Charitable Lead Trust (CLT)
In the right situation a CLT can help you achieve multiple financial, estate and charitable planning goals. Essentially, a person makes a gift into trust. During the trust period the AAC would receive income. When the trust terminates, the assets either return to you or pass onto your heirs. Again, you have considerable flexibility in the design of your CLT and a conversation with your attorney and financial advisor(s) can help you maximize the available benefits. Sample illustrations reflecting these gifts are available upon request.
Bequests and leaving the AAC in your Will
Bequest – a bequest through your will or living trust is the most common legacy gift. If you have an existing document in place, simply contact your attorney and explain that you would like to update your plans. You can leave either a specific sum or a percentage of your estate for the AAC, whatever makes the most sense.
If you don’t have a current estate plan, please create one. Regardless of your charitable intentions, a valid Will ensures that your friends and loved ones will be cared for according to your exact wishes.
Sample language for a specific bequest to AAC is:
“I give to American Alpine Club, 710 10th Street, Ste. 100 Golden, CO 80401, a Colorado non-profit corporation, the sum of $_______ [or ______% of my estate; or the property described herein], for its general purposes.”
Sample language for a residuary bequest to AAC is:
“I give to American Alpine Club, 710 10th Street, Ste. 100 Golden, CO 80401,, a Colorado non-profit corporation, all [or ____%] of the rest, residue, and remainder of my estate, both real and personal, for its general purposes.”
Charitable Gift Annuity (CGA)
A CGA is a simple agreement that allows you to make a gift to AAC and also receive an annuity payment in return, typically for the balance of life. The annuity rate is determined by the age of the person receiving the annuity payments. You also receive an income tax deduction for a portion of your gift. The minimum gift to create a CGA is $10,000. The AAC offers free illustrations that reflect the benefits you might receive, and there is never any obligation whatsoever. To learn more, please contact us at 303-384-0110 or [email protected] [Charitable Gift Annuities may not be available in every state.]
Charitable Remainder Trust (CRT)
In the right situation a CRT can be a powerful income and estate planning tool, and a great way to make a legacy gift. Essentially, a person makes a current gift into the trust, while retaining the right to income from that trust for life (or a term of years). Once the income period is complete, the trust dissolves and the assets transfer to the AAC. You have considerable flexibility in the design of your CRT and a conversation with your attorney and financial advisor(s) can help you maximize these benefits. Sample illustrations reflecting these gifts are available upon request.
IRA Designation and IRA Rollover
Beneficiary Designation – a beneficiary designation determines who will benefit from a life insurance policy or IRA/retirement plan. A percentage of these assets can be left for the ACC as well. To update your plans, simply contact your life insurance company, or IRA custodian, or Human Resources Department and request a ‘Beneficiary Change’ form and return to ensure your wishes are honored.
A Qualified Charitable Distribution makes it easy to minimize the tax whipper of the required minimum distribution associated with IRAs. These transfers are particularly attractive to donors who are still working, are looking to offset the required distributions, or find themselves in a higher tax bracket and would like to invest in our mission.
An IRA charitable contribution allows you to meet your Required Minimum Distribution (RMD,) without adding to your taxable income. This can potentially keep you in a lower tax bracket and allow you to avoid phaseouts of certain tax deductions that can increase your tax liability.*
Retained Life Estate
Retained Life Estate – a retained life estate allows you to donate a residence to the AAC today, while retaining the use of that residence for life. You would typically receive a current charitable income tax deduction for a portion of your gift.
Sample illustrations reflecting these gifts are available upon request.