Below are some of the different ways to support our work and help protect Walloon Lake, now and forever.
GIFT CASH, LAND, OR APPRECIATED SECURITIES
Gifts to the WLAC are tax deductible. Contact your tax advisor for current laws and policies that might apply to your own situation.
Have you considered the Walloon Lake Association and Conservancy when addressing estate planning? The options available include gifts now or upon your death and include the possibility of saving on taxes and earning income during your lifetime. Your personal plan should be formulated by professionals.
YOUR WILL OR LIVING TRUST
Designating a gift to the WLAC may reduce taxes on your estate.
You can establish a private foundation that may reduce your taxes and allow you and your family to give charitable gifts in the future to charitable organizations of our choosing. This option is most appropriate for large gifts.
DONOR ADVISED FUNDS
You may establish a Donor Advised Fund through a financial investment firm of your choice or through your Community Foundation. You receive a tax deduction upon formation of the fund and you advise the Administrator regarding grants from the fund. The Donor Advised Fund is a tax-wise gift and a flexible tool for giving.
Make sure to ask your HR Department/team about your company’s matching gift policy.
GIFT OF LAND WITH A RETAINED LIFE ESTATE
Under a life estate arrangement, you retain the right to live on or use the property for the remainder of your lifetime. Upon your death, the property is transferred to the WLAC and the gift is completed. A current income tax charitable deduction is allowed for your gift based on the present value of your remainder interest.
CHARITABLE GIFT ANNUITY
With a charitable gift annuity, you can make a gift now, receive a partial tax benefit now, and receive interest at above CD or money market rates for the rest of your life (or your spouse’s life) on your gift. This gift may be from appreciated stock or IRA distributions, which may reduce income taxes. This annuity also removes assets from your estate which may result in a tax benefit.
CHARITABLE REMAINDER TRUST
Your tax attorney can assist you in setting up this instrument which provides you income for life and a partial tax deduction at the time of the gift. It is similar in many respects to a Charitable Gift Annuity, except that you select the trust financial manager. You can act as trustee of the trust. If the WLAC is named as beneficiary of the trust, WLAC receives the proceeds on your death or the death of your spouse. This option is appropriate for large gifts only.
CHARITABLE LEAD TRUST
Your tax attorney can assist you in setting up this instrument which provides income to the WLAC for your lifetime. Upon your death, or your spouse’s death, the remainder of the trust goes to a beneficiary of your choice, including relatives. With careful planning, you may substantially reduce, or even eliminate, estate and gift taxes. Also, all appreciation in the value of the trust properties occurring after funding the trust may be completely free of gift and estate taxes. This option is appropriate for large gifts only.