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Give the Gift of a Lifetime: Legacy Support for GMNC's Future

Name GMNC in Your Will or Trust

How: You can provide for GMNC through your estate plan by naming us in your will or trust and designating a specific dollar amount, a percentage of the estate, or a specific asset. You don’t need to be wealthy to create a trust. Trusts are simply legal mechanisms that allow you to place conditions on how and when your assets will be distributed upon your death. 

Benefits: When you give through your will or trust you can specify the purpose of your gift. They also allow you to reduce your estate and gift taxes, and distribute assets to your heirs without the cost, delay, and publicity of probate court.

Designate GMNC as a Beneficiary

How: Name GMNC as a full or partial beneficiary of your retirement plan, life insurance policy, or bank or brokerage account. This is a simple, revocable gift wherein you retain the right to change or amend the beneficiary designation. You will retain full control of the policy or account during your lifetime, and GMNC will receive the proceeds at your death.Your estate will receive a charitable estate tax deduction for the gift upon your death.You may designate GMNC as beneficiary by completing a Change of Beneficiary form.

Benefits: Giving this way has big tax benefits, because distributions to GMNC are not subject to tax. Distributions made through beneficiary designations are not subject to probate.

Qualified Retirement Plans 

How: Gifting a distribution through your qualified retirement plan (QRP) at your death is one of the most tax-efficient ways to give. Your QRP, such as an IRA, 401(k), or 403(b) may be your largest asset, one that has grown appreciably through the years. You may want to leave these funds to your family or other heirs after your death; however, distributions from retirement plans given to individuals other than your spouse may be subject to both income and estate taxes. This loss to income and estate taxes can often exceed 50 percent or more. 

Benefit: You can avoid or reduce this loss to taxes by naming GMNC as a death beneficiary of the QRP. QRP distributions received by GMNC are not subject to income or estate tax. You may also designate the assets of a QRP in whole or in part to a charitable remainder trust or charitable gift annuity with income paid to beneficiaries such as family and friends. This will reduce tax losses due to income and estate taxes, provide income for life or a specified number of years, and provide a significant gift to GMNC when the trust ends. 

Testamentary Life Income Plans 

How: Establishing a life income plan,such as a charitable remainder trust or gift annuity at your death, through your estate.You may want to make a significant gift to GMNC through your estate plan, but may have concerns about providing for survivors. You may include language in your estate plan that directs a gift to GMNC by establishing a plan that will make payments to named beneficiaries such as your spouse, family members or friends. When the payments end, the remaining assets will be received by GMNC. 

Benefit: A portion of your gift will generate a charitable estate tax deduction. 

GMNC is a 501(c)(3) nonprofit organization (Tax ID #84- 0755730). Please contact us if you are interested in discussing any of these options. 

Please note that GMNC’s BUILDING OUR FUTURE campaign has been designated as an Enterprise Zone Contribution Project so donors to the campaign who give $250 or more are eligible to receive a 25% State Tax Credit. Interested? We can help you get the tax credit set up. Contact: [email protected].

None of the information here constitutes professional investment advice. These options should also be discussed with an attorney and/or registered investment advisor.