HOW CAN I PARTICIPATE IN PLANNED GIVING?
Bequests
Remember Grass River Natural Area in your will or trust. A bequest can be a specified dollar amount or a percentage of your estate. Your taxable estate will be reduced by the value of the gift, and thus your estate taxes may be lower. Please talk with your financial advisor about leaving a bequest to GRNA. If you are interested in this option of planned giving, please call Jenn Wright at (231) 533-8314.
Remember Grass River Natural Area in your will or trust. A bequest can be a specified dollar amount or a percentage of your estate. Your taxable estate will be reduced by the value of the gift, and thus your estate taxes may be lower. Please talk with your financial advisor about leaving a bequest to GRNA. If you are interested in this option of planned giving, please call Jenn Wright at (231) 533-8314.
Life Insurance
A gift of life insurance is another way to make a substantial gift to Grass River Natural Area. By assigning ownership to Grass River Natural Area, you can receive a tax deduction for the value of the policy and the premium paid each year. Please talk with your insurance agent about leaving a gift of life insurance to GRNA. If you are interested in this option of planned giving, please call Jenn Wright at (231) 533-8314.
A gift of life insurance is another way to make a substantial gift to Grass River Natural Area. By assigning ownership to Grass River Natural Area, you can receive a tax deduction for the value of the policy and the premium paid each year. Please talk with your insurance agent about leaving a gift of life insurance to GRNA. If you are interested in this option of planned giving, please call Jenn Wright at (231) 533-8314.
IRA and Other Retirement Plan Gifts
GIVING FROM YOUR RETIREMENT PLAN AS PART OF YOUR ESTATE PLAN
A retirement plan can be a tax-efficient and simple way of including the GRNA in your estate plan. The best method is to name Grass River Natural Area, Inc. as a beneficiary on your plan's beneficiary designation form. The tax advantage stems from the fact that most retirement plans (other than Roth IRAs) are subject to income taxes—and possibly estate taxes—if left to an individual beneficiary; however, a charity that is named as the beneficiary does not pay income or estate taxes on the distribution. Thus, the full value of what is distributed can be used by GRNA as a gift from your estate, supporting the purpose you designate.
To name Grass River Natural Area, Inc. as a beneficiary, you can obtain a beneficiary designation form from your IRA plan administrator. That form usually asks for the name of the beneficiary (GRNA, Inc.), its address (PO Box 231 Bellaire, MI 49615), and a tax identification number (38-2279204). This will provide an unrestricted gift to GRNA, Inc. If you would like to direct your future gift to a specific purpose, contact Jenn Wright, Executive Director, at (231)-533-8314.
IRA CHARITABLE ROLLOVERS
As part of the PATH Act, legislators passed a permanent extension of Charitable IRA legislation, making it easier for people to make a gift to charity with a distribution from their Individual Retirement Account (IRA), and take advantage of tax savings. Under The Protecting Americans from Tax Hikes Act, Americans over the age of 70½ can distribute up to $100,000 in a calendar year from an IRA to GRNA, Inc. or other charities, tax-free. This distribution to charity can be a significant benefit for IRA owners who are required each year to take minimum required distributions, which are included in their gross income for income tax purposes.
If an IRA owner directs the IRA plan administrator to distribute any amount up to $100,000 to charity, the distribution counts toward the owner's minimum required distribution, but is not included in his or her income for income tax purposes. Although the IRA owner is not entitled to a charitable deduction for the distribution, the distribution benefits charity. Known as the "IRA charitable rollover," this option is available for transfers completed by December 31 of the year in which you intend to make the charitable distribution.
Here's How It Works:
* For example, the following transfers will not qualify: distributions to private foundations, to donor advised funds, for life income gifts (e.g., charitable remainder trusts), and for any purpose that entitles you to receive a benefit, such as preferred seating at athletic events or tickets to a dinner.
GIVING FROM YOUR RETIREMENT PLAN AS PART OF YOUR ESTATE PLAN
A retirement plan can be a tax-efficient and simple way of including the GRNA in your estate plan. The best method is to name Grass River Natural Area, Inc. as a beneficiary on your plan's beneficiary designation form. The tax advantage stems from the fact that most retirement plans (other than Roth IRAs) are subject to income taxes—and possibly estate taxes—if left to an individual beneficiary; however, a charity that is named as the beneficiary does not pay income or estate taxes on the distribution. Thus, the full value of what is distributed can be used by GRNA as a gift from your estate, supporting the purpose you designate.
To name Grass River Natural Area, Inc. as a beneficiary, you can obtain a beneficiary designation form from your IRA plan administrator. That form usually asks for the name of the beneficiary (GRNA, Inc.), its address (PO Box 231 Bellaire, MI 49615), and a tax identification number (38-2279204). This will provide an unrestricted gift to GRNA, Inc. If you would like to direct your future gift to a specific purpose, contact Jenn Wright, Executive Director, at (231)-533-8314.
IRA CHARITABLE ROLLOVERS
As part of the PATH Act, legislators passed a permanent extension of Charitable IRA legislation, making it easier for people to make a gift to charity with a distribution from their Individual Retirement Account (IRA), and take advantage of tax savings. Under The Protecting Americans from Tax Hikes Act, Americans over the age of 70½ can distribute up to $100,000 in a calendar year from an IRA to GRNA, Inc. or other charities, tax-free. This distribution to charity can be a significant benefit for IRA owners who are required each year to take minimum required distributions, which are included in their gross income for income tax purposes.
If an IRA owner directs the IRA plan administrator to distribute any amount up to $100,000 to charity, the distribution counts toward the owner's minimum required distribution, but is not included in his or her income for income tax purposes. Although the IRA owner is not entitled to a charitable deduction for the distribution, the distribution benefits charity. Known as the "IRA charitable rollover," this option is available for transfers completed by December 31 of the year in which you intend to make the charitable distribution.
Here's How It Works:
- You must be 70½ or older at the time of distribution.
- You may distribute any amount up to $100,000 in a calendar year to charity, as long it is completed by December 31 of the year in which you intend to make the charitable distribution.
- Your IRA administrator must make the distribution directly to the charity, or you may write a check payable to the charity from your IRA checkbook.
- If you make a gift to Grass River Natural Area, Inc. from your IRA, please include written instructions on how you would like to designate your gift by making a note on your IRA check.
* For example, the following transfers will not qualify: distributions to private foundations, to donor advised funds, for life income gifts (e.g., charitable remainder trusts), and for any purpose that entitles you to receive a benefit, such as preferred seating at athletic events or tickets to a dinner.
Appreciated Securities
Gifts of appreciated securities - stocks and bonds, including stock in closely held companies - provide important tax advantages to you. The full fair market value of the appreciated securities is fully deductible as a charitable contribution for federal income tax purposes but the maximum deduction in one year is limited to 30 percent of your adjusted gross income. Unused deduction amounts exceeding this limit can be carried forward for up to five more years. In addition, you do not pay federal capital gains taxes on the appreciated portion of the gift. Please seek advice from your financial advisor. You may also call Jenn Wright with any question at (231) 533-8314.
Gifts of appreciated securities - stocks and bonds, including stock in closely held companies - provide important tax advantages to you. The full fair market value of the appreciated securities is fully deductible as a charitable contribution for federal income tax purposes but the maximum deduction in one year is limited to 30 percent of your adjusted gross income. Unused deduction amounts exceeding this limit can be carried forward for up to five more years. In addition, you do not pay federal capital gains taxes on the appreciated portion of the gift. Please seek advice from your financial advisor. You may also call Jenn Wright with any question at (231) 533-8314.
