Planned Giving
Your generosity will echo down through the ages.
Welcome! We are pleased that you have an interest in learning about the many benefits of gift plans. A planned gift requires careful consideration of your financial, personal and charitable objectives and should involve input from your financial and legal advisors. Many planned gifts are outright gifts. Other planned gifts are deferred, where the donor retains some level of control over the assets for either one or more lifetimes or a term of years.
Several friends of Idyllwild Arts have chosen to support Idyllwild Arts through a planned gift that may include bequests; gifts of assets other than cash or securities; life income gifts whereby the donor transfers or provides for another person or persons an asset and retains an income for life; or charitable lead trusts that may permit people to save on income, gift and estate taxes. Even gifts of cash and marketable securities may be considered to be planned gifts. Learn about giving strategies that allow you to make a meaningful charitable gift while possibly enhancing your, and your family's, future financial well being.
Will Bequests Traditionally, bequests have been a primary source of endowment support. Each individual legacy contributes to Idyllwild Arts' ability to ensure scholarships for generations to come.
Forms of Bequest A specific bequest (or pecuniary) designates a specific dollar amount, a particular asset, or a fixed percentage of your estate: "I give (____dollars) (a specific asset) to Idyllwild Arts Foundation, Idyllwild, CA." All or a portion of your residuary estate may be left to Idyllwild Arts after you have provided for all other beneficiaries by specific bequests: "I give (____ percent of the rest, residue, and remainder of my estate) to Idyllwild Arts, Idyllwild, CA." Idyllwild Arts can be a contingent beneficiary of your estate if you stipulate that Idyllwild Arts will receive all or a portion of your estate if your named beneficiaries do not survive you: "In the event _____________ does not survive me, I give (____dollars) (a specific asset) or (____percent of the rest, residue, and remainder of my estate) to Idyllwild Arts, Idyllwild, CA."
Retirement Plan You may wish to consider leaving tax-burdened property to Idyllwild Arts, such as Individual Retirement Accounts and other retirement plan death benefits. The combined effect of income and estate taxes that can result from leaving such assets to family members can exceed 75% of the asset's value.
If you do name a family member as the beneficiary of retirement plan assets, you may wish to name Idyllwild Arts as the contingent or alternative beneficiary, should the family member predecease you. You can also give the family member an option to disclaim any benefits in favor of Idyllwild Arts. Finally, you may wish to consider designating a charitable remainder unitrust for the benefit of a surviving family member as the beneficiary of the retirement plan assets. Designating a charitable organization or a charitable remainder trust as the direct beneficiary of retirement plan assets has consequences for determining minimum required distributions during your lifetime. For this reason, it may make sense to divide an IRA into two accounts, one with Idyllwild Arts or the charitable remainder trust as the beneficiary and the other providing for family members.
Charitable Lead Trusts If you would like the capital value of marketable or income-producing assets to remain in your family but can afford to give the assets' income stream to Idyllwild Arts for some time, then a charitable lead trust may be right for you. A charitable lead trust may be particularly attractive if you wish to leverage the use of your unified transfer tax credit for making gifts to your children or if the value of your charitable gifts already exceeds the allowable deduction limits for income tax purposes.
Charitable Remainder Trusts A charitable remainder trust is a separately invested irrevocable trust you create by designating a person or persons to receive income payments of at least 5% annually and transferring cash, marketable securities, closely held stock, or real property to a trustee you select. At the conclusion of the income payments, the trustee pays the trust principal to Idyllwild Arts Foundation.
Charitable Gift Annuities A charitable gift annuity is a way to make a gift to your favorite charity, and still receive an income for yourself or others. It is a contract under which a charity, in return for a transfer of cash or other property, agrees to pay a fixed sum of money for a period measured by one or two lives. The person who contributes an asset for the annuity is called the "donor", and the person who receives payments is called the "annuitant" or "beneficiary." Usually, the annuitant is also the donor, but this is not always true. The maximum number of annuitants is two, and payments can be made to them jointly or successively. The minimum gift for funding is $10,000. The minimum age for life income beneficiaries of a gift annuity is 55. Annuity payments may be made on a quarterly, semi-annual, or annual schedule.
Life Insurance Policies can be an excellent tool for making charitable gifts. Through a relatively small annual cost (the premium), a benefit far in excess of what would otherwise be possible can be provided for Idyllwild Arts Foundation. The full face value of the policy is received upon death of the donor. Idyllwild Arts Foundation must be named as both beneficiary and irrevocable owner of an insurance policy.
A Remainder Interest in a Personal Property If you own a primary residence, a second home, or a farm and do not wish to dispose of such property in your estate, but do wish to continue to use the property, then you may give Idyllwild Arts a remainder interest in that property. This type of gift:
- allows you to remain in your home for your lifetime
- causes the property to pass automatically at your death to Idyllwild Arts
- generates a current income tax deduction equal to the value of IAF's remainder interest calculated by subtracting the present value of your retained life estate from the fair market value of the property.
If you have already arranged for a bequest or other planned gift, we would like to honor your support. Pleasenotify us.
We can help you with your own personal plan. Please phone, fax, e-mail, or write:
Lissa Claussen
Director of Major Gifts
Idyllwild Arts
PO Box 38
Idyllwild, CA 92549-0038
951 659-2171 ext. 2432
e-mail