Making a Planned Gift will insure that Saratoga Bridges will be able to continue to fulfill its mission of providing the highest quality services to individuals with developmental disabilities and their families. Below is an overview of the most common planned gifts. 

êBequests
êLife Insurance
êRetirement Accounts
êCharitable Remainder Trust    êCharitable Lead Trusts
êReal Estate  ê Life Estate

This information is not intended to substitute for advice from professional advisors. Before making a deferred gift it is recommended that you consult a lawyer or other tax or estate planning advisor. The type of gift you make will determine if you are able to increase your annual income, enjoy an income tax deduction (which will vary based on your age and type of gift), avoid capital gains on appreciated assets, and/or reduce estate and gift taxes.

To receive additional information about making a planned gift to Saratoga Bridges, please contact Heather Varney
at 518-587-0723.

Bequests

If you are establishing a Will or revising your existing Will, you can remember Saratoga Bridges with a charitable bequest. A qualified attorney should draft your Will and the language of the charitable bequest. The most frequent forms of charitable bequests can be considered depending on your charitable and financial objectives.  With an outright gift, a fixed amount of money, marketable securities or designated real estate may be gifted. You may also state your bequest as a percentage of your estate. By making a residual bequest you gift the assets that remain in your estate after specific bequests to others and all financial commitments by the estate, such as taxes have been paid. You may also make a contingent bequest. This provides a gift to Saratoga Bridges only when there are no other living heirs

Life Insurance

By naming Saratoga Bridges as the owner and beneficiary of an existing or paid-up life insurance policy you may receive an immediate income tax deduction. Please contact Anne Fuller at 518.587.0723 before transferring ownership of a life insurance policy to Saratoga Bridges.    Click here for an example.

Retirement Accounts

 A new law was recently enacted that allows donors age 70 1/2 and older to transfer up to $100,000 each year from their IRA's tax-free to Saratoga Bridges. A couple could each give up to $100,00 per year for a total of $200,000. This new law results in less tax and greatly simplifies giving for individuals who have amassed retirement savings beyond their needs. In addition, the change creates a new opportunity to make larger gifts to endowments.

Retirement accounts such as 401(k), IRA or Keogh plans will be subject to taxes if following the owner’s death, the account passes to someone other than the owner’s spouse. If, instead, such accounts are left to charity at death, they will be subject to no taxation.   By naming Saratoga Bridges as the primary beneficiary of a retirement account the account will pass to Saratoga Bridges upon the death of the owner.  Click here for an example.

 

Charitable Remainder Trust

This type of trust is an irrevocable trust to which you donate assets and, in exchange, receive a stream of income for the remainder of your life or a specific number of years. You may select one or more individuals, a financial institution or a combination of both to be the trustee. The beneficiaries of the income generated by the trust may be you or any other persons you choose. At the end of the payment period to the beneficiary(s), the trustee will pay the trust principal (the assets you donated) to the Saratoga Bridges Endowment Fund. Click here for an example.

Charitable Lead Trust

This is also an irrevocable trust into which you donate assets that are held for a period of time (life or a specific number of years). The annual income generated from the trust is given directly to Saratoga Bridges. Upon the donor’s death or when the trust term expires the assets revert back to you or to your beneficiaries. Click here for an example. There are costs involved in setting up a CRT or a CLT such as legal, administrative and start-up costs. A professional advisor can counsel you regarding the tax advantages of a trust.

 

Life Estates in Residences and Farms

A unique gift opportunity is available for personal residences, vacation homes, and farms. You can give the property to the Saratoga Bridges while retaining the exclusive right to use the property during your lifetime. You would receive a current income tax charitable deduction based on the present value of Saratoga Bridges’ future interest in the property. Any gift of real estate to Saratoga Bridges can only be accepted with the approval of the Board of Directors.  To receive a copy of Saratoga Bridges' Gift Acceptance Policy please call Heather Varney at 518-587-0723. Click here for an example. 

 

There are tax benefits that apply to outright gifts of real estate you have owned for more than one year. These benefits include an income tax charitable deduction equal to the fair market value of the property on the date of the gift and elimination of all or part of the capital gains tax on the property's appreciation.  Click here for an example.

We have legal resources available, please call Heather Varney at (518) 587-0723, Ext. 115.

 

Sponsorship Opportunities

 

Saratoga Bridges:
16 Saratoga Bridges Blvd.
Ballston Spa, NY 12020
Phone (518) 587-0723 • Fax (518) 583-9607
E-Mail:info@saratogabridges.org