Ways of Giving to LGLC
When it comes to supporting the Lake George Land Conservancy (LGLC), there are a variety of giving options, each with different features and benefits. The LGLC is a not-for-profit, tax-exempt organization under provisions of section 501(c)(3) of the Internal Revenue code. Donations of financial resources, land, and conservation easements to the LGLC are tax deductible under the provisions of the Internal Revenue code. Check with your financial advisor in regard to tax deductions.
Below is a brief summary of giving opportunities at the LGLC – all of which will help preserve the pure water quality and scenic beauty of Lake George for future generations to enjoy:
Gifts of Cash
Most gifts to the LGLC are made by check or credit card. Such outright cash gifts are simple to make, help the LGLC immediately, and provide income tax deduction to donors.
Gifts of Stock or Mutual Funds
A gift of stock or mutual funds that you have owned for a number of years can be particularly tax-wise.
Perhaps you own stock which you have held for more than one year and which has increased in value. If you sell this stock, you will pay a capital gains tax on its increase in value. By making a gift of the stock to the LGLC, however, you avoid tax on this gain. In addition, your charitable contribution is equal to the full fair market value of the stock and is tax deductible to the full extent of the law. Contact us to receive information and instructions to transfer a gift of stock or mutual funds to the LGLC.
Gifts of Real Estate
A gift of real estate can also be tax-wise. A residence, vacation home, farm or vacant lot may have so appreciated in value through the years that its sale would mean a sizable capital gains tax. By making a gift of this property instead, you would avoid the capital gains tax and receive a charitable deduction for the full fair market value of the property. An independent, qualified appraisal of your property is required by the I.R.S. if you wish to claim a deduction.
The LGLC will conduct a staff site inspection for all real estate before it is accepted as a donation. If the property provides critical habitat for rare and endangered species or ecosystems, the LGLC will endeavor to provide for appropriate protection. If the land is not ecologically significant, it will be considered a Trade Land gift. Trade Lands are sold, and the proceeds are used for natural area protection elsewhere.
You may also give your home, farm, or vacation home to the LGLC now, while retaining the right to use it for your lifetime. You would receive an income tax deduction once your property is deeded to the LGLC. This option is called a Retained Life Estate.
For additional information regarding land donations, please read about
Conservation Options for Private Landowners.
Please contact us with any questions you may have.
One of the simplest ways to make a gift to the LGLC is through your will. You can name the LGLC the direct beneficiary of specific assets, of a portion of your estate, or of your residual estate after payment of other bequests.
Bequests to the LGLC are entirely free from federal estate tax and can therefore offer substantial estate tax savings. There is no limit on the amount you can leave to the LGLC or to other charitable organizations through your will. If you are considering a devise of land to be preserved in its natural state, we ask that you notify us in advance, so that we may determine whether we will be able to manage the property in a manner consistent with your wishes.
You can name the LGLC as a beneficiary of your Individual Retirement Plan (IRA), Keogh plan, 401(k), 403(b), or other qualified pension plan. You may name the LGLC as beneficiary for part or all of what remains in your retirement account. The proceeds of these plans are distributed outside of probate and are entirely free from federal estate tax.
Life Income Gifts
A number of options exist for making charitable life income arrangements, which can allow you to receive a steady income and a charitable contribution deduction, while supporting the LGLC.
You may also avoid capital gains tax.
The LGLC is ready to work with your financial advisor to develop an approach that works for you and your family.
How to Make Your Gift
There are many types of charitable gifts with significant advantages, and we would be pleased to provide you with additional information and assistance. The information presented here is necessarily general in nature; we urge you to contact your own professional tax advisor to learn how this information relates to your individual circumstances.
If you are interested in exploring any of the options discussed here, members of our staff are available to discuss them with you and your tax advisor. Please contact us.