What comes to mind when you hear the term “legacy giving”? If you are like many people, you know it has to do with having a will. And you would also be correct if you said it involves making sure other types of arrangements are planned for at the end of your life.
Legacy or estate planning is the process of caring for yourself and your assets while you are living and planning for the orderly transfer of assets to other persons or organizations – both during your life and afterwards.
Remember, it's always a good idea to consult with a financial professional to tailor these suggestions to your unique situation.
A plan is one of the most important things you can do. When you do, you can:
Depending on the type of legacy arrangements you choose, you can enjoy several benefits:
And you make things easier for your family. Consider the planning you do now to be a final future gift to your loved ones.
Please seek the advice of an attorney for applicability to your own situation.
Including charitable gifts in your will or living trust is a wonderful way to make significant contributions that might not be possible during your lifetime.
A general bequest is a popular way to make a charitable gift through your will, you just indicate the dollar amount to the charity of your choice. Here is sample bequest wording if giving a planned gift to Orbis: “I give, devise, and bequeath to Project Orbis International, Inc. (of 52 Vanderbilt Avenue, New York, NY 10017) the sum of [dollar amount] for its general charitable purposes.”
You can also set up a testamentary charitable remainder trust in your will to provide lifetime income for a beneficiary, with the principal eventually going to charity. This can offer an estate-tax charitable deduction for part of the trust's initial value.
Charitable remainder trusts are gaining popularity due to their financial and estate-planning flexibility. These trusts have a charitable beneficiary and can be set up during your lifetime or at death. There are two main types:
Both types offer a deduction for the present value of the charitable remainder interest and help you avoid capital-gain tax on appreciated property.
Charitable Gifts of Remainder Interest in a Personal Residence or Farm
This type of gift allows you to continue living in your home or operating your farm while enjoying a charitable deduction for the present value of the remainder interest and avoiding capital-gain tax on the appreciation.
Charitable Planned Gifts of Life Insurance
Life insurance can play a key role in planned charitable giving. You can use a policy to make a substantial gift with a modest annual outlay or to replace the value of an asset you've donated.
Supporting Orbis through a Charitable Planned Gift
Planned gifts are a fantastic way to support our work delivering sight-saving care around the world while also benefiting from tax planning opportunities. We've highlighted several options, but there are many more available. We're here to work with you and your advisors to find the best fit for your charitable goals.
When you notify us that you are naming Orbis in your will or making Orbis a beneficiary of your life insurance, retirement, or estate plan you become a member of the Orbis Visionary Club. Together with other compassionate philanthropists, you are helping Orbis meet the challenges of restoring vision for generations to come.
Feel free to reach out if you have any questions or need further assistance. If you have already included Orbis in your estate plan, please contact us and let us know. Thank you for your generous support.
Email address: [email protected]
Phone number: 1.800.672.4787
Address: Orbis International
52 Vanderbilt Avenue
New York, NY 10017
Orbis USA tax I.D. number is EIN# 23-7297651
Note: Donors should consult with professional financial advisors or an attorney regarding any charitable planned gift. This information is for general, educational purposes only. Individual situations may vary.
