How to Become a Member of the Legacy of Life Society
The following types of commitments qualify you to become a member of the Legacy of Life Society:
- A bequest in your will or revocable trust
- A life income gift that names PCI as a remainder beneficiary, such as a charitable remainder trust, a charitable gift annuity or a pooled income fund
- A charitable lead trust that provides income to PCI for a donor’s life time or a term of years
- A gift or assignment of qualified retirement plan assets, such as an IRA, 401(k) or 403(b)
Planned giving offers a number of ways for you to support PCI.
- Bequest: Over the years many individuals have provided generously for PCI in their wills. A bequest can be a specific monetary amount, a percentage of your trust or estate, a specific piece of property, or a percentage of the “residue” of your estate. The following is sample bequest language:
“I hereby give to PCI, Federal Tax I.D. number 952248462, located at 5151 Murphy Canyon Road, Suite 320, San Diego, CA 92123 the sum of $___ or ____% of my estate or property herein described, for the benefit of Project Concern, to be used by its Board of Directors as it may deem advisable”
- Charitable Gift Annuity: A charitable gift annuity is a simple agreement that exchanges a gift to PCI for secure, guaranteed income for life. In addition to an immediate income tax deduction, a charitable gift annuity can also provide you with capital gains tax and estate tax advantages.
- Charitable Lead Trust: For the donor who can afford to part with assets now, but would like the property to revert to the family later on-and who would like to save estate taxes at the same time-a charitable lead trust is a way to give income to PCI for a specific number of years.
- Charitable Remainder Trust: A charitable remainder trust enables you to provide income for yourself and your loved ones, while making a meaningful gift to PCI. In addition, you would receive an income tax deduction in the year you create the trust. A charitable remainder trust can be created with the assistance of your legal or financial advisors.
One of the key benefits of planned gifts is that they can be funded in multiple ways. Although funding a planned gift with cash is the simplest method, planned gifts offer the flexibility to make your gift with assets that will deliver maximum benefits to you. Here’s how:
- Appreciated securities: Make the same type of gift and get the same tax benefits as if you had given cash, but use stocks, bonds, or mutual fund shares that cost you less than they are currently worth. Your deduction is based on market value, but you incur no capital gains liability on the transfer to us: it’s a valuable tax benefit, and we can work with your broker to make a gift of securities easy.
- IRA and other retirement plan assets: The balance remaining in your retirement account after your death is often subject to double taxation if it passes to your heirs, taxed both as income and as an estate asset. The result is that up to 75% of the value may have to be paid in taxes. By designating the remaining balance of your retirement account to Project Concern and using other assets for gifts to your family, you can make a sizeable charitable contribution and provide for your loved ones. New regulations simplify the procedure for naming a charity as beneficiary, and we are ready to help you plan your retirement plan gift.
- Life insurance: Often life insurance is no longer needed to protect family members who have been provided for in other ways. Gifts of life insurance can be made by either assigning ownership of a policy to Project Concern or by naming us as a beneficiary of the policy.
Contact Uli Heine, Senior Director of Development, at 858-279-9690 x323 or firstname.lastname@example.org to learn more about our many planned giving options.
This information is not intended as professional tax or legal advice; PCI encourages you to consult a qualified tax or legal advisor about your specific situation.