Getting Started With Planned Giving

Incorporating Alachua Conservation Trust in your estate plan will allow future generations to explore and enjoy the unique character of our natural and historic landscapes. Making a planned gift is also an important way for you to maximize the financial rewards of your philanthropy. There is a wide range of tax and income incentives the federal law provides to encourage your generous support of ACT. Here are some of ways in which you can include ACT in your estate planning:

ACT recommends that you consult your attorney as well as your tax or financial advisers to establish an estate plan specific to your interests and needs.

Scroll down or click on the links above for basic information about these options.

Wills & Bequests

A will enables you to: 1) direct the distribution of your assets, 2) provide for your heirs in the way you choose rather than as state and federal laws dictate, 3) possibly reduce or eliminate certain estate taxes and court costs, and 4) designate a portion of your assets as a gift to your favorite charity.

Testamentary gifts to ACT or other charities can take many forms, either through a new will, or through an amendment to your existing will, known as a 'codicil'. Here are several different types of bequests that can be included in your will:

Cash Bequest: ACT receives a specified dollar amount.
Specific Bequest or Devise of Property: ACT receives specified assets, such as securities, an interest in real estate (such as a residence or land), or tangible personal property.
Residuary Bequest or Devise: ACT receives all or a percentage of the remainder of your estate after specific legacies, debts, taxes, and estate expenses have been paid.
Contingent Bequest or Devise: ACT receives a gift according to the language of the bequest. There are a wide variety of conditions that you could place on such a bequest. For example, if you outlive other named beneficiaries, then part or all of your estate would benefit ACT.

Your bequest to ACT may qualify your estate for a charitable deduction equal to the entire amount of the bequest. Consult your tax or financial adviser for further information.

Examples of Testamentary Language

The following are examples of language that can be included in your will or trust and tailored to address your specific interests:

An unrestricted bequest allows your support to be used in the area of greatest need.
I give and bequeath to Alachua Conservation Trust, a non-profit organization (Tax ID #59-2919630), with a principal business address of 7204 SE County Road 234, Gainesville, FL 32641, for its general purposes, the sum of ______ Dollars ($______ ) - OR - ______% of my residuary estate.
A restricted bequest allows you to designate a specific purpose your for bequest. Please contact us so that we can work with you to ensure that your wishes are met.
I give and bequeath to Alachua Conservation Trust, a non-profit organization (Tax ID # 59-2919630), with a principal business address of 7204 SE County Road 234, Gainesville, FL 32641, the sum of ______ dollars ($______ ) - OR - ______% of my residuary estate to support ______________ (e.g, education, conservation, recreation, historic preservation).
A bequest of specific assets includes specific details, such as the address of a vacation home or the title and artist of any piece of art.
I give and bequeath to Alachua Conservation Trust, a non-profit organization (Tax ID # 59-2919630), with a principal business address of 7204 SE County Road 234, Gainesville, FL 32641, for its general purposes, ____________________.

Charitable Remainder Trusts, Charitable Lead Trusts & Gift Annuities

Under charitable remainder trust, one or more named beneficiaries receive income for life or for a specified term of years, after which time the assets pass to ACT. Through this arrangement, you can provide income to family members or friends, realize significant tax savings, and ensure important benefits to ACT after the trust's termination.

Income from the trust is paid to ACT for a period of years under as charitable lead trust, after which time the assets pass to your heirs, usually your grandchildren, at a reduced estate tax cost. By substantially reducing estate and other transfer taxes, this arrangement allows you to preserve a larger portion of your estate for your beneficiaries.

A charitable gift annuity is similar to a charitable remainder trust in that it can provide income to a donor with the balance of the funds transferring to ACT when the donor passes away. The donor enters into an annuity agreement and makes a lump sum donation to ACT which is then invested by the charity. The donor may be eligible for a partial income tax donation on the lump sum donation and the donor will receive payments based on a fixed scheduled for the rest of their life based on the terms of the agreement.

Retirement Plan Beneficiary

IRAs, 401(k)s, 403(b)s, Keoghs, and other retirement plan assets make up an increasingly large part of many estates. When left to your heirs, these assets can be subject to income, estate, and other transfer taxes. Naming ACT as a beneficiary or contingent beneficiary of all or a percentage of your plan assets may reduce or eliminate both income and estate taxes. Note that designating a specific dollar amount, rather than a specified percentage, may result in the inclusion of these funds in your gross estate for tax purposes.

To designate ACT as the beneficiary of some or all of your retirement plan funds, please use the following language on the retirement plan forms:

To the Alachua Conservation Trust, a non-profit organization (Tax ID # 59-2919630), with a principal business address of 7204 SE County Road 234, Gainesville, FL 32641, for its general purposes - OR - to support _________________ (e.g., conservation, recreation, education, historic preservation).

Retirement plan assets can also be placed in a testamentary charitable remainder trust to provide income to your heirs for life or a specified term of years with the remainder interest passing to ACT.

Life Insurance Beneficiary

Life insurance is another asset that could be used to support ACT, especially when a policy no longer serves its original purpose. Such gifts often provide certain tax benefits as well. To designate ACT as the primary or contingent beneficiary of some or all of your life insurance policy, use the same language that is suggested above for use in designating retirement plan assets:

To the Alachua Conservation Trust, a non-profit organization (Tax ID # 59-2919630), with a principal business address of 7204 SE County Road 234, Gainesville, FL 32641, for its general purposes - OR - to support _________________ (e.g., conservation, recreation, education, historic preservation).