Donations – Council on Aging, Inc.

Legacy and Charitable Gifting

The Legacy Charitable Gifting programs of the Council on Aging, Inc. allow seniors, their families, and community members the opportunity to support the programs, services, and mission of the agency. Donors who pledge their support have the opportunity to provide a gift to the agency during their lifetime, known as a Charitable Gift; or after their life time, known as a legacy gift such as a bequest (remembering the COUNCIL ON AGING, INC. in your will). Through this program, donors will have the satisfaction of knowing that their gifts will help make a positive difference in the lives of seniors for generations to come. When they are ready to participate, we want to be able to offer your children, and even your grandchildren, the same services and programs that you have enjoyed.

One common myth is that the only way to support the Council on Aging, Inc. is by writing a check or providing a cash donation. While we do accept these types of gifts, there are many other types of asset gifts donors can contribute. Gifts commonly include real estate, homes, life insurance policies, and even cars. Your individual financial goals and personal values will help determine the most appropriate asset to contribute.

A primary question to consider first is, have you made out a will? If you have not, or it is time to update your will, regardless of your charitable intent, please consider this:

If your goal is to:	Then you can:	Your benefits may include:
Make a quick easy gift	Simply write a check now, or make a planned gift of money throughout a specified time period	An income tax deduction and immediate positive impact to the COUNCIL ON AGING, INC.
Avoid capital gains tax	Contribute long term appreciated stock or other securities	A charitable deduction plus no capital gains tax
Defer a gift until after your lifetime	Put a bequest in your will (donating cash, property, or a share of the residue of your estate to the COUNCIL ON AGING, INC.)	Your donations are fully exempt from federal estate tax
Avoid capital gains tax on the sale of a home or other real estate	Donate the real estate to us, or sell it to us at a bargain price	An income tax reduction, plus reduction or elimination of capital gains tax
Give your personal residence or farm, but retain lifetime use	Create a charitable gift of future interest, called a retained life estate	It gives you tax advantages plus use of the property
Make a large gift with little cost to you	Contribute a life insurance policy that you no longer need	Current and possible future income tax deductions
Secure, fixed payments for life while avoiding market risks	Create a charitable remainder annuity trust	It gives you tax benefits and often boosts your rate of return
Make a revocable gift during your lifetime	Name us as the beneficiary of assets in a living trust	Full control of the trust terms for your lifetime
Avoid the twofold taxation on IRA or other employee benefit plans	Name us as the beneficiary of the remainder of the retirement assets after your lifetime	Lets you leave your family other assets that carry less tax liability