The Natural Heritage Society
Planned Giving Strategies:
Honorary and Memorial Gifts
Honor Your Loved Ones! Honorary and memorial gifts to McHenry County Conservation Foundation are a wonderful and meaningful way to celebrate loved ones who cherish the natural beauty and open spaces of McHenry County.
A bequest is an easy and simple way to give a gift of cash, securities or personal property that does not affect the donor’s income or estate during their lifetime. A charitable donation through a bequest in a will also enables the donor to take advantage of tax-saving opportunities that preserve as much of the estate as possible by lowering estate taxes that must be paid by heirs. There are several types of bequests, and donors are urged to discuss their plans with an attorney or financial advisor before any decisions are made.
Life Estate Agreement
Entering into a Life Estate Agreement is another way to donate land or a residence for those donors who want to continue to enjoy and use their property throughout their life. While the actual transfer of the future interest in the property is made to the Foundation now, you may continue to live in the home or on the property for the rest of your life. A substantial income tax deduction may be allowed.
Donations of stock can also be accepted by the McHenry County Conservation Foundation. This type of donation has the added advantage of saving the donor capital gains tax.
Gift of Life Insurance Policy
A gift of a life insurance policy is an excellent method to make a larger contribution than you could otherwise provide with an outright gift of cash or stock during your lifetime. If you own a life insurance policy and the original beneficiary no longer needs the protection, the policy may be transferred to the Foundation as both owner and beneficiary. By doing so you are then entitled to an income tax deduction for the lower of the policy’s value or your cost basis in it at the time of the transfer. If you continue to pay the premiums on the policy, they are also deductible.
If you are interested in learning more about any of these planned giving options, please contact us at (815) 678-4532, ext. 8204.
The McHenry County Conservation Foundation is a 501 (c) 3 nonprofit corporation. Contributions are deductible to the full extent of applicable tax regulations. Advice from your tax and legal advisors is recommended.
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