For over 50 years, Arc Herkimer has been true to a simple mission of empowering people and enriching lives, words that also describe our most challenging tasks. To realize those life-altering goals for the individuals we support, Arc Herkimer is continually and boldly progressing so that generations of individuals with disabilities will have the kind of future they deserve. We have been able to significantly impact lives through the generosity of those who are equally committed to building and transforming our community.
Creating a Legacy
For those who are similarly inspired and want to leave a meaningful legacy, Arc Herkimer suggests a number of ways to make a lasting difference to our community and at the same time provide potentially significant tax benefits and estate planning advantages.
Charitable Remainder Trust
Establishing a Charitable Remainder Trust allows significant tax advantages and generates the donor guaranteed income for life or for a specified number of years. The remaining value of the trust will fund the donor’s charitable legacy. This is an especially attractive form of giving for those with appreciated assets that are subject to considerable taxable gains if sold. This form of an estate plan can also fund a Special Needs Trust, which ensures meeting the long-term needs of a beneficiary who is disabled.
Charitable Lead Trust
A donation to a Charitable Lead Trust will generate income to fund your charitable interest for a specified number of years or for a certain individual’s lifetime. The remaining value is preserved outside of the donor’s estate to pass on tax-free to his or her heirs when the Charitable Lead Trust comes to term.
Future Gift: Will, Life Insurance, Retirement Plan
These contributions allow the donor to name Arc Herkimer as a beneficiary in his or her will, or name the organization as a beneficiary of life insurance or retirement plans. Gifts of paid life insurance policies and portions of retirement plans, including minimum distributions, can also be made during a donor’s lifetime and provide considerable tax benefits.
Gift of Property
A donation of personal property, vehicles or real estate allows a current tax benefit and avoids payment of capital gains on appreciated property. It also eliminates continuous maintenance costs and property taxes.
Gift of Appreciated Assets
A donation of appreciated assets, that might include a transfer of stocks, provides current tax advantages and avoids payment of capital gains on these assets.
Gifts to Arc Herkimer are used for a variety of programs and services that support 787 individuals with disabilities.
Contributions have become a more important source of revenue for human services organizations who have endured significant reductions in government funding. We expect that trend to continue. Consequently, to help fund vital programs and services, Arc Herkimer has boldly developed innovative enterprises such as Herkimer Industries (Including the Arc Herkimer Business Park, Arc Herkimer Mall, and Little Falls Fulfillment Center), as well as the Arc Herkimer Goods Store and Donation Center, to name a few. With your help, we can continue with our mission of empowering people and enriching lives throughout our community.
The information provided in this publication is an outline for planned giving and is not to be considered advice. Based on ever-changing tax laws, any individual considering a planned gift should consult with legal, tax and financial advisors. Arc Herkimer can refer prospective donors to professional attorneys and advisors who offer initial consultations at no charge. For more information, please call (315) 574-7000.