The Salvation Army has many financial planning options to help you plan your estate. Salvation Army planned giving staff are professionals with many years of experience in estate and gift planning who care about your goals and plans. They 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.
The Salvation Army Office of Planned Giving is here to assist you in realizing your legacy. Our trained staff can provide information on how to include The Salvation Army in your estate plans and will show you how a planned gift can provide substantial benefits to you and your loved ones.
WHAT IS A PLANNED GIFT?
The principal benefits of planned gifts 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.
One of the simplest planned gifts is a bequest through your will in which you designate either 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. Wording is important! Be sure that you, or your attorney, call Kristi Brennan at (888) 434-1391 to make certain that your gift is properly designated to the area or program that you desire.
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.
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.
A hometown endowment is a perpetual gift that can be designated for a specific Salvation Army location or program. The original gift remains intact, and the income is used toward the designated area of service. An endowment can be established in memory of a loved one, or a donation can be added to an existing fund that will contribute to your local community indefinitely.
For those aged 70 1/2 and older, making a charitable gift from a traditional or Roth IRA account is a great way to support The Salvation Army and it carries wonderful tax benefits. A total of up to $100,000 can be transferred directly from traditional or Roth IRA accounts to one or more qualified charities, free from federal income tax each year. Donations given in this way count toward required minimum withdrawal amounts for the year of the gift. To make such a gift, it is important not to withdraw funds for the gift, but have the gift amount distributed directly from an IRA to The Salvation Army.
Contributions of life insurance can provide a substantial gift to The Salvation Army. The value of an ordinary policy at the time of the gift is tax deductible. If you continue paying the premiums, they also are 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.
Giving a gift of appreciated stock is a great way to support The Salvation Army. It can have greater tax benefits than simply donating cash. Just as with a gift of cash, you will be able to deduct the full, appreciated value of the stock. In addition, you will avoid paying capital gains tax on the transaction that would be assessed if you sold the stock and used the cash to make a donation. This means that the after-tax cost of a donation of appreciated stock is less than that of a donation of cash. We encourage you to speak with your financial advisor to gain more information on how giving appreciated stock may be a tax benefit for your overall income tax situation. The electronic transfer of appreciated stock to The Salvation Army is very easy.
For information about donating securities (including DTC instructions), please call Holly Moriarty at 1-888-434-1391.
The Salvation Army also accepts gifts of real estate, bank account, non-marketable securities (including business interests), antiques and valuable tangible personal property. The proceeds can be designated to specific locales or programs. For these and similar gifts, please contact our Divisional Director of Planned Giving. Our goal is to help you match your goals with the right gift, either now or at a later date. Communications are kept confidential.
For more in-depth information about the many benefits of making a planned gift, including how to order your free estate planning guide, click here.
Divisional Director of Planned Giving
Planned Giving Administrative Assistant
We would love to talk with you about this powerful option to do the most good!
*The Empire State Division is committed to meeting human needs across 48 counties in Upstate New York and Sayre, Pennsylvania. Social service hubs are located in Albany, Buffalo, Rochester and Syracuse, with Salvation Army officers and volunteers serving over 200 total communities.*