The primary benefit of a planned gift is that it gives you the use of the assets during your life and upon death allows a charitable purpose which can reduce estate taxes. Most planned gifts are revocable. They may be restricted for specific purposes or projects. We at the Sheridan Community Land Trust are not tax or financial advisers so please consult with your own adviser. However, we would love to visit about your intention.
Giving through a bequests – Making a gift in your will
When you leave a gift through your will to Sheridan Community Land Trust, your passion for the lands, waters, and wildlife of Sheridan County lives on forever. You can rest assured knowing that ranchlands and scenic open spaces are conserved, wildlife thrive, and the youth of Sheridan County get outside – away from screens – to experience nature in a way that creates life-long bonds for the future.
Today, you can join the growing number of people who are ensuring that Sheridan County stays special. Your gift will conserve local land, protect our heritage, and create opportunities for people of all ages to connect with nature.
Making a gift in your will is easy to do and will allow you to take care of friends, family, and the future of Sheridan County.
How to donate via your will
You have options when deciding how to plan your giving. Here are the common donations that Sheridan Community Land Trust can accept:
- Land (rural or urban)
- Appreciated assets (i.e. stock investments)
- A portion of your retirement fund or life insurance policy
- A specific amount of money from your estate, a percentage of your estate, or even the residual part of your estate after you have taken care of loved ones.
It is important that you meet with us while planning your giving – and while your will is still in preparation – so that we can discuss your intentions and determine whether we can meet them. This is especially important when considering giving non-cash gifts.
If you intend to bequeath a conservation easement, we need to verify that accepting the easement conforms to our policies and discuss what restrictions you want to see placed on the land. We will then draft the easement for you and your attorney to review.
We also recommend that you consult your attorney or financial planner as you think about your planned giving to Sheridan Community Land Trust.
Example language to donate via your will
“I hereby give Sheridan Community Land Trust, a nonprofit organization located in Sheridan, Wyoming, with a business mailing address of P.O. Box 7185, Sheridan, WY 82801, and with a tax identification number of 20-4385635, the sum of _______ dollars [or describe other gifts or assets] for its general purposes and use at the discretion of the Sheridan Community Land Trust Board of Directors.”
The suggested wording for leaving all or a part of the balance of the estate after debts, burial costs, probate expenses, and specific bequests have been satisfied may be as follows:
“I give, devise, and bequeath to Sheridan Community Land Trust, a nonprofit organization located in Sheridan, Wyoming, with a business mailing address of P.O. Box 7185, Sheridan, WY 82801, and with a tax identification number of 20-4385635, all (or ___%) of the rest, residue, and remainder of my estate, to be used for its general purposes.”
Why people choose to make a bequest
- It is not payable until you pass away, so it will not affect your assets or cash flow during your lifetime.
- It is revocable. You can change the provisions in your will or trust at any time.
- It is private. Your will is not filed nor made public until your death.
If you prefer to make a gift dedicated to one aspect or project of Sheridan Community Land Trust, we will be happy to speak with you about giving a restricted gift.
Depending on the size of your estate, and if it is subject to estate taxes, your gift to Sheridan Community Land Trust could help lower your taxable estate. To receive tax benefits during your lifetime, your gift must be in the form of cash, stock, or your life estate. You won’t receive tax benefits during your lifetime if you make a gift via your will.
Giving through your Retirement Account
Naming the Sheridan Community Land Trust as a beneficiary of your IRA, 401K, and other qualified plans. All it takes is contacting your plan provider and requesting a “Change of Beneficiary” form.
Traditional or Roth IRA owners must be age 70 1/2 or older to make a tax-free charitable contribution. Those who meet the age requirement can transfer up to $100,000 per year directly to an eligible charity without paying income tax on the transaction. If you file a joint tax return, your spouse can also make a charitable contribution of up to $100,000, meaning couples can exclude up to $200,000 of their retirement savings from income tax if they donate it to charity. If you donate more than the maximum allowable amount it is considered income and could be subject to income tax. Qualified charitable contributions must be made by December 31 each year in order to exclude that amount from taxable income. Charitable contributions can only be made from IRAs, not 401(k)s or similar types of retirement accounts. So you might need to roll funds over from a 401(k) to an IRA if you want to make tax-free charitable contributions part of your retirement plan.
Giving through your Life Insurance
Name the Sheridan Community Land Trust as a beneficiary of your life insurance policy and save on estate taxes. Live insurance may also be give outright. All it takes is contacting your life insurance company and requesting a “Change of Beneficiary” form.
Giving through Appreciated Securities
There are many tax benefits to giving stock or other securities such as bonds or mutual funds to the Sheridan Community Land Trust. If you have held your stock for more than one year and it is now worth more than you paid for it (appreciated), you could receive a greater tax benefit than if you had given cash.
By donating appreciated stock, you could avoid paying capital gains taxes that would otherwise apply if you had simply sold the asset. In addition, you will receive a tax receipt for the current fair market value of the stock on the date of transfer, no matter what you originally paid for it.
Please consult with your accountant or a qualified tax professional regarding charitable tax deductions. Follow these steps:
Please call Brad Bauer at 307-673-4702 or email email@example.com to notify us of your intent to donate stock to the Sheridan Community Land Trust
Please transfer gifts of securities to our account at Vanguard Brokerage Services
DTC number: 0062
Account name: Sheridan Community Land Trust.
Gifts of Real Estate
Donating residential, rural, commercial, or undeveloped real estate and provide support for conservation while saving taxes and reducing responsibilities associated with property ownership
Giving through Retained Life Estate Gifts
Give the Sheridan Community Land Trust your house or property and continue to live there rent-free
Giving through Business Interests
Give and interest in a closely held or family business
Giving through Partnership Interests
Transfer an interest in a real estate or a business interest to the Sheridan Community Land Trust, while honoring your life’s work and/or diversifying your assets
Gifts of Personal Property
Donate books, artwork, or equipment to support our mission and save on taxes.
Giving through a Charitable Gift Annuity
Give the Sheridan Community Land Trust a gift which SCLT purchases as annuity that will provide you (or up to two beneficiaries) a fixed income for life.
Giving through a Deferred Gift Annuity
Same as Charitable Give Annuity except you defer the annuity payments and receive higher income payments.
Giving through a Charitable Remainder Unitrusts
Give the Sheridan Community Land Trust a gift that is invested. Income from the investment goes to you during your life. Upon your death, the invested corpus goes to SCLT.
Giving through a Charitable Lead Trust
Give the Sheridan Community Land Trust a gift that is invested. Income from the investment goest to SCLT during your life. Upon your death, the invested corpus goes to your heirs.
Feel free to call Brad Bauer, Executive Director, at 307-673-4702 or send him an email at firstname.lastname@example.org.