Preparing now for the future, through thoughtful disbursements designed to benefit not only your heirs, but your favorite non-profits and charities as well, requires careful planning. The effort is worthwhile, as the benefits to all can be enormous.
Our members and supporters can assure the future for the Shipwreck Society, so that its good work in exploration, historical documentation, and museum projects continues, all for the purpose of preserving and educating about our maritime history.
There are many effective methods of giving which would further the mission of the Society. These methods offer donors a wide spectrum of tools for our consideration. Examples include:
Donations can be made today. The Shipwreck Society gratefully accepts gifts of cash, securities, real estate, personal property (gifts in kind), sponsorship of events, programs or projects. The Shipwreck Society is a 501 c (3) organization, meaning all gifts are tax deducible as provided by law.
The Shipwreck Society also accepts deferred gifts, such as:
Bequests are one of the most flexible and popular methods of charitable gift planning. You can create a bequest through your will or Living Trust directly to the Shipwreck Society.
Life Income Plans allow you to make a substantial gift while still providing for your personal financial needs or support of others. These plans are irrevocable gifts of cash, securities, or other property, and in return, you receive payments for life or for a specified term. When the plan ends the principal will past on to the Society as instructed.
Appreciated Securities or Real Estate are excellent ways of funding these gifts by reducing capital gains tax. The most popular life income plans are Gift Annuities, Pooled Income Trusts, and Charitable Remainder Trusts.
Special gift planning programs enable you to tailor your plans to meet a variety of personal and philanthropic goals. Whether you wish to pass on assets to heirs with minimum tax consequence, find a way to use your real estate for charitable purposes while retaining personal life income use, or to benefit multiple charities without the expense and demands of a private foundation, there are plans for you. Some of the most popular gifting programs are Charitable Lead Trusts, gifts of Real Estate, Retained Life Estate, or Donor Advised Funds.
Restricted assets are restricted by some outside agency or person. These can be used as part of your gifting strategy and can have long term tax benefits. Two of the most popular programs are Life Insurance and Retirement Assets.
There are numerous options. Future articles will focus on some specifics of these options, however, if you have questions on gifting strategies that may look interested, please call the Shipwreck Society at 1-800-635-1742.
William McLeod, Vice-President of the Board
Sean Ley, Development Officer
GREAT LAKES SHIPWRECK HISTORICAL SOCIETY