Start Your Legacy
You can find a charitable plan that lets you provide for your loved ones and create a legacy of defending the potential of our community's young people. Including a provision for Big Brothers Big Sisters of Bath/Brunswick in your estate plan is the ultimate way to continue investing in your values.
If you share our passion for empowering potential and are committed to securing Big Brothers Big Sisters of Bath/Brunswick’s future, you can start your legacy through a number of charitable giving options.
Appreciated Securities (or other assets): The gift of appreciated securities is most often in the form of common stock or mutual funds. Such a gift is a valuable way to benefit BBBS of Bath/Brunswick and for you to receive tax benefits based on the fair market value of the assets. Other appreciated assets, like real estate, may be gifted, but it is important to discuss these in advance with us.
Charitable IRA Rollover: Federal legislation allows you to make tax-free distributions from your IRA directly to BBBS of Bath/Brunswick if you’re over 70.5 years old. This distribution is not included in your adjusted gross income, so there is no payment of additional tax on a qualified distribution.
Real Estate: Real estate may be deeded outright to BBBS of Bath/Brunswick or left by bequest. The irrevocable gift of property may provide an immediate tax deduction and avoid capital gains. Due to complexities, be prepared to work with BBBS of Bath/Brunswick and qualified advisors to ensure that this is a suitable gift for both you and for BBBS of Bath/Brunswick.
Life Insurance: Make a gift or buy a policy making BBBS of Bath/Brunswick the owner and beneficiary.
Gifts That Pay Income
Charitable Gift Annuity: The gift annuity is an irrevocable gift of cash or securities where you receive a predictable fixed income for life. At termination, BBBS of Bath/Brunswick receives the residual value of the annuity. There are also potential tax benefits depending upon your particular situation.
Charitable Remainder Trust: The remainder trust is an irrevocable gift of assets into a charitable trust that provides you a fixed (Annuity Trust) or variable (Unitrust) income for life or for a set term. At the trust's termination, the trust assets become a generous gift to BBBS of Bath/Brunswick. There are also potential tax benefits depending upon your situation.
Charitable Lead Trust: The lead trust's income payments are distributed to BBBS of Bath/Brunswick for a set period of years, after which the assets are transferred back to the grantor or whomever the grantor has named the beneficiary. This provides generous annual support for BBBS of Bath/Brunswick now, removes the asset from the estate, and passes an asset to heirs with little or no tax. There is no immediate deduction for the lead trust.
Bequest: The bequest is a gift through your will or revocable trust that enables you to retain the asset during your life and provide significant support when you no longer require the asset. You may choose a specific item, a percentage, or a residual bequest. You may also choose to make BBBS of Bath/Brunswick a contingent beneficiary in case the heirs are unable to receive the estate.
Retirement Plan Assets: In some cases, retirement assets can be the heaviest assets taxed in an estate. Naming BBBS of Bath/Brunswick as beneficiary can avoid that taxation, enabling the asset to pass tax-free to BBBS of Bath/Brunswick. You may also designate BBBS of Bath/Brunswick as a percentage beneficiary or a contingent beneficiary of a retirement plan.
Bank or Investment Account: Financial accounts can be a simple and inexpensive way to leave a legacy gift for BBBS of Bath/Brunswick. Contact your financial advisor to see how easy the process is to make BBBS of Bath/Brunswick a beneficiary of a particular investment or bank account.
If you are interested in updating your will or adding a codicil to include BBBS of Bath/Brunswick as a beneficiary, please reach out to us to discuss your plans.
We encourage you to consult with your tax professional, financial advisor, or lawyer for relevant counsel. The options above are included strictly for consideration and purport no legal or financial authority. Big Brothers Big Sisters of Bath/Brunswick is a 501c3 charitable organization and all gifts are tax deductible in accordance with the law.
If you wish to name Big Brothers Big Sisters of Bath/Brunswick in your will or estate plan, we should be named as:
Big Brothers, a nonprofit corporation, organized and existing under the laws of the State of Maine, with principal business address of 85 Maine Street, Brunswick, ME 04011.
Tax ID: 01-0467282
Date of Incorporation: October 1, 1991
Carol Marquis, Executive Director
Tel. (207) 729-7736 or email@example.com
If you have included us in your estate plans, let us know. We would like to thank you for your generous commitment to the ongoing success of the youth in our community and welcome you to The Big Futures Society.