A variety of options can ensure that the work of Land Conservation continues beyond your lifetime. Create a legacy that reflects your values. Charitable bequests of cash or real estate, gifts of appreciated securities, charitable remainder trusts, and life insurance policies are just a few of the ways your legacy can live on. When considering a planned gift to North Olympic Land Trust, we encourage you to consult with your legal or financial advisors.
Placing a Bequest In Your Will
The most common way people remember North Olympic Land Trust in a will or living trust is through a charitable bequest. You do not have to rewrite your current documents. You simply add an amendment, called a codicil, to your will or living trust. Here is some suggested language you can have your attorney review:
“I give devise and bequeath to North Olympic Land Trust (tax I.D. #91-1500378), located in Port Angeles, Washington, the sum of ________________________________ dollars ($ _______________) (Or state a percentage of your estate, or describe real or personal property, including exact location) for the benefit of its general purposes (or specify North Olympic Land Trust program you wish to support).”
Your bequest is entirely under your control during your life and becomes irrevocable only at death.
Donations in Lieu of Flowers
It is often customary, upon a loved one’s passing, that donations be made to the deceased’s favorite non-profit in lieu of flowers.
To encourage this practice, common language for an obituary is:
In lieu of flowers, please consider a donation to North Olympic Land Trust in _______’s memory. Donations can be made on the Land Trust’s website (www.northolympiclandtrust.org) or by mail.
North Olympic Land Trust
PO Box 2945
Port Angeles, WA 98362
Please indicate on the check or on the website’s form that this donation is in ________’s memory.
Land Trust staff will contact family members and share general information about contributions received in a loved one’s memory.
Gifts of Stocks, Bonds and Mutual Funds
Gifts of appreciated securities are easily donated, and can often provide you with exceptional tax savings. When you donate appreciated securities to North Olympic Land Trust, your gift will be exempt from capital gains tax on the appreciation, and you will usually receive an income tax deduction on the full value of the gift.
Charitable Remainder Trust
Providing for loved ones and fulfilling your philanthropic goals does not have to be an “either/or” proposition. Charitable remainder trusts provide for and maintain two sets of beneficiaries. The first is the income beneficiaries who receive income from the trust for life, or a term of years. This can be anyone – you, your spouse, a child, a sibling etc…. The second could be North Olympic Land Trust.
Life Insurance Policies
Many individuals have life insurance policies that can be used to benefit charities when the insured dies or, in some cases, during the insured’s life. Such policies, if left to non-charitable beneficiaries at the insured’s death, will in most cases pass free of income tax, but they will be subject to estate taxation in the donor’s estate, thereby reducing what these non-charitable beneficiaries receive. For this reason, life insurance policies are often excellent assets to use for charitable giving.
The very brief information provided here is intended to be general and educational in nature. It isn’t a substitute for legal or tax advice. Please consult an independent legal and/or tax advisor for specific advice about your individual situation.