Careful estate planning can make a real difference in the way you provide for your loved ones and still engage in thoughtful giving to organizations that are meaningful in your life. Through Boone County Senior Services Foundation’s Legacy Program, you have the power to leave a legacy that will make a real impact on Boone County’s growing senior population. While not costing money, these gifts can often provide valuable tax benefits today. Some charitable investments can even return tax-advantaged income for a period of years or for an entire lifetime. A gift made through a deferred mechanism can endow a program at Boone County Senior Services Foundation, fund a special service, or help meet the changing needs of the organization in the future.
By carefully planning a legacy gift, you can:
- Potentially make a larger charitable gift than you thought possible
- Take care of the financial needs of your family first
- Provide inheritances for your heirs at a lower tax cost
- Reduce your income tax and often avoid capital gains taxes
- Diversify your investment portfolio
- Increase income and effective rate of return
- Leave a legacy without giving up assets.
The Legacy program is under the guidance of the Board of Boone County Senior Services Foundation, Inc. whose mission is to grow a fund to secure the future of Boone County Senior Services, Inc. (BCSSI) and ensure it will continue to provide exemplary services to older adults in Boone County.
Some of the ways to make a deferred gift may seem a little intimidating at first. IRS rules can be complicated. Don’t worry. We are here to assist you. While we cannot give tax or financial advice, we can talk through some of the intricacies of making a gift in the way that suits you, your financial abilities and philanthropic interests.
Some of the ways to give include:
- Gifts through your will – a bequest or testamentary provision,
- Gifts of life insurance policies you no longer need
- Retirement assets as gifts through beneficiary designations
- Gifts of IRA assets
- Gift annuities – a gift that provides regular income to you and/or your spouse
- Gifts of assets – farmland, primary and secondary residences can be given in a way that lets you continue to live, farm, and enjoy the property, with immediate tax deductions
- Payable on death designations on savings accounts or CDs.
Through your legacy gift, BCSSI can continue to promote independence and provide enriching opportunities for older adults in Boone County——today and for generations that follow.
For more information about leaving your legacy contact 765-482-5220 or 317-873-8939 or sshoup@booneseniors.org or abowen@booneseniors.org.