There are many ways to give... Introducing LCLT's Legacy Tree
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Several Lake County Land Trust supporters have included us in their wills or made other types of legacy gifts to support our mission. Picture a beautiful oak tree, Deep, solid roots, hold it securely and seemingly endlessly to the earth. The trunk keeps growing, both upward and outward, and the branches reach far and wide. The tree provides a community of its habitants and a place of rest and renewal for visitors seeking the comfort of its shade. The idea behind our Legacy Tree is that your planned gift deepens our roots and allows us to branch out— into new programs, new land acquisitions, and more robust growth for the Land Trust in general. As does the mighty oak, the Land Trust provides habitats for the animals that live among us, and community for those who value the ideals of land conservation. The visionary planning of these donors strengthens the very fiber of LCLT's mission and outreach. |
Lynne & Bernie Butcher relaxing on their Tallman Hotel veranda.
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"Beyond the immediate family, there are lots of worthy causes that could be put into an estate planning document. Our thinking was that it would be best to best to make a significant long-term impact on one of our priorities as opposed to making a marginal short-term impact on many. And the Land Trust jumped out to us because it’s a well-run, responsible organization and the strategic properties purchased by the Trust are preserved in perpetuity." —Bernie Butcher
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Bequests
The most common way people remember LCLT is in a will or living trust is through a charitable bequest. You do not have to rewrite your current documents. You can add an amendment, called a codicil, to your will or living trust. Another way to do this is with a Beneficiary Designation Form.
The main benefits of a bequest are:
Three ways you can make a bequest:
LCLT recommends consulting with an attorney or Estate Planner to determine if any of the ideas listed here are good options for you.
Estate Planning Tools
Charitable Gift Annuities (CGAs) and Charitable Remainder Trusts (CRTs) to LCLT provide a gift to LCLT while at the same time providing you with an income for life, along with other benefits and favorable tax treatments. A CGA is a simple contract between you and the charity of your choice. A portion of the income that you receive for life is free of tax, This type of gift works best for those 70 and over, as the older the person making the gift, the higher the income they receive. A minimum amount of $25,000 is required to fund a CGA.
CRTs are similar to CGAs but can be more complex. Estate planning attorneys are great sources of expertise on how to set these up.
Contact LCLT Executive Director Tom Smythe at thomassmythe@lakecountylandtrust.org for more information.
The most common way people remember LCLT is in a will or living trust is through a charitable bequest. You do not have to rewrite your current documents. You can add an amendment, called a codicil, to your will or living trust. Another way to do this is with a Beneficiary Designation Form.
The main benefits of a bequest are:
- Receive an estate tax charitable deduction
- Reduce the burden of taxes on your family
- Leave a lasting legacy to charity
Three ways you can make a bequest:
- Specific bequest: make a gift of a specific asset. This is to be fulfilled first, before cash or residual bequests.
- Cash bequest: make a gift of a specific dollar amount or percentage of your estate. This type of gift gets fulfilled second, after gifts of specific assets.
- Residual bequest: make a gift of the balance or residue of your estate, or a percentage thereof. Fulfilled last, after specific and/ or cash bequests, taxes, debts, and settlement costs have been satisfied.
LCLT recommends consulting with an attorney or Estate Planner to determine if any of the ideas listed here are good options for you.
Estate Planning Tools
Charitable Gift Annuities (CGAs) and Charitable Remainder Trusts (CRTs) to LCLT provide a gift to LCLT while at the same time providing you with an income for life, along with other benefits and favorable tax treatments. A CGA is a simple contract between you and the charity of your choice. A portion of the income that you receive for life is free of tax, This type of gift works best for those 70 and over, as the older the person making the gift, the higher the income they receive. A minimum amount of $25,000 is required to fund a CGA.
CRTs are similar to CGAs but can be more complex. Estate planning attorneys are great sources of expertise on how to set these up.
Contact LCLT Executive Director Tom Smythe at thomassmythe@lakecountylandtrust.org for more information.
