There are many ways you can leave a legacy to sustain the mission of the Higgins Lake Foundation, while at the same time providing yourself and your family (or other beneficiaries) with significant tax benefits. In addition to outright, tax-deductible cash gifts, there are other creative ways to give, including:
- Gifts of stock or other assets
- A bequest in your Will or Estate Plan
- A beneficiary designation on Life Insurance policies
- Life Income Gifts
- 401(k) plan or IRA
- Charitable Lead Trusts
Planned gifts can offer many advantages to help you to meet your overall financial goals, and help the Higgins Lake Foundation in its long-term financial planning. They can also provide special opportunities that enable the organization to strengthen and improve its programs.
Thoughtful gift planning can enhance both the value of your estate and your bequest to the Higgins Lake Foundation.
Your planned gift will help to preserve this vital and beautiful component of our “up north” history.
The Higgins Lake Foundation recently established a Legacy League to give people who love the lake an opportunity to protect it into the future. Supporters of the lake can make a commitment to preserve the lake and its watershed for future generations by including the HLF in their will or trust. Establishing a planned gift in any amount qualifies you for recognition in the Higgins Lake Foundation Legacy League.
By including the Higgins Lake Foundation in your estate plans, you can specify that a specific amount or percentage of your assets come to the HLF at the time of your estate distribution. At that time, the gift you specify will pass to the HLF, and your estate can take a charitable deduction for the amount of your bequest, thus reducing your estate taxes. (To the fullest extent allowed by law)
An example of a provision that could be included in your Will would be:
“I bequeath to the Higgins Lake Foundation the sum of $______________ (or______% of my estate; or the property described herein) for the Higgins Lake Foundation’s general funds.”
There are many ways to leave a Legacy to sustain the mission of the Higgins Lake Foundation. The following assets can be used to make a gift and provide the flexibility to be modified if your circumstances change:
There are several ways to leave a legacy, allowing you to designate how your estate will be distributed. A bequest is a provision in your Will that allows you to leave a specific amount or specific assets to the Higgins Lake Foundation, such as an outright gift of cash, securities, or property.
*A retirement plan such as a 401(k) or IRA
*A life insurance policy
*Financial accounts such as a bank or brokerage account or a certificate of deposit (CD)
*Your gift remains in your control during your lifetime.
*You can modify your gift if your circumstances change.
*Your gift may provide you and your family or other beneficiaries with significant tax benefits.
The gifts donated through the Legacy League will provide a lasting legacy to protect the lake by allowing the HLF to improve, strengthen and increase our programs.
For more information, please contact us at:
If you choose to include the Higgins Lake Foundation in your Will or other estate plan, we should be named as:
HIGGINS LAKE FOUNDATION
PO Box 753
Roscommon, MI 48653-0753
E mail: firstname.lastname@example.org
Gift of Life Insurance
Donors can name the Higgins Lake Foundation as the owner or beneficiary of a life insurance policy. If the policy is not paid up, the donor can either make the remaining payments directly or give the HLF the funds with which to make payments. Donors receive an immediate tax deduction – usually in an amount approximately equal to the cash surrender value. The annual premium the donor continues to pay qualifies for a tax deduction. The proceeds pass to the Foundation free of estate taxes. The donor must obtain a qualified appraisal to substantiate a gift of life insurance valued at more than $5,000.
Charitable Lead Trust
Charitable Lead Trusts allow donors to use a portion of their assets to create a trust, the income from which will go to the Higgins Lake Foundation for a designated number of years. After a set number of years, the remaining principal of the trust and any accumulated appreciation returns to the donor’s estate. Lead trusts are often used to minimize estate and generation-skipping taxes.