A planned gift for The Colorado Sound can be an outright gift or a life income gift. In addition, a charitable bequest can be made during your lifetime or at the time of death. If you would like more information about the many options available for planned giving, please contact Kimberly Rais, Major Giving Officer at firstname.lastname@example.org or 970-350-0831.
Legacy Circle Members – The Colorado Sound sincerely thanks those individuals who have made a lasting and meaningful gift through estate planning. Support from Legacy Circle Members helps ensure the financial strength and future of The Colorado Sound.
Some of the ways to make a planned gift include:
The easiest and most common method of charitable planned giving is by means of a bequest in your will. A will is the legal expression of your wishes for the disposition of your property to take effect at death. Beneficiaries (the heirs who receive the bequests) are the individuals and organizations especially important to you. Whether for the entire estate, or any portion of the estate, a fixed amount or a percentage of total assets, bequests are easy to make.
Sample Bequest Language:
“I wish to give the sum of $_____ (or ___ percent of my estate) to Community Radio for Northern Colorado, a Colorado nonprofit organization, for its general purposes.”
Gifts of Stock or Other Securities
Giving stock to a charitable organization is a wonderful way to expand the amount you can afford to donate. If you have owned the stock for more than a year, you get a tax deduction for the gift, and you avoid paying any capital gains tax on the increase in value of the stock. When you donate property, you can deduct the “fair market value,” which is the average of the highest and lowest trading price for the stock on the day you make the transfer. Click here for specific information about how to transfer your gift of stock to The Colorado Sound.
Sample Stock Bequest Language:
“I wish to give (a specific number of shares of a specified security) to Community Radio for Northern Colorado, a Colorado nonprofit organization.”
Retirement Account Beneficiary Designation
Retirement plan assets are an excellent choice to fund a charitable gift to The Colorado Sound upon your death. If you leave your traditional IRA, 401k, 403b or other qualified retirement plan assets to anyone other than your spouse, the individual beneficiary will have to pay income tax on the funds received. In some instances, if the estate is subject to estate tax, the combination of income tax and estate tax can amount to over 70% of the decedent’s retirement account. By making The Colorado Sound the beneficiary of your retirement plan, the full amount of your retirement assets will benefit The Colorado Sound.
Gifts of Life Insurance
A gift of life insurance can provide a significant charitable deduction. You could purchase a new policy or donate a policy that you currently own but no longer need. To receive a deduction, designate The Colorado Sound as both the owner and beneficiary of the life insurance policy. Consult with your insurance agent for the details.
Charitable Gift Annuity
With a charitable gift annuity, a sum of money or certain other property is given to The Colorado Sound in return for fixed annual payments for you (and your spouse, if you wish). Gift annuities are especially attractive for older people, since payments are larger for those at older ages. If you have property (such as securities or real estate) that has increased in value, consider using it to fund a charitable gift annuity. The capital gains taxes which would be due if the property were sold can be deferred, or partially avoided, provided you have owned the property long enough for it to qualify as long-term property. An income tax deduction is allowed in the year the gift is made. It is based on the age(s) of the person(s) receiving the income, the frequency of payments, and other factors.
You can make a gift today and retain annual income for the remainder of your life or another period of time you choose through the use of charitable remainder trusts and other similar gift plans. These plans also yield an income tax deduction in the year the gift is completed. They may be used effectively in planning for retirement, caring for the elderly, or providing funds for educational expenses for children, grandchildren, or other loved ones.
Please keep in mind that circumstances vary from individual to individual. Consult your attorney or estate specialist before making final decisions. When designating The Colorado Sound in your estate plans, use the following information:
Community Radio for Northern Colorado
dba The Colorado Sound
1901 56th Avenue, Suite 200
Greeley, CO 80634
Federal I.D. Number 84-1577682