Planned gifts help Cleveland Botanical Garden fulfill its mission and secure its future. In addition, they give you the opportunity to create your legacy at the Garden. There are several types of planned gifts to choose from, some of which may provide tax benefits.
A bequest is the transfer of cash, securities, or other property through a will or living trust. Bequests can be a specific amount, percentage of your estate, percentage of your residual estate or specific property. You can decide if you want to support Cleveland Botanical Garden as a whole or support a specific area or program. A bequest is private and you may change it at any time. Giving by bequest costs nothing now, yet it may give you a great deal of satisfaction to know that your future gift will live on.
You can name Cleveland Botanical Garden as the primary or contingent beneficiary on the beneficiary designation form for your retirement plan. This may be the most tax efficient way to give a gift to Cleveland Botanical Garden; many retirement assets may be taxable for income and estate tax prior to being paid to an individual beneficiary.
Consider giving your life insurance policy new life with a charitable purpose. Naming Cleveland Botanical Garden the beneficiary or transferring ownership of your life insurance policy provides you the satisfaction of making a generous donation and leveraging the value of your policy. Options include:
- Naming Cleveland Botanical Garden as the beneficiary of an existing policy
- Transferring ownership of an existing policy
- Purchasing a new policy naming Cleveland Botanical Garden as the owner and beneficiary and donating premium payments
Charitable Gift Annuity
A Charitable Gift Annuity (CGA) is a contract between the donor and the Garden. In exchange for an irrevocable gift of cash, securities or other assets, the Garden agrees to pay one or two named annuitants a fixed sum each year for life. The rate of payout is based on age and set by the American Council on Gift Annuities. You provide generous support to the Garden while receiving a steady income stream. You may also realize additional tax benefits.
Charitable Remainder Trust
A Charitable Remainder Trust allows you to make a gift to the Garden while retaining the benefit from your assets. Cash, securities or other property are irrevocably placed in a trust that provides an income to you or one or more beneficiaries for life or a set period of time. When the trust ends, the assets of the trust are passed to the Garden. Significant tax benefits may be available through a charitable deduction.
Charitable Lead Trust
A Charitable Lead Trust is an excellent way to transfer assets to heirs at a reduced transfer tax rate. With this type of trust, the Garden is the recipient of the income stream from the trust for a specified term after which the trust assets pass to the remainder beneficiary, most often the heirs.