Leave a Lasting Gift
In addition to making a cash donation, there are many other ways of giving that often include attractive tax incentives as well as income for the donor. Appreciated securities, trusts, personal property, life insurance and, especially, bequests, are just a few examples.
For more information, contact David Bodah, Director of Development, at 401-444-0750 ext. 105 or email dbodah@bgcprov.org.
Charitable Remainder Trusts
A charitable remainder trust is a personalized life income gift that provides a donor with a lifetime income and a charitable income tax deduction. The donor selects the payout rate, usually between 5 and 7 percent, providing the donor, and the donor's spouse, with an income every year for life. The higher the payout rate, the lower the charitable tax deduction. If the donor funds the trust with appreciated securities, the donor will avoid capital gains taxes. The donor selects the trustee who may invest in almost any investment including tax-free bonds. Donors may designate the remainder of their trust to benefit any of our programs.
There are other trusts, Charitable Lead Trusts, which provide income payments ("lead interest") to the Boys & Girls Clubs of Providence for a set period of years. At the end of this fixed period the assets in the trust revert to the donor, to family members or to others.
Estate Planning
For many donors, a gift made through a will or trust is the most realistic way to make a major gift. Indeed, all bequests to the Boys & Girls Clubs of Providence that are not directed to a specific program are designated as part of the agency's permanent endowment. Those far-sighted gifts continue to provide critical support to all the agency's programs to this day.
Property, including cash, securities, jewelry, works of art, and real estate, may be given through a will or trust. Through estate planning provisions, a donor may leave a specific dollar amount, for example, $50,000, or a specific percentage, such as 25 percent of the estate. The donor may stipulate whether the bequest is for the general support of Boys & Girls Clubs of Providence or for a specific purpose. A bequest may also be made in honor or memory of another individual. All outright bequests are exempt from federal estate taxes. We will be happy to provide the specific language to you or your advisor.
If you already have named the Boys & Girls Clubs of Providence as a beneficiary in your estate plan, we hope you will let us know. We would like to thank you and, if you permit, recognize your intention.