Bequests/Planned Giving
Planned Gifts Make a Lasting Difference
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We thank you for taking the time to learn about this important opportunity to make a lasting impact on thousands of men, women and families who seek a better life through literacy. Planned gifts provide special benefits to both the donor and Greater Pittsburgh Literacy Council. Described below are some of the gifting options you and your financial advisors might wish to consider. |
Heritage Society ProfileCelebrating a Life and a Legacy: Jim Harris
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Bequests
A will ensures that your assets are distributed according to your wishes to the people and institutions most important to you. After providing for family, many individuals choose to include a gift which benefits a charitable organization or cause that is meaningful to them, providing long-term support of the agency’s mission. A charitable bequest can reduce the estate-tax burden on your heirs significantly.
Gifts by bequest can take many forms: a specified dollar amount, bequests of a percentage of the estate, or a residual bequest of the remainder of an estate after all other obligations have been met. It is important that the bequest be correctly worded in your will. Please click here for suggested terminology.
Retirement Fund Assets
Today, IRAs, Keoghs, 401(K) plans and profit-sharing plans make up a large part of many estates. While the primary purpose of retirement fund assets is to provide a source of income during retirement, in many cases substantial balances remain after the deaths of both the retiree and the retiree’s spouse. When left to family members or friends, these gifts can be subject to considerable taxes including estate tax and federal and state income taxes. If Greater Pittsburgh Literacy Council is named as the beneficiary or contingent beneficiary of all or a specified percentage of your plan, both income and estate taxes are avoided.
Life Insurance
Life insurance enables you to make a significant gift to Greater Pittsburgh Literacy Council with minimal investment. You may choose to make a gift of a new policy, a paid-up policy or an existing policy that is no longer needed to secure the future of your loved ones. A gift of life insurance also may confer certain tax benefits for you or your heirs.
Charitable Remainder Trusts
As an alternative to an outright bequest, you may wish to consider establishing a charitable remainder trust during your lifetime or through your estate plan. These arrangements have special tax advantages and can provide income for you or other beneficiaries while benefiting GPLC. A charitable remainder trust names one or more beneficiaries for life or for a term of years, after which time the assets go to Greater Pittsburgh Literacy Council. Charitable remainder trusts are best suited to gifts of more than $100,000.
Gifts of Real Estate
You can make a gift of real property, including real estate such as a residence, vacation home or condominium. You may continue to use the residence during your lifetime, and you may also be entitled to a sizable income tax deduction as well.
The information provided here is general in nature. Please contact your professional tax advisor or legal counsel to discuss the best option for your individual circumstances to provide maximum benefit for your heirs while impacting Greater Pittsburgh Literacy Council’s work for years to come.
Heritage Society
We are pleased to recognize the following individuals for including GPLC in their estate plans:
Anonymous
James J. Harris*
Louise M. Herrle
Patricia Prattis Jennings
Susan B. McLaughlin
Elizabeth A. Smith*
Bertha G. Suter*
Marty Tiani
Mary Yardumian*
*deceased
