A little planning now can accomplish a world of good for your loved ones and your favorite charity.
An estate gift to Samaritan House will provide support for programs directly helping over 12,000 homeless and low-income people each year. It can also benefit your heirs and yourself as you get older. Estate planning is not just for the wealthy, but for all of us as we start to prepare for our retirement and the ultimate allocation of our estate.
If you have included Samaritan House in your will or estate plan, please contact us and become a member of our Legacy Circle today. You can email your name as you would like it to appear in printed materials to Director of Development, Mary Dunbar, at Mary@samaritanhousesanmateo.org. If you would like more information, please email or call Mary at 650-523-0825.
Any asset can be included in a bequest to Samaritan House (through a will or trust) to ensure that your estate will help support those in need in your community. Making a bequest reduces estate taxes, eliminates capital gains taxes, and benefits your favorite charity.
Gifts of real estate are similar to stock. Assuming you have owned the property for more than one year, you may deduct it as a charitable contribution at the fair market value while avoiding capital gains taxes. For gifts of real estate, you may not only make an immediate tax deduction but you may also retain the right to use your property for your lifetime.
Life insurance is a unique way to give to Samaritan House. In order to qualify, Samaritan House needs to become the owner and beneficiary. No incidents of ownership should be retained. If the policy is paid in full, your charitable contribution is generally the replacement value or cost basis of the policy, whichever is less. Ongoing premiums paid on a gifted life insurance policy also qualify for charitable deductions.
Charitable Remainder Trust
A Charitable Remainder Trust (CRT) is an irrevocable trust that actually provides for and maintains two sets of beneficiaries. Income beneficiaries are the first set. Income beneficiaries receive a set percentage of income for your lifetime from the trust. The second beneficiary is the charity that you name. Samaritan House will receive the principal of the trust after the income beneficiaries pass away. The CRT allows taxpayers to reduce estate taxes, eliminate capital gains taxes, claim an income tax deduction, and benefit a charity instead of the IRS.
Charitable Lead Trust
A Charitable Lead Trust (CLT) is the reverse of a CRT. Samaritan House will receive the income on the CLT for a set number of years and your heirs receive the residual. Similar to a CRT, CLTs offer current income tax reductions and a reduction of capital gains taxes.
Samaritan House is a 501(C)3 organization. Federal Tax I.D. number: 23-7416272. All donations are tax deductible as permitted by law.
For more information on these planned giving vehicles and ways you can leave a legacy gift to help others in your community, please contact our Director of Development, Mary Dunbar, at Mary@samaritanhousesanmateo.org. If you would like more information, please email or call Mary at 650-523-0825.