Legacy Giving – Join the Cabrillo Legacy Circle
Cabrillo Legacy Circle is a special group of caring individuals who have shown their support of Cabrillo National Monument with a legacy gift to Cabrillo National Monument Foundation (CNMF). A legacy gift is a lasting investment to ensure that the Foundation can continue to provide support to San Diego’s only National Park.
Legacy Giving can be done directly through a will or trust , by naming the Foundation as the beneficiary of a retirement account, or through giving options that provide tax benefits and even income.
Legacy Gifts offer many benefits to you and your loved ones:
• Your assets remain in your control throughout your lifetime
• You can modify your gift to address changing circumstances
• Your investment in the Foundation may reduce potential estate taxes and/or help your loved ones avoid paying income tax on their inheritance
Contact Emily Moore, Executive Director, at firstname.lastname@example.org to learn more about Cabrillo Legacy Circle.
“Cabrillo National Monument Foundation is already in our estate plans”
Thank you for your support. We would be grateful for the opportunity to thank you and immediately recognize your generosity by welcoming you into the Cabrillo Legacy Circle. Please reach out to Emily Moore, Executive Director, at email@example.com or 619-523-4255.
BEQUESTS FROM A WILL OR TRUST
The most common form of legacy gift is a bequest from a Will or Trust. A bequest is a section of your will or living trust that directs a gift from your estate to the person or institution of your choice.
- Bequests may be a fixed amount (ex: $20,000), a percentage (such as 10%) or a remainder after all other specific bequests have been distributed
- Specific property such as real estate, may also be used in a charitable bequest
Sample language to add a bequest to a Will or Trust:
General Bequest: “I give to Cabrillo National Monument Foundation, a California nonprofit corporation , Tax ID #95-1854723, the sum of $____________to be used in furtherance of its exempt charitable purposes.”
Residual or Proportional Bequest: Substitute “xx percent” or “all of the residue of my estate”
Bequest of Property: Substitute “all of my interest in the following described property”
CHARITABLE GIFTS FROM RETIREMENT ACCOUNTS
Take Advantage of Favorable Tax Strategies with a Legacy Gift from a Retirement Account
When deciding which assets to leave to heirs and which assets to leave to causes you care about such as CNMF, choose to make bequests to nonprofits from retirement plans such as an IRA.
Retirement plan gifts are taxable to heirs, but not to charities
Bequests from IRA’s are one of the easiest legacy gifts to set up: all it takes is a simple change of beneficiary form – your financial advisor or IRA administrator can assist you or direct to you an online form.
GIFTS OF REAL ESTATE
The National Park Service has a real need for housing its staff, especially in areas like San Diego where the cost of housing is high.
If you own real estate, consider gifting it to the Foundation when you no longer need it. In addition to avoiding the hassle of a sale, gifting real estate such as your residence or a rental property may provide significant tax and other benefits.
There are multiple ways to invest in with a gift of real estate:
- Make a specific bequest in a will or trust
- Avoid paying capital gains on appreciated property by gifting it to CNMF, who will sell it and invest the proceeds for the preservation of our beautiful park
Consider a life estate: transfer a future interest in your home now,
receive a sizable immediate tax deduction, and continue to use and enjoy the home during your lifetime.
A future gift with immediate benefits!
This information is intended to be educational in nature and does not serve as professional tax, legal, or accounting advice. For specific advice about any of these concepts, please consult your qualified professional advisor(s).