make a tremendous difference in the future. Did you know that only 40 percent of people who pass away have a will, and only six percent of those who do have included a charitable bequest?

  Your bequest can be as simple as a sentence or two in your will. You can contribute a specific amount of cash, a percentage of the residue after all other bequests have been made, or a specific piece of property. Please call us if you plan a bequest of property, or if you want to designate the use of your funds. We want to be sure that your wishes can be met.

  The following is suggested language for a bequest; however, your will is a legal document that should be drafted or amended by an attorney.

  "I give to Jefferson Land Trust, a nonprofit corporation organized and existing under the laws of Washington, at 1033 Lawrence Street; Port Townsend, WA 98368 the sum of $_______."

  Or, "_____ percent (or all) of the residue of my estate."

  Or, "all of my interest in the following described property: ______________."

• Life Insurance Policies

  Life insurance policies can also provide Jefferson Land Trust with significant future income, at an affordable cost to you. If you are in a position to donate a new or existing life insurance policy, you can receive a charitable income tax deduction for the present cash value of the policy and/or future premiums you may pay if Jefferson Land Trust is named as both the owner and beneficiary of the policy. Designating Jefferson Land Trust as the beneficiary only will provide us with future support, but will not result in a tax deduction for you.

Gifts that Give Back

Gifts in this category combine charitable contributions with life income for you and/or beneficiaries that you choose. By planning gifts of this type, you can make a significant contribution to Jefferson Land Trust, while helping to meet your own long-term financial goals. These gifts can offer significant tax benefits and, depending on the asset contributed, may even increase your cash flow.

• Charitable Remainder Trust

  A charitable remainder trust is a planned giving arrangement in which cash or assets are irrevocably transferred to a trustee under a trust agreement. Interest, or in some cases principal, from the trust is paid to you or your beneficiary(s) over a fixed duration or lifetime. You receive a tax deduction for the present value of the asset at the time of the transfer, and Jefferson Land Trust receives the remaining trust assets.

• Real Estate

  Similarly, a gift of real estate with retained life interest provides a deferred charitable gift combined with tax benefits for you. In this type of arrangement, you can transfer ownership of your home or property to Jefferson Land Trust, but retain the right to use and live on it for the duration of your life. You receive an income tax deduction for the present value of the remainder interest and avoid any potential tax on capital gain.

Before making and final estate planning decisions, we recommend that you consult a qualified financial advisor.

Please feel free to contact us if you have questions or thoughts to share.