Outright Gifts
Want to make an immediate impact on Lake Ann Camp?
Making an outright gift will meet your goals and make great things happen at Lake Ann Camp.
The Benefit to You.
You can claim charitable deductions up to 50 percent of your adjusted gross income for gifts of cash in the year you make the gift. Excess deductions may be carried over for up to five years.
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Matching Gifts
Thousands of companies will match donations made by employees, thereby doubling and sometimes tripling the impact of your gift.
Go to http://www.matchinggifts.com to find out if you work for a matching-gift employer. If so, contact your human resources department to find out what the provisions are and how to process the gift.
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Looking for ways to fund your gift?
Among the most common are - Cash
Cash gifts are an easy way to give. Cash gifts of any size can have an immediate impact on Lake Ann Camp.
While cash is the most often used way to make an outright gift, the following are other ways you may give:
Securities
Gifts of stock, bonds, treasuries, and mutual funds that have increased in value are a win-win opportunity for you and Lake Ann Camp under current tax laws.
Property
You can give real estate (homes, cabins, commercial buildings, farm land, and condos) or tangible personal property (art work, book or antique collections, livestock, or crops). In some cases you can continue to use the asset during your lifetime.
Retirement plan assets
One frequently overlooked way you can make a charitable contribution is by using your IRA, qualified retirement plan assets, or commercial annuities.
Life insurance
Have a life insurance policy that you no longer need? Giving it to Lake Ann Camp can be a way to combine charitable objectives with tax advantages for you.
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Other Creative Planned Gift Opportunities
Life Income Gift - Charitable Gift Annuities
This is a great way to provide for Lake Ann Camp while you are alive instead of waiting for a bequest to take effect from your estate. It is best utilized by those who are 65 years and older. The Gift Annuity provides an immediate charitable deduction to reduce your income tax, supplement your retirement income with an attractive fixed rate of income, receive TAX-FREE INCOME for your life, and provide for Lake Ann Camp at your home-going... More
Life Income Gift - Deferred Payment Gift Annuities
This plan receives the same benefits like the gift annuity. It also pays a fixed amount, but the first payment is deferred for a year or more from the date of the gift and is usually timed to coincide with future retirement or other plans. The donor is thus able to make a gift now and use the income tax charitable deduction while in a higher tax bracket, deferring payment until those years when the beneficiary may need the income... More
Life Income Gift - Charitable Remainder Trusts
A charitable remainder trust makes periodic payments to one or more individuals for life(s) or for a term of years. Upon termination of the trust, the property remaining will be used for the charitable purpose you have specified. You may act as a trustee, or your financial institution... More
There are two types of charitable remainder trusts
Unitrust:
Income fluctuates annually as a fixed percentage of the fair market value of the trust. This type is best for those who want to participate in market gains and can tolerate some risk.
Annuity trust:
Income payments are fixed and determined when the gift is made. This is attractive to individuals who wish to avoid risk.
Charitable Lead Trust
A charitable lead trust can provide significant charitable and tax benefits. During the term of the trust, a percentage of the assets are paid out each year to the ministry purpose of your choice, and at the end, all of the remaining assets can return to you or pass to your heirs. Gift or estate tax paid on this gift can be reduced because the present value of the payments to Lake Ann Camp is subtracted from the value of the gift.
This can be an excellent way to support Lake Ann Camp and to pass on family business interests or other appreciating assets to family members with reduced taxes... More
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Other Gifts
Bequests
When you leave a bequest to Lake Ann Camp, you can make a generous gift without reducing your current income. Gifts in Wills or Revocable Living Trusts account for a major portion of Lake Ann Camp funding. You can specify the area that you wish your gift to benefit. You also can create special funds in your name or in memory of loved ones. Charitable bequests are normally deductible in full for estate tax purposes. Bequests should be made to the Lake Ann Baptist Camp, Lake Ann, Michigan.
Sample Language for Will
Following is recommended language that you and your attorneys can use to make a gift to benefit the ____________________________ Ministry through your will or revocable/living trust.
1. General Unrestricted Bequest:
"I give, devise and bequeath to the _____________________________ Ministry, ______________________, Michigan, [percentage of residue, sum, or description of property], the principal and income of which shall be used for such ____________________ Ministry purposes as the Board of Trustees may determine."
Gifts of Life Insurance
If you have a life insurance policy that you no longer need, a gift of a life insurance policy can be a way to combine charitable objectives with tax advantages for you.
An irrevocable gift of life insurance may be appropriate when the growth of your assets or the reduced needs of your dependents make the policy unnecessary.
Because the tax laws regarding gifts of life insurance policies are complex, please contact Rich Dorsey (contact information listed below) for assistance with your specific insurance policy.
Life Estate Agreements
There are opportunities when the children are cared for with other means, or there are other factors, and you have interest in giving to Lake Ann Camp. A personal residence or farm may be given as a charitable gift, with the donor retaining the right to use the property for life. This is known as a Life Estate Agreement. The life estate may be retained for one or more lives, or for a term of years.
The donated property does not have to be a principal residence, which means the donor's vacation or other home may be used in making the gift. As for the definition of a farm, the IRS says it must be land used by the donor or his tenant for the production of agricultural products or the raising of livestock.
The donor receives a charitable income tax deduction based on the gift's remainder value. Computing the charitable deduction for a remainder interest involves several factors. The fair market value of the property, the estimated useful life of the structure and the value of the structure at the end of its useful life must all be determined. These values must be obtained from a qualified appraiser.
A donor is allowed by law to deduct up to 30% of his or her adjusted gross income when making a gift of appreciated property. However, the donor is allowed to carry forward any unused portion of the remainder value for a period of five additional years if necessary.
A Life Estate Agreement is an excellent vehicle for the donor(s) who would like to leave a gift of their house to Lake Ann Camp, but who needs use of the residence during their lifetime.
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Other Needs
Estate Planning
General estate planning concerns are sometimes overwhelming and difficult to deal with for many reasons. Our Director of Estate Planning is well qualified to help with a multitude of concerns. These may include Wills, Living Trusts, probate, children's needs, joint ownership and frequently unknown liabilities, etc. This is a heart matter that has more than just financial implications. Please feel free to read more of the factors explaining, surrounding and involving estate planning... More
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Questions?
Estate Planning
Contact Rich Dorsey at Lake Ann Camp by e-mail: rsbdorsey@aol.com, or call at 231-649-2927... More He is happy to answer your questions and assist you with your needs and desires. You may also call the camp at 800-223-5722 and they will contact him for you.
Please feel free to contact Rich for any mentioned items or for further estate planning advice on Wills or Living Trusts or to work with your professional advisor. He is also able to direct you to a professional advisor if you would like.
This information is not intended as legal advice. Please consult your advisors.
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