Leave a lasting impact on generations to come and help advance our vital research. Consider making planned giving a part of your support of Clear Thoughts Foundation to help ensure a bright future as we fund the fight against dementia.
As we age, we begin to think about what we want the legacy we leave behind to look like. Leaving a legacy through planned giving is a way to make a lasting impact on generations to come, allowing vital work to be done well past your years on this earth. From $50 to $50 million, anyone can leave a legacy that will make a difference for breakthrough dementia research and the lives of those yet to suffer from this abhorrent disease.
Planned giving is a method of supporting non-profits that can be a wonderful way for both donor and charity to benefit. A planned gift is any major gift, made in lifetime or at death as part of a donor’s overall financial planning through their estate. Making a planned gift with CTF will provide unique tax savings for you and your heirs, establish a fund bearing your name or the name of someone you wish to honor, and ensure a bright future for CTF as we continue funding the fight against dementia.
We've outlined several of the most common ways you can leave your legacy through planned giving for lasting impact with CTF. If you would prefer to discuss these options in person or would like more information, please contact us at firstname.lastname@example.org or call 412.407.7170.
1. Gifts in your living will or trust
This is the most traditional way you can provide significant help to CTF. You can make a gift to CTF by adding a “bequest”, or statement, in your will or living trust describing your wishes of your estate after death. This method of giving will allow you to keep full use of your gift assets during your lifetime.
Follow the steps below to add CTF to your will or living trust today!
Create a new will or living trust or modify your present. Sample language is available below that you can share and personalize with your attorney, or simply designate CTF as a beneficiary. Most retirement plans and insurance policies have standard forms for naming charitable groups as a beneficiary. It is important to note and understand all will or living trust changes before completion, as your estate firm or broker will charge a small fee to complete any additions to these documents.
Notify CTF regarding your intentions.
Provide Clear Thoughts Foundation with a copy of your will, living trust, or beneficiary designation (or that portion that references CTF).
You can email this to email@example.com or mail a copy to our offices:
Clear Thoughts Foundation
3000 Village Run Road, Unit 103, #225
Wexford, PA 15090
Sample bequest language to be used in Living Will or Trust
Charitable bequests take several forms; however, you can structure them in ways that will be both personally satisfying and tax advantageous. Please see sample bequest language below and utilize that which you see fit within your will or living trust.
This language is to be used for a gift of a particular amount of money or item of property (for example: "I bequeath $25,000.")
“I give to The Clear Thoughts Foundation, the sum of $___________ to be used by the Foundation [for its general purposes] OR [for a particular program, event, etc.] OR [according to a statement of donor intent previously agreed to by the Foundation and me].”
This language is to be used to name a secondary beneficiary to receive property in the event the primary beneficiary is not alive (for example: "I bequeath $5,000 to my father, but if he has predeceased me, I direct the $5,000 be paid to CTF").
“In the event that __________ predeceases me, I give to The Clear Thoughts Foundation [the sum of $__________] OR [_____ percent of the residue of my estate] to be used by the Foundation for [describe purpose or purposes—for example, the Foundation’s general purposes] OR for a particular program, event, etc.] OR [according to a statement of donor intent previously agreed to by the Foundation and me].”
This language is to be used for the residue of an estate, after all specific bequests have been distributed; the exact amount will not be known until the final accounting is completed. The residue may pass as a percentage bequest (e.g., "I give one-third of the residue of my estate.").
“I give to The Clear Thoughts Foundation, __________ percent of the residue of my estate to be used by the Foundation [for its general purposes] OR [for a particular program, event, etc.] OR [according to a statement of donor intent previously agreed to by the University and me].”
Yes! Most individuals have the ability to utilize their IRA Charitable Rollover to make an impactful gift. When you reach the age of 70 1/2, you must take your first required minimum distribution (the minimum amount you must withdraw from your account each year). You can save both income taxes and estate taxes if you make CTF the beneficiary of your IRA or other retirement accounts. Due to the wide variance across accounts, we recommend you contact your financial advisor for best advice to discuss your eligibility to make a gift with a distribution from your Individual Retirement Account (IRA).
How the IRA Charitable Rollover works:
- To complete the distribution, an individual must be 70½ or older upon the time of request.
- A gift counts towards the individuals required minimum distribution, but is not included in income for tax purposes.
- An individual has the opportunity to benefit by removing a distribution from their taxable income, even if the deduction goes unitemized.
- An IRA administrator must make the distribution directly or IRA checks payable to CTF from the individual can be accepted.
3. Gifts through stock or securities
Donating your stock or other securities is an easy way to support our mission while providing you with potential tax benefits. If the stock has increased in value from the time of your purchase, you can avoid paying the capital gains tax by donating the security to CTF. When the security is being donated to CTF, the total amount will still be eligible for a tax deduction. Since taxation is avoided on the stock donation, you will be able to make a larger donation.
Follow the steps below to securely make a donation of stock to the Clear Thoughts Foundation:
Notify CTF in advance of your stock transfers so that we can instruct our broker to accept delivery of your gift and acknowledge it properly for income tax purposes. Please notify Cait Fenello via email at firstname.lastname@example.org.
Contact your broker and let your broker know that you would like to make a stock gift to the Clear Thoughts Foundation. You will then need to provide your broker with the following information:
Bank or Broker: PNC Bank
Account Name: Clear Thoughts Foundation Corporate Investment Account
Account Number: 097-196485
DTC Number: 0226
Life insurance can be an effective way to help CTF achieve long-term goals. Along with tax savings, the benefit of donating your life insurance policy includes the freedom to choose what type of policy and how much premium you pay. Donating a life insurance policy isn’t subject to taxes, probate costs or estate debts, and you can make a substantial contribution through relatively small monthly or yearly payments. At the same time, you’ll be rewarded for your donation through the charitable tax receipts you receive.
Here are three ways you can donate a life insurance policy to CTF:
- Take out a new policy in the name of Clear Thoughts Foundation. You will receive a charitable tax receipt for the cash value of the policy and for any premiums you pay.
- Name Clear Thoughts Foundation as the beneficiary of an existing policy. This is a good option if you already have a policy that your family no longer needs for financial stability. At the time of your death, the charity will then receive the policy proceeds and your estate will receive the tax benefits.
- Transfer ownership of an existing policy to CTF. You will then receive a charitable tax receipt for the cash value of the policy. If you owe annual premiums on the policy, you will still pay them, but you will also receive tax receipts in the amount of your payments.