Planned Giving
A planned gift is something that you legally arrange during your lifetime. The principal benefits accrue to The Salvation Army at a later time, after your death or the death of your last named beneficiary. Planned gifts take many forms, providing additional income for you and/or your heirs, reducing income and estate taxes, relieving you and your heirs of complicated financial management responsibilities and helping to fulfill your personal, humanitarian and charitable objectives. Planned gifts can be made in cash, real estate, stocks, bonds, personal property or life insurance.
If you are interested in:
- Providing financial assistance for an aging parent
- Helping your relatives save for college
- Augmenting your retirement nest egg
- Avoiding taxes on the sale fo valuable property
- Supporting a loved one with special needs
- Influencing your heirs' behavior
- Maximizing the value of your savings bond, CDs or other low-paying investments
- Leaving a legacy that will perpetuate your values far into the future
Bequests By Will
One of the simplest planned gifts is a bequest through your will in which you designate a specific dollar amount or a percentage of your estate after other disbursements. In addition to supporting The Salvation Army, it serves as an example to your heirs of the values and ideals you hold dear. A bequest also can reduce the amount of your taxable estate, which may increase the actual amount available to loved ones.
To leave a gift to The Salvation Army of the Syracuse Area, the following wording must appear in wills to direct the entire legacy to Syracuse Area Services.
“I bequeath to The Salvation Army Syracuse Area Services with offices at 677 South Salina Street, Syracuse, NY 13202, to be used solely and in its entirety for the ongoing programs and services provided by The Salvation Army Syracuse Area Services, the following:"
Gift Annuity
A gift annuity is an agreement between you and The Salvation Army, in exchange for your irrevocable gift, The Salvation Army pays a fixed dollar amount during your life and/or the life of a designated loved one. The amount you receive is determined by the size of your gift, your age and the age of your beneficiary. Your income is guaranteed, regardless of market fluctuation. A major portion of your income is a tax-exempt return of principal and the income may be deferred until a later time as part of your retirement plan.
Charitable Remainder Trust
A charitable trust transfers ownership and management of cash and/or appreciated securities to The Salvation Army. The Army manages the trust and pays income to you for the remainder of your life and/or the life of another beneficiary. An annuity trust provides a fixed annual income for those wanting consistent, predictable payments. A unitrust pays a variable return based on market changes, providing an effective hedge against inflation.
Life Insurance
Contributions of life insurance can provide a substantial gift to The Salvation Army. The value of an ordinary policy at the time of gift is tax deductible. If you continue paying the premiums, they are also tax deductible as charitable contributions. If a paid-up policy is given, the cost of purchasing a new paid-up policy at your current age is the value of the charitable deduction.
Begin Planning
Salvation Army planned giving advisors are professionals who care about your financial and charitable goals and plans. We will work with your attorney or accountant to explain the many gift opportunities available to you and the financial advantages of each. Contact The Salvation Army to learn how confidential, personal financial planning can help you achieve your goals while helping to sustain our life-changing mission.
Contact The Salvation Army of the Syracuse Area’s Director of Development, Nancy Kronen, at 315 479-1319 for more information on any of these giving opportunities.
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