Planned giving is a wonderful way to ensure that your gifts care for Thornwell’s children for generations to come. If you choose to do so, a number of gift instruments can be easily incorporated into your estate plan. And when you make a provision in your estate, you become a member of the William Plumer and Mary Dillard Jacobs Society.
A bequest can be a specific dollar amount, a percentage of your estate, or the remainder of your estate as designated by your will.
Gifts of Real Estate
Your home, farm, or vacation home may have appreciated greatly over time. Consider a gift of real estate to Thornwell and help avoid capital gains. To ensure appropriate transfer, the real estate must be mortgage-free and readily saleable. It must also have a clear title and a recent qualified appraisal.
Thornwell will be glad to assist you and your tax advisers. Please email Jill Gibson or call her at 864-358-9104 if you’d like to discuss this special type of gift.
There are many types of life insurance gifts. The most common is an existing policy (currently in force and paid up), naming Thornwell owner and beneficiary. The benefits to you are in both gift and estate tax considerations. Federal tax regulations indicate that the gift value of an insurance policy is the cash value of the policy at the time of the transfer of ownership.
Other life insurance arrangements might be purchasing a new policy for Thornwell or replacing charitable gifts in one’s estate.
Charitable Gift Annuities
Cash or appreciated securities can be used to fund an irrevocable gift annuity that can provide income to you while making an ultimate gift to Thornwell. The rate of return is determined by your age, the number of beneficiaries, and the prevailing adjusted federal rate for gift annuities. After the lifetime of the annuitant(s), the charitable remainder interest in the gift becomes available to Thornwell. A minimum gift of $10,000 is required.
A charitable remainder annuity trust is an irrevocable trust that provides a payment to one or more beneficiaries for their lifetimes or a term of years. The trust provides a fixed annuity payment, determined when you establish the trust. It must be at least 5% of the initial value of the gift. Payments can be made annually or more frequently. When the trust terminates, the remaining principal becomes available for the work and ministry of Thornwell. A minimum gift of $200,000 is required for this planned giving option.
A charitable remainder unitrust is an irrevocable trust that provides variable payments to one or more beneficiaries for their lifetimes or a term of years. The trust payments are determined as a fixed percentage (at least 5%) of the fair market value of the trust assets each year. You select the percentage when you make your original gift; however, since trust assets are revalued each year, trust payments will vary from year to year—increasing or decreasing as a result of additional contributions or changes in the value of trust assets. When the trust terminates, the remaining principal becomes available to Thornwell. A minimum gift of $200,000 is required, and additional contributions can be made to the trust.
Gifts of Securities
When you donate securities in lieu of cash, you get two advantages: you don’t have to pay any capital gains tax on the appreciation and, on the date of your gift, you receive a deduction for their full market value.
The easiest way to make a gift of securities to Thornwell is by electronic transfer from your brokerage account. Shares are electronically transferred, and your gift date is the date the shares enter the Thornwell account. The value of your gift is determined by the average market value of the securities on the date of transfer.
Interested in this planned giving option? Email Jill Gibson or call her at 864-358-91043 for more information on how to make a gift of stock.
Honor and Memorial Gifts
Make a gift in memory or in honor of someone you love. Your gift helps the children of Thornwell and lives on as a lasting legacy to someone who made a difference in your life.
Click to make a gift now or for more information call 864-938-2736.
Establish a Legacy Fund
You can create a legacy fund that provides much needed support for children now, and for generations to come. It is a great way to teach the power of giving to your children and to establish a legacy of giving for your family.
If you have questions or would like to discuss legacy funds in detail, Email Jill Gibson or call her at 864-358-9104.