The Aiken Land Conservancy (ALC) is grateful to all our supporters who so generously make annual donations in support of our mission. Annual giving, however, only partially funds our operations. Without the income from an endowment established in 2019 through the generous bequest of a donor, we could not sustain our level of activity. It is only through such planned giving that we can ensure our long-term ability to protect the natural and historic treasures that abound in the Aiken region.
When ALC was informed that we were the beneficiaries of a substantial unrestricted gift from the Herbruck estates, we moved to establish an Endowment Fund. The principal of the fund will remain largely untouched while the investment earnings will supplement annual gifts we receive. This ongoing cash flow has allowed us to set up an office and hire personnel. Another generous bequest from beloved board member Holly Houghton enabled us to establish a fund (together with some smaller bequests) that has given the ALC financial resources to pay for certain upfront costs for conservation easements that might otherwise be foregone because of the donor’s own finances.
In both of these situations, individuals who believed in our mission chose to support ALC through long-term financial planning; in both cases, charitable gifts from their estates were designated for ALC. Planned giving is something that can become part of your personal financial planning. While gifts for specific purposes are welcome, remember that unrestricted gifts provide the flexibility we may need decades from now to meet changing needs.
Type of Gift
One form of planned giving is through a bequest in your will or trust that is set up during your lifetime as part of your estate planning. You may also name Aiken Land Conservancy as a beneficiary of assets such as life insurance, or bank and investment accounts, which may pass independently of a will. Such gifts may be unrestricted, or you may designate specifically how you would like your gift to be used. And you can modify your gift at any time. Currently there is no limit on the estate tax deduction for charitable bequests.
CHARITABLE IRA ROLLOVER
Your IRA, 401(k) or other retirement plan is another excellent vehicle for making Tax Advantaged planned gifts. Individuals who are at least 70½ years old may transfer up to $100,000 from a traditional or Roth IRA to a 501(c)3 public charity. This can be a benefit if you have a highly funded IRA, and can help satisfy your Required Minimum Distribution (RMD) after age 72.
CHARITABLE REMAINDER TRUST
Place your assets in a trust, managed by an outside trustee. The trust pays you income during your lifetime, after which the remaining assets are donated to the Aiken Land Conservancy. A Charitable Remainder Trust funded with appreciated assets avoids immediate capital gains tax and provides an immediate income tax deduction for a portion of your contribution.
CHARITABLE LEAD TRUST
Annual income from a trust is paid to the Aiken Land Conservancy during your lifetime, after which the remaining principal is given to a non-charitable beneficiary (or beneficiaries) such as children.
SAMPLE BEQUEST WORDING
I give, devise and bequeath to the Aiken Land Conservancy (Tax ID 57-0932943), a nonprofit, charitable corporation organized under South Carolina law and currently having offices at 300 Park Avenue SE, Aiken, SC 29801 XX% of the residuary of my estate, after all other specific provisions have been fulfilled -
OR - A specific gift of $XX
OR - All the rest, residue and remainder of my estate
OR - XX% of the rest, residue and remainder of my estate
--to further the purposes and objectives of the Aiken Land Conservancy as may be recommended by the President of the Aiken Land Conservancy and approved by the board of directors of the Aiken Land Conservancy (conserveaiken.org).
REPORT YOUR GIFT
If you have left a gift to Aiken Land Conservancy in your estate plan, please let us know!
It can be difficult to plan and make sure that your gifts are used in line with your wishes if they are left unknown. But, more importantly, we want to say thank you for considering our work as part of your legacy.
We know that life circumstances can change, and you may need to alter or reconsider your gift in the future. That’s all right – reporting your gift today does not obligate you now or in the future.
PLEASE TALK WITH YOUR FINANCIAL AND/OR TAX ADVISOR BEFORE MAKING A GIFT TO AIKEN LAND CONSERVANCY.
Tax regulations often turn on small differences in structure. Regulations change over time. Aiken Land Conservancy is not a source for tax advice and may not fully comprehend other aspects of your estate. For all these reasons, you should consult with your own advisors.
Feel free to contact ALC to discuss further.