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Planned Giving

Thank you for your interest in planned giving. Planned gifts can benefit Bethel Woods Center for the Arts, while helping you save on your taxes, increase your income, and pass more on to your heirs.

Planned gifts are in the from of:

  • Bequests
  • Life insurance
  • Gifts of real estate
  • Retirement plan assets
  • Charitable gift annuity
  • Charitable trusts

They protect the inheritance of your loved ones, yet allow you to make meaningful gifts to organizations you care about. Planned gifts can save you income, estate, or gift taxes; some even produce income for you. When you provide for Bethel Woods Center for the Arts through a planned gift, you are investing in education, community outreach, and museum programming for young and old alike.

If you have questions or would like more information about a Charitable Lead Trusts, please contact the Development Office at (845) 295-2501.

Bequests

If you have made provisions in your will to benefit the Center, you have utilized the most popular type of planned gift. Your will is the most important method to guarantee that your personal plans are carried out after death. Anything that you leave to Bethel Woods Center for the Arts will reduce the size of your taxable estate, while helping one or more worthy causes of your choice. You can leave an outright gift of cash, securities or property or a percentage of your estate or a percentage of the remainder after making provisions for family and friends.

Life Insurance

Do you have life insurance policies that are no longer needed? You may either donate the life insurance policy to Bethel Woods Center for the Arts or name us the beneficiary of a life insurance policy. For the gift of a paid-up policy, you will be entitled to an income tax deduction equal to the lesser of the cash value of the policy or the total premiums paid. To qualify for the federal charitable contribution deduction on a gift of an existing policy, you must name the Center owner and beneficiary. Even if you are still paying premiums on your policy, you can give it away, and future gifts to us to pay the premiums will be tax deductible. To name the Center the beneficiary of a policy will provide no current tax benefits because the arrangement is not irrevocable; however, it will provide a very generous gift with attractive tax benefits upon your death.

Gifts of Real Estate

Gifts of Real Estate offer you the opportunity to make a significant contribution to Bethel Woods Center for the Arts with a tax-friendly outcome. The following are just several possibilities:

  • An outright gift: If you own property that is fully paid off, has appreciated in value and that you no longer use, such as a second home or vacation property, an outright gift may be the simplest solution. You can deduct the fair market value of the gift and avoid all capital gains taxes. Plus, you no longer have to worry about the carrying costs of continued ownership, and you have removed that asset from your taxable estate.
  • A retained life income: Did you know that you can transfer the deed of your personal residence or farm to us now and keep the right to use the property for your lifetime and that of your spouse? You will receive a current charitable deduction in an amount that is based on your life expectancy and the value of the property.
  • A bargain sale can be used to generate a gift that is less than the full fair market value of the property. In this scenario, you agree to sell the property to us at less than its fair market value. The difference between the sale price and the fair market value is the amount that determines your charitable deduction. While the tax rules concerning a bargain sale are complex, the net result is often more favorable than selling the property at fair market value and making a charitable contribution from the realized capital gain.

If you are interested in making a real estate gift to Bethel Woods Center for the Arts or would like more information, please contact the Development Office at (845) 295-2501.

Retirement Plan Assets

The most appropriate Retirement plan assets for funding are profit sharing plans, 401 (k) plans, money purchase plans, and IRA’s. Because our tax laws often subject retirement plan assets to the highest combined income and estate taxes, charitable donations of these assets may be your most efficient estate planning option. Many of the techniques described above can be used to create generous charitable gifts, usually at your death, from retirement plan assets that otherwise could be subject to tax rates of up to 80 percent. At the same time, you can pass more tax-favored assets to your family. You should, of course, consult an attorney or tax specialist for a strategy best suited to your situation.

Charitable Lead Trust

($1,000,000 MINIMUM)
We’ll guide you in how to make a gift to Bethel Woods, providing income during your lifetime, while also passing on assets to your heirs at a reduced gift and estate tax cost.
The trust pays either fixed or variable income to Bethel Woods for the trust term, and when the term ends, the assets are passed on to your heirs, typically children or grandchildren.

  • If you create a lead trust while you are living, you receive a tax deduction for the value of Bethel Woods’ interest in the trust.
  •  Gift tax is then due only on the present value of the remainder that eventually goes to your family. In some cases, no tax is payable. Even if trust assets appreciate by the time the trust term ends, no additional gift or estate tax will be due when your family receives the trust assets.
  • The trust’s earned income is excluded from your gross annual income and not taxable to you.
  • Appreciation of assets during the life of the trust is not subject to additional taxation.

For example, if you donate $1,000,000 to establish a charitable lead trust at Bethel Woods, the Center would receive an annual income of $50,000 annually for 20 years, (which becomes a $1,000,00 gift, over time) assuming a 5% return on this investment. At the end of the 20 years, the remainder is passed along to beneficiaries at either a reduced or no tax cost.

If you have questions or would like more information about a Charitable Lead Trusts, please contact the Development Office at (845) 295-2501.

What is a Charitable Remainder Unitrust (CRUT)?

The most popular and flexible type of life income plan is a charitable remainder unitrust (CRUT). Cash, securities, real property, or other assets are transferred into the trust. The trustee manages the trust assets and pays you or others you choose a variable income for life or for a term of years. When the trust terminates, the remaining assets in the trust are transferred to Bethel Woods Center for the Arts.

The typical donor:

  • Would like income for life or a specified term of years.
  • Desires more income as the trust value increases.
  • Tolerates some investment risk to provide for growth.
  • Wants to make additional gifts to the trust.
  • Is between the ages of 55 and 80.

Gifts features and benefits:

  • Income for life (variable payments)
  • Available if needed during life (gift at death)
  • Assets transferred to the trust can be reinvested
  • Ability to choose the trustee (may be the donor)
  • Flexible investment possibilities for the beneficiary
  • Avoid ALL capital gains tax on any appreciated assets you donate at the time of funding.

If you have questions or would like more information about a Charitable Lead Trusts, please contact the Development Office at (845) 295-2501.

What is a Charitable Remainder Annuity Trust (CRAT)?

A charitable remainder annuity trust (CRAT) is a popular type of life-income plan. Cash, securities, real property, or other assets are transferred into a trust. The trustee manages the trust assets and pays you or others you choose a fixed income for life or for a term of years. When the trust terminates, the remaining assets in the trust are transferred to Bethel Woods Center for the Arts.

The typical donor:

  • Would like income for life or a specified term of years.
  • Desires a fixed income based on the original value of assets transferred.
  • Does not plan to make additional gifts to the trust in the future.
  • Is between the ages of 55 and 80.

Gifts features and benefits:

  • Income for life (fixed payments)
  • Possibility of multiple beneficiaries
  • Assets transferred to the trust can be reinvested
  • Ability to choose the trustee (may be the donor)
  • Investment of assets is designed to balance income needs with preservation of principal

If you have questions or would like more information about a Charitable Lead Trusts, please contact the Development Office at (845) 295-2501.

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