Planned Giving

Planned Giving

Planned giving allows anyone to make a substantial contribution to Grace House, regardless of income or financial status. It is a way to level the playing field, giving everyone a chance to become a philanthropist and make a difference. And it provides significant financial benefits to you as well.

What Is Planned Giving?

When you write a check or give cash to Grace House, you are making what’s sometimes referred to as a “current gift.” In addition to making current gifts, many donors also choose to make future gifts to us. These structured, future gifts to Grace House are often referred to as “planned giving” because, well, they require planning! Planned gifts are an important way for you to help our organization build its sustainability and ensure that our mission stays strong for generations to come.

Is a Planned Gift Right for You?

Here are a few ideas to help you decide whether making a planned gift to Grace House might be right for you.

1

Talk with our Development team at Grace House about what you have in mind and what areas of our mission you would like to support; you can start here by reviewing our planned giving kit.

2

Talk with your legal and tax advisors to determine the best assets to deploy toward your planned gift.

3

After you’ve talked with your legal and tax advisors, we’ll set up a time to discuss your planned gift as a group – you, your advisors, and our team. Together, we will evaluate the options, and you will make the decision about the type of planned gift.

There are many reasons you might decide to make a future gift to support Grace House’s mission.
Here are a few:

1

You want to leave a legacy to the community after your death so that your commitment to Grace House continues beyond your lifetime.

2

You want to ensure that your family members can experience the joy of giving after you’re gone by participating in giving a portion of your assets to Grace House.

3

You want to make the most of tax benefits associated with setting up a future gift to charity, including avoiding capital gains tax, securing an income tax deduction up front, and even retaining a life income stream.

4

You own certain assets that are not suitable for leaving to family members but would make ideal gifts to Grace House.

Popular Types of Planned Gifts

If you’ve put together an estate plan with the help of an attorney, you’re likely familiar with the term “bequest.” A bequest is an instruction for assets or money to transfer to a person or charity following your death.

Here are ways you can leave a bequest to Grace House:

You can include a bequest to Grace House in your will or revocable living trust. You can leave a specific dollar amount, a percentage, or a portion of the remainder of your estate or trust after distributions to family and other beneficiaries. You can update your will or trust at any time prior to your death.

You can also leave a bequest through a beneficiary designation on your IRA or other retirement plan, or even on a life insurance policy. Beneficiary designations can be updated throughout your lifetime as your family and financial situation change. A Donor Advised Fund (DAF) can be designated to Grace House.

If you are age 70½ or older, it is well worth your time to investigate whether a tool known as a Qualified Charitable Distribution (QCD) might be right for you as a tax-savvy way to support Grace House.

Here’s how it works:

  1. You can make a QCD if you have reached the age of 70½. A QCD enables you to direct up to $100,000 annually from your traditional IRA to Grace House.
  2. If you’ve reached the age-73 threshold for IRS-mandated Required Minimum Distributions (RMDs) from qualified retirement plans, a QCD counts toward your RMD.
  3. QCD transfers are not included in your taxable income.
  4. QCDs are even more popular now that the $100,000 cap will be indexed for inflation under the new laws.

While technically not “planned giving” because a current gift is the result, giving closely held stock or real estate to Grace House requires a lot of careful planning. It’s well worth exploring, though, because these gifts of complex assets frequently result in favorable tax benefits to you, as well as providing significant support to us.

A charitable gift annuity is a planned giving vehicle that is a good fit if you like the idea of an upfront tax deduction, a steady lifetime income stream, and a remainder gift to charity. A charitable gift annuity (also referred to as a CGA) is similar to a charitable remainder trust but is often easier to establish, especially if you plan to set up a planned gift to Grace House with $50,000 or less.

If you are age 70½ or older, a charitable gift annuity might be particularly attractive. This is because a “Legacy IRA” rule allows for a once-in-a-lifetime, $50,000 distribution from an IRA to a charitable gift annuity or charitable remainder trust. Your tax advisor can help you understand the taxability of your income payments from a charitable gift annuity, whether you establish the charitable gift annuity with a Qualified Charitable Distribution from your IRA or with other assets like stock. Real Estate If you own highly appreciated residential, commercial or undeveloped real estate, you may have reached the point where you no longer want to manage or maintain it. This is a perfect opportunity to discuss the option of giving real estate to Grace House. We are not able to accept all gifts of real estate, so please contact us if you’re interested in exploring this option.

You may want to consider giving a new or existing life insurance policy to Grace House. Giving a life insurance policy to a charitable organization through a beneficiary designation is useful because the proceeds of that policy will not be included in your taxable estate for federal estate tax purposes. In addition, there are also potential income tax benefits during your lifetime.

A charitable remainder trust (sometimes referred to as a CRT) is a planned giving technique that allows you to make a future gift to Grace House and be eligible for an upfront income tax deduction, while also retaining an income stream for life or for a period of years.

To establish a charitable remainder trust, you will work with your attorney to establish a trust agreement and also work with a person or entity who will serve as the trustee of the charitable remainder trust. Your tax advisor will help you determine whether you could benefit from establishing remainder trust.

Purchase a Paver to Leave a Lasting Mark.

If you aren’t ready to make a planned gift, but would like to leave a lasting mark, consider purchasing a paver for our courtyard. The Philip H. Maynard Faith & Reflection Courtyard is a tranquil space where residents, friends and loved ones take crucial steps in their journey. The courtyard’s walkway, is constructed with personalized

paver bricks offering inspiring messages, commemorating special occasions, recognizing families or honoring those we’ve lost. These bricks show our residents they aren’t alone and that their legacy will live on, even after they are gone. Please consider joining our Evergreen Circle by making a tribute gift of any size.

Stay Connected.

Be Inspired.

Make a Difference.

Stay Connected. Be Inspired. Make a Difference.

Join our community of compassionate supporters and be the first to hear heartwarming stories, exciting event updates, and impactful ways to support Grace House Akron.

Heartfelt resident stories

See how your support changes lives.

Exclusive updates

Stay informed about upcoming events & volunteer opportunities.

Inspiring ways to give

Learn about new ways to help bring comfort & diginity to those in need.

Sign Up To Get Impact Updates.

By submitting this form, you are consenting to receive marketing emails from: Grace House Akron. You can revoke your consent to receive emails at any time by using the SafeUnsubscribe® link, found at the bottom of every email. Emails are serviced by Constant Contact