CREATE YOUR CRATA LEGACY WITH A CHARITABLE ESTATE GIFT

 

Legal Name and Information for Including CRATA in a Charitable Estate Gift:

The Cherokee Ridge Alpine Trail Association (CRATA), or its successor organization, a non-profit organization located at 1095 Kowaliga Rd., Eclectic, AL 36024, Federal Tax ID # 01-0818427  to be used for its mission related programs and purposes.

 

TYPES OF CHARITABLE ESTATE GIFTS

Will or Living Trust Gifts:    

Everyone needs a will.   If you don’t have one, the state in which you live will decide how to distribute your assets.   When planning your will or living trust, please remember CRATA as one of your beneficiaries. It’s a great way to leave a legacy to protect natural spaces and ensure future generations (including your heirs) have the opportunity to connect with nature.  

A gift through your will or living trust is a great way to ensure you have the assets you need while you are living and provide a gift to help —- after your lifetime.  

 

Specific Asset Will Gift Language:
I hereby give, devise and bequeath { $_________Dollars  OR   insert description of property OR all of the right, title and interest in and to the real estate located at ______} to CRATA, or its successor organization a nonprofit organization located at _______________, Federal Tax ID #            , for its tax exempt and mission related purposes.

 

Percentage Will Gift Language
I hereby give, devise and bequeath { ___% of my total estate OR ____% of my residual estate} to CRATA, or its successor organization a nonprofit organization located at _______________, Federal Tax ID #            , for its tax exempt and mission related purposes.

 

Residual Will Gift Language

I hereby give, devise and bequeath {all the rest, residue, remainder of my estate} to CRATA, or its successor organization a nonprofit organization located at _______________, Federal Tax ID #            , for its tax exempt and mission related purposes.

 

Contingent Will Gift Language

If __name of person/people______ does not survive me, then I hereby give, devise, bequeath   insert description   to CRATA, or its successor organization a nonprofit organization located at _______________, Federal Tax ID #            , for its tax exempt and mission related purposes.

 

Beneficiary Designations and Retirement Plan Beneficiary Gifts:  

The easiest way to create your future legacy is to name CRATA as the beneficiary of accounts such as investment accounts, insurance policies, CD’s, or retirement plan accounts.   Following the recent 2017 tax law changes, most estates will not have to pay estate or gift taxes. However, if you plan to leave retirement plan assets to your heirs, they will have to pay income taxes on those assets.  A better solution is to designate all or a portion of your retirement plan assets to CRATA and other non-taxed assets to your heirs.

 

Charitable IRA Rollover Gifts:  

If you are aged 70 1/2 and have retirement plan assets such as an IRA, 401K or 403b, you must start taking Required Minimum Distributions (RMD), which means paying taxes on that income and possibly pushing you into a higher tax bracket.    If you have IRA assets, a possible solutions is a Charitable IRA Rollover, also known as a Qualified Charitable Distribution (QCD). You simply contact your IRA custodian and request a QCD form (much like a simple beneficiary form).  Complete the form indicating that you would like the distribution to be paid directly to CRATA. The CRATA distribution would count toward your RMD but you would not have to pay taxes on that income. Charitable IRA Rollovers are limited to no more than $100,000 per year.   

You do not receive an income tax deduction for this type of charitable gift because no taxes have been paid on the assets.   Keep in mind that with the new tax law, you may not be able to itemize your charitable deductions. In that case, this is a very smart option for giving.

 

Charitable Remainder Trust Gifts:  

If you are concerned about the cost of capital gains tax with the sale of appreciated assets such as stocks, real estate, or other invested assets, a charitable remainder unitrust may provide answers.  You transfer the appreciated assets to the trust, the trust sells the assets and invests in a diversified portfolio, then pays you and income for life or for a term of years (not to exceed 20). The trust pays a fixed percent (at least 5%) of the value of the assets each year.  If the assets appreciate or depreciate, the income will mirror that trend. After your lifetime, or the term of years, the remaining assets are distributed to the charities you have named in the trust – such as CRATA.

 

Retained Life Estate Gifts:   

If you own a residence or farm and desire to ultimately gift that property to CRATA, a retained life estate allows you give the property now, and retain the right to live in/use the property for the rest of your life.  You receive an income tax deduction today, but CRATA does not receive the property until after your lifetime or a designated term of years has passed. You are still responsible for the property taxes, maintenance and upkeep during your lifetime or the designated term of years.   For more information, contact us and we’d be happy to provide calculations and information on how this might benefit you.

 

Your Charitable Estate Gift is Important

If you have established a Charitable Estate Gift for the benefit of CRATA, please let us know.  We’d like to thank you, talk to you about your vision for the gift and be prepared to honor your future wishes.  Likewise, if you have notified us of a Charitable Estate Gift and your plans have changed, please let us know so that we can adjust our records accordingly.   Donors who have established a Charitable Estate Gift will be recognized in our “Founders/Legacy/Lanier”??? Society and listed on our website.