A planned gift is any major gift made during your lifetime or upon your death as part of your overall financial and/or estate planning. It is a way to support Casa de la Luz Foundation that enables you to make larger gifts than you otherwise could from your usual income. Planned gifts can take the form of cash, appreciated securities/stock, real estate, partnership interests, personal property, life insurance, a retirement plan, etc.
Gifts by Will or Trusts
A bequest under your will or trust will provide a very important gift in support of the mission of the Casa de la Luz Foundation.
A testamentary gift under a will or revocable trust is flexible. At your death, you can leave gifts to your loved ones as well as to the Casa de la Luz Foundation. A testamentary gift gives your estate an immediate charitable deduction and can result in estate tax savings if your net worth is above the current estate tax exemption. Each individual’s situation is unique so please contact your financial advisor to determine what tax advantages are available to you.
If you wish to leave a bequest to Casa de la Luz Foundation, here is some sample language to share with your estate planning attorney.
“I give the sum of $_______ [or _______ shares of _________ stock or ___________ name of asset] to Casa de la Luz Foundation, 7740 N. Oracle Road, Tucson, Arizona, 85704.”
“I give _________% of the balance of my estate/trust to Casa de la Luz Foundation, 7740 N. Oracle Road, Tucson, Arizona, 85704.”
“I give the residue of my estate [or the balance of my trust], both real and personal, to Casa de la Luz Foundation, 7740 N. Oracle Road, Tucson, Arizona, 85704.”
“If, or to the extent, my [will] [trust] does not provide for distribution of my estate, or any part thereof, such interest shall be distributed to Casa de la Luz Foundation, 7740 N. Oracle Road, Tucson, Arizona, 85704.”
A donation of appreciated securities avoids capital gains taxes and leaves a lasting legacy.
Gifts of securities can result in considerable tax savings, especially when you have low basis stocks. If you are planning to give a cash gift to the Foundation, gifting securities as an alternative allows you to pass on the appreciated stock to the Foundation. You can then use the cash to re-purchase the stock at a higher cost basis. You have kept the stock in your portfolio and helped the Foundation.
If you have stock certificates in your possession, you may transfer them to the Foundation by calling us at (520) 351-5441. Below is a Certificate of Transfer that can be mailed or faxed to us after the transfer has been sent. We will use the information to ensure that your securities have been received by the Foundation.
You may donate life insurance or name Casa de la Luz Foundation as the beneficiary of your retirement plan.
Often life insurance and retirement plans are a significant portion of your estate. You can name the Foundation as the sole or a percentage beneficiary of your life insurance. Your estate can then receive a deduction for the amount of the proceeds upon your death.
Funds withdrawn during life from a traditional IRA (non-Roth), Keogh, 403(B), or 401(K) are generally subject to income tax. Often retirement assets are pre-tax and when transferred to a beneficiary are subject to income tax. You can donate these retirement assets to the Foundation without paying income taxes. If your estate is subject to estate tax, your estate will also be able to take a charitable deduction, which will reduce the size of the taxable estate.
To take advantage of these programs, complete a new beneficiary designation form with your life insurance company or the institution who holds your retirement asset and name the Casa de la Luz Foundation as the new beneficiary.
Art Courtesy of Bettina Mills - talented artist and longtime friend of Casa de la Luz. We are inspired by her talent and generosity and greatly appreciate that she shares her gifts with us. All artwork Copyright Reserved by Bettina Mills.