Whether giving today, in memoriam or sometime in the future, leaving a true legacy is about giving back to others to enjoy the fruits of life that you have been able to enjoy! A bequest is a meaningful way to make a lasting gift and leave a positive and true legacy. The Palatine Park Foundation is a great avenue to make this legacy a reality through various means of pledging current or future assets through your will, estate, securities, real estate or retirement assets. If you would like to discuss a gift or bequest for a specific purpose we would be happy to speak with you.
For more information please call 847.496.6236 and also consult with your financial advisor or legal counsel so your idea of a gift can provide the fullest value and related tax implications possible by law.
Wills and TrustsPlacing a gift pledge in your will or from a trust has lasting benefits and can be made in a variety of options. Listed below are some options you may want to consider. Such options can be structured to fit your personal, family and financial needs and can be reviewed and revised in the future.
General BequestThis is one of the most popular ways to make a charitable gift through your will, as a general bequest allows you to simply leave a specific dollar amount. For example, I give $25,000 to the Palatine Park Foundation, Palatine, IL, to be used for its exempt purposes.
Residuary BequestThis gift is when you give all or a portion of an estate value after debts, taxes, expenses and other bequests have been paid. A residuary bequest provides you with the flexibility to gift amounts to family members or friends, and leave the remainder to the Foundation. For example, I give the rest of my property I own at my death to the Palatine Park Foundation, Palatine, IL, to be used for its exempt purposes.
Percentage BequestThis is the most flexible type of bequest you can make. The size of the gift automatically changes with the size of the estate value. For example, I give 20-percent of my estate to the Palatine Park Foundation, Palatine, IL, to be used for its exempt purposes.
Contingent BequestThis type of bequest takes affect only if and when the primary intention of the will cannot be met. For example, If (Primary beneficiary) predeceases me or disclaims any interest in (description of property), I give such property to the Palatine Park Foundation, Palatine, IL, to be used for its exempt purposes.
Restricted BequestThis type of bequest is used when the person giving has a specific purpose in mind. Any bequest can be restricted to a specific purpose. For example, I give $50,000 to the Palatine Park Foundation, Palatine, IL, to create a named endowment to fund financial assistance for deserving applicants or for the development of new athletic fields for the youth in the community.
Gifts of real estate whether for investment purposes or for actual park district use is a terrific way to ensure the Foundation’s endowment fund goals are met and may also assist in the open space preservation of the park district which is the founding project of how the Foundation was formed with the acquisition of Towne Square Park in downtown Palatine. While the donation is tax deductible, there are special government rules that apply with this type of donation. Please consult your legal counsel for which rules may apply in your situation.
Pledges of an insurance policy that is no longer needed or amounts gifted once a policy is dispersed are possible to donate. The value of the policy is considered to be tax deductible. The Foundation can become the beneficiary or contingent beneficiary of a policy and you retain lifetime ownership of the policy. Other potential options include transferring ownership to the Palatine Park Foundation or when purchasing a new policy adding the Foundation as owner and beneficiary. Again another possibility to leave your legacy within your community.
Assets from retirement plans differ that other typical assets you may own. Upon death, these assets are subject to both estate and income taxes. This additional tax exposure makes your retirement plan assets significantly more expensive to transfer to non-spousal beneficiaries that real estate, stocks and other certain assets. However, retirement plan assets, including IRA’s 403(B) and 401(K) plans represent one of the best ways allowed for charitable giving. Consider using retirement plan benefits to make a significant gift to the Palatine Park Foundation and your community. Please consult with a financial planner and/or tax attorney to find the best options for you based on your asset portfolio.
All types of a stocks, bonds and annuities are acceptable forms of donations and help build the endowment of the Foundation.