Wills and estate planning
Bequests
Charitable bequests enable individuals to make significant gifts that they may not have been able to make during life. A bequest by will or living trust allows a donor to support the Geneva Foundation of Presbyterian Homes' mission while reducing their taxable estate.
Suggested charitable bequest language
- General bequest: Typically a charitable bequest with a specific dollar amount such as, “I give $100,000 to the Geneva Foundation of Presbyterian Homes, to be used for its benevolent and charitable purposes.”
- Specific bequest: A specific asset to be contributed from the estate. For example, “I give two thousand shares of Acme stock to the Geneva Foundation of Presbyterian Homes, to be used for its benevolent and charitable purposes.”
- Percentage bequest: A stated percentage of the estate or residuary estate is paid to one or more charities. “I give 30 percent of the estate (or residue of my estate) to the Geneva Foundation of Presbyterian Homes, to be used for its benevolent and charitable purposes.”
- Residuary bequest: Directs that all or a portion of the estate assets be directed to one or more charities after all debts, taxes, expenses and general specific requests have been paid. “After all expenses for the estate have been paid, I give my church and the Geneva Foundation of Presbyterian Homes equal portions of the remainder.”
- Restricted bequest: Requires the bequest to be used for a specific project or program of interest to the donor. Please contact the Geneva Foundation or the Director of Planned Giving to determine wording that will ensure its use according to your intentions. An example may be, “I give $50,000 to the Geneva Foundation of Presbyterian Homes, to be used for endowing the Neighborhood Homes Program.”
Your legal and financial advisors should be consulted when considering a planned gift.
Charitable gift annuities
Payment of a fixed annual quarterly amount is guaranteed for the lifetime of one person or two people in exchange for a gift. The payout rate depends on the age and number of beneficiaries, and the donor receives a partial income tax deduction in the year the gift annuity is established.
Charitable gift annuities are a meaningful and simple way to make a lasting gift to the Geneva Foundation of Presbyterian Homes and to receive lifetime income as well as current year tax savings.
A charitable gift annuity is an agreement between a donor and Presbyterian Homes. Transferred cash or appreciated assets guarantee fixed-dollar payments, which will continue for the lifetime of the donor.
The payment rate and tax savings for a charitable gift annuity vary, depending on the age and the number of income beneficiaries. Donors can arrange a one-life or a two-life charitable gift annuity.
If you would like to learn more about the benefits of a charitable gift annuity or more information on estate and charitable gift planning, please contact the Geneva Foundation toll free at 877-440-4001.
Your legal and financial advisors should be consulted when considering a planned gift.
Charitable Remainder Trusts
With a Charitable Remainder Trust (CRT), a donor transfers property under an irrevocable charitable trust that specifies how trust income and the charitable remainder are to be distributed. The donor retains the right to receive income from the trust, or creates an income interest for another person, and receives a partial income tax deduction in the year the CRT is established.
Charitable lead trusts
This type of trust allows a donor to put assets in a trust for a specified amount of time. The Geneva Foundation of Presbyterian Homes then receives all or part of the income generated by the assets held in the trust. At the conclusion of the term of the trust, the assets revert to the donor or family member. Assets transferred to children or grandchildren may lower gift and estate taxes.
Life insurance
A donor can give a paid-up or existing policy, or simply name the Geneva Foundation of Presbyterian Homes as a beneficiary to receive all or a portion of the policy death proceeds.
Retirement plan assets
A donor can designate the Geneva Foundation of Presbyterian Homes to receive any remaining assets of an IRA, Keogh, or other qualified pension or profit-sharing plan.
Your legal and financial advisors should be consulted when considering a planned gift.
Contact the Geneva Foundation of Presbyterian Homes toll free at 877-440-4001 for a description of gift opportunities that can change lives. To donate online, click here.