Have you made a bequest or other type of planned gift for FCLCA or the FCL Education Fund? Or do you plan to within the next 12 months? We invite you to join our Legacy Circle. Your name and commitment will inspire others to give.
What is a “planned gift?”
Planned gifts are generally larger gifts that require some forethought and planning. They are often made with the assistance of your attorney or financial professional.
You do not have to be wealthy to make a planned gift – many people are able to leave a gift through a bequest to a favorite organization that is larger than the gifts made during their lifetimes.
The most common type of planned gift is a bequest through your will or trust. Even if you already have made a will, it is simple to add a bequest through a codicil. Lots more information here.
Other ways to give from your estate include making FCL Education Fund the beneficiary of your life insurance policy or designating the FCL Education Fund as a beneficiary of your retirement plan.
Other types of planned gifts – called life income gifts - provide you or your designated successors with income over a lifetime, and the remainder passes on to the FCL Education Fund, a 501(c)(3) charity. Read more below.
Why should I consider a planned gift to FCLCA or the FCL Education Fund?
The simplest and most profound reason is that you believe in the work of FCLCA and the FCL Education Fund – you want to see it continue and grow even stronger. You want to provide financial support after your lifetime because you know there will always be a need for a voice of conscience when laws are made.
If you have made a planned gift with us in mind, please let us know. Informing us about your plans helps us plan more effectively for the future. Please print and fill out this form and send it to us.
We’d like you to join our Legacy Circle. Joining as a named member will inspire others to give. Or you may choose to join and remain anonymous. Please contact Kevan Insko at Kevan@fclca.org or (916) 965-5303 for more information.
Life Income Gifts – A win-win for you and the FCL Education Fund
Life income gifts are planned gifts that provide benefits to the donor or their beneficiary during their lifetimes and the remainder is left to a charity. FCL Education Fund offers the following life-income vehicles:
Pooled Income Fund
FCL Education Fund has its own pooled income fund that allows donors to make gifts that are “pooled” together for investment purposes. The annual income earned by the investments is shared proportionately by the participants (or their beneficiaries) during their lifetimes.
For example, an FCL Education Fund supporter makes an initial irrevocable contribution to the pooled income fund at age 65, and again every five years until his passing at age 85. A portion of each gift is tax-deductible in the year it is made, and our administrator provides the donor with a calculation of the deductible amount. Appreciated securities that are gifted avoid capital gains tax. Every quarter, this donor receives a check for his portion of the return on the pooled investments, and after his passing, his spouse receives the income. After the spouse’s passing, the remainder comes to the FCL Education Fund to fulfill its charitable purpose.
Charitable Gift Annuity (through Friends Fiduciary Corporation)
A charitable gift annuity (CGA) is a simple irrevocable contract between the donor and a nonprofit organization (Friends Fiduciary Corporation is a 501c3 Quaker nonprofit). In exchange for the donor's contribution, Friends Fiduciary promises to make fixed payments for life to one or two annuitants (usually, but not necessarily, the donor or donor and spouse). The amount paid is based on the age of the annuitant, with maximum rates set by the American Council on Gift Annuities. The donor clearly designates FCL Education Fund as the charitable beneficiary. And when the final annuitant has died, Friends Fiduciary Corporation will pay the remainder of the contract to FCL Education Fund. The rates of payment are calculated such that approximately half of the original gift will remain at the end of the annuitants’ lives for FCL Education Fund to carry out our mission.
The minimum gift for a CGA is $10,000 and the minimum annuitant age is 60. The rate of income payment is tied to the age of the annuitant. For example, as of January 1, 2012, the annual rate for a donor who is 60 at the time of the gift is 4.4% and for an 80-year old, it is 6.8%. There are generally favorable tax consequences for the year of the gift. Read more here.
Deferred Payment Gift Annuity
A deferred charitable gift annuity provides for lifetime income in the same way as an immediate gift annuity except that the donor defers the beginning of payments for a stated number of years. The donor receives an income tax deduction in the year of the gift, when their income might be higher. The deferral of payments entitles the annuitant(s) to a higher annuity rate for retirement or a future date when payments will be needed. In the interim period, the gift accumulates under professional investment management.
Contact us for more information on planned giving.
Kevan Insko, Director of Development and Outreach: email@example.com. (916) 965-5303.