The “1961 Legacy Society” honors the foresight and generosity of a very special group of friends of The Arc of Howard County who choose to provide for the future of The Arc through their wills, life income plans, or other estate, life insurance or retirement plans.
Planned Giving is an important type of donation that typically involves documenting a future gift to ensure people with intellectual and developmental disabilities will have access to The Arc of Howard County’s programs and services for many years to come. By making a planned gift, you automatically join the 1961 Legacy Society. The generosity of society members who choose to leave a legacy ensures the organization’s future by providing long-term stability.
The most common form of planned gift is a bequest made in your will. This type of gift usually requires the assistance of a knowledgeable advisor such as an attorney, financial planner or CPA to help structure your gift. In addition, these giving structures can be balanced with the needs of your family and the financial security you want to provide them. Bequests from your will can be made with assets such as cash, stocks, annuities, real estate, IRA designations, art pieces or other business interests.
You can name The Arc of Howard County as a beneficiary of your IRA, 401(k) or other qualified plan. IRAs are common retirement savings plans, but if the IRA is left to heirs, the taxes that were deferred during your lifetime are then due to be paid. When you donate assets from a qualified plan to The Arc NCR Foundation, there are numerous tax advantages.
People with large estates can use a charitable lead or remainder trust to benefit The Arc of Howard County and pass the principal to family members with little or no tax penalty. Several forms of trust gifts exist, including living trusts,charitable remainder trusts and testamentary trusts. Check with your attorney, financial planner, CPA or other professional to see which trust best suits your needs.
Life insurance purchased in earlier years sometimes isn’t needed for dependents or the family members it was originally purchased to benefit. It can be donated with a tax advantage. It is easy: name The Arc of Howard County, Inc., Federal ID #52-0884366 as the beneficiary of the policy.
Stocks can be donated to The Arc of Howard County with no capital gains. The stock is transferred to the organization and is then sold.
- Donor receives a higher tax deduction of appreciated value.
- Neither the organization nor donor would pay capital gain tax.
Please contact your attorney or CPA for further assistance.
For more information about The “1961 Legacy Society” and how gift planning options might work for you, please contact The Arc of Howard County at 410-730-0638