What is it?

Planned giving is a term that nonprofit organizations, like the Orlando Gay Chorus, use to refer to how a person can commit to a gift as part of their estate plan. While there are a few different ways to give via planned giving, bequests are by far the most popular and easy type of planned gift. Bequests are gifts that are left in a donor’s trust, will, or estate plan, and given to a nonprofit upon the donor passing away.

How can it help?

Planned giving can have a major impact on how an organization like the Orlando Gay Chorus is able to plan for its future and sustain itself in the long run. This is also an excellent way for you to create a legacy and help others no matter what your resources are now. Because planned gifts do not impact everyday cash flow, these types of gifts are accessible to everyone — from those whose incomes rarely permit them to give to major, loyal donors.

Leave a Legacy

These gifts can help you leave a legacy. Making a bequest in a will is a powerful way to leave a lasting impact that supports your favorite organization for years to come.  You can allocate how or where you want the donation to be spent. Because wills are fairly easy to update, you can also keep your bequests up to date, checking in with Orlando Gay Chorus personnel on where your donations will make the most impact.

Other Benefits

Depending on the type of planned gift you make, there can be some tax benefits. Bequests can reduce federal estate taxes for heirs, and these deductions are not limited to cash — they can include assets like real estate, IRAs, and stock as well. Some other planned gift types, such as charitable remainder trusts, are granted a tax-exempt status by the IRS.

Bequests

Bequests are a popular and fairly simple way to make a planned gift. These ‘outright’ gifts are charitable contributions left as a bequest in a legal will. They are usually given as a specific amount, a remainder of your estate after other bequests have been paid, or a percentage of a your total wealth.

Investments

If you have investments - you can use a charitable gift annuity which allows you to give a large amount of cash or securities in exchange for a fixed income payment for life. The nonprofit keeps any leftover funds as well as any income it makes from investing those funds.

Charitable Trusts

There are also a couple types of charitable trusts, but in each, the remaining funds go to the nonprofit after the trust is terminated. A charitable remainder annuity trust pays the donor a fixed amount based on a percentage of the initial assets used to fund the trust. A charitable remainder unitrust pays the donor a percentage of its principal and is revalued annually, so that payments increase over time. There are also charitable lead trusts which pay an ‘income’ to the nonprofit for a specified number of years or for the donor’s lifetime. When that term is up, the assets are given back to the donor or their beneficiaries.

Other Types

Other gift types are non-cash assets, such as stock or real estate, giving from IRAs (also known as Qualified Charitable Distributions), and Pooled Income Funds. In summary almost any asset can be left to the charity to sell or use as it sees fit.

Pat Andrews

Michael Arthur

Frederick Berliner

Hasse Brandt

Stephen Brooks

Beverly J. Campbell

Paul Driver

Dorothy Kuhlman

Dennis Pierce

Doreen Ratigan

Stephen Rhéume

James Rode

Dan Shaw

Katie Shaw

Michael Slaymaker

Carol Studer

Linn Wheeler