Specific language to use when you create a bequest in your will: "I irrevocably give, devise, and bequeath to The Arc of Schuyler, Tax ID#161120089, 203 12th Street, Watkins Glen, NY 14891, the sum of $___ [or a description of a specific asset], for the benefit of The Arc of Schuyler."
You can name The Arc of Schuyler the "beneficiary" of your Individual Retirement Account (IRA or 401[k]) or your Life Insurance Policy. The "beneficiary" should be noted as: The Arc of Schuyler, Tax ID#161120089, 203 12th Street, Watkins Glen, NY 14891.
A donation of appreciated stock allows the donor to deduct the full market value while avoiding capital gains tax. These are lasting gifts with significant tax advantages to the donor.
You can name The Arc of Schuyler Endowment Fund as a beneficiary of your insurance policies.
As a chapter of The Arc New York, Inc. you can select The Arc of Schuyler as the beneficiary of a your gift annuity through The Arc New York’s Charitable Gift Annuity program. Gift annuities, charitable remainder trusts, and pooled income funds gives you the satisfaction of giving to people with developmental disabilities, awards you an income for life, and helps The Arc of Schuyler.
The donor may be able to avoid capital gains tax and an income tax deduction, as well as generating income. The gift that you make may be as small as $10,000. Your income, or annuity payment, is backed by the general assets of our statewide association, The Arc New York, Inc.
Irrevocably giving your home (or vacation house or farm) to benefit The Arc of Schuyler while continuing to live in it and maintain it is a “Retained Life Estate,” and can benefit you while you are alive because the fair market value of your property can be a tax deduction for up to six years.
How this Works
As the creator of a Retained Life Estate, you irrevocably deed your home to our statewide association, The Arc New York, Inc. and retain the right to live in it for the rest of your life, a term of years, or a combination of the two. While you retain the right to live on your property, you continue to be responsible for all routine expenses—maintenance fees, insurance, property taxes, repairs, etc. You immediately qualify for a federal income tax deduction, which can be taken over six years (limited to 30 percent of your adjusted gross income). Also, the estate would not be subject to estate taxes.
When your Retained Life Estate matures, The Arc New York and The Arc of Schuyler can then use your property or the proceeds from the sale of your property for the purpose you, The Arc New York, and The Arc of Schuyler have agreed upon. You may choose that the proceeds of the sale of your property benefit The Arc of Schuyler.
Please Keep In Mind:
- Your gift offer will be gratefully reviewed with the appropriate Finance Committee, which evaluates the condition and marketability of all proposed real estate acquisitions and has the final say on acceptance.
- The IRS requires donors of real estate to secure an independent appraisal to establish the fair market value of the property. The Arc New York, Inc. can assist you in following the IRS procedures for this appraisal.