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Robert
L. Goldsmith, Sovereign Grand Inspector General of the Ancient and
Accepted Scottish Rite in Florida, Grand Prior of the Supreme
Council for the Southern Jurisdiction of the U.S.A. and President of
the Scottish Rite Foundation of Florida, recently announced the
formation of the Legacy Club and encourages all of the Scottish Rite
Valleys of Florida to promote the club. The purpose of the club is
to emphasize the ability of Scottish Rite Masons to make charitable
contributions to the Scottish Rite Foundation of Florida through
planned gifts. Any person who makes a planned gift will be
recognized as a contributor to the Legacy Club.
A planned gift is one which is legally provided for during the
donor’s lifetime, but whose principal benefits may not accrue to the
Foundation until a future time, generally at the death of the donor
and/or income beneficiary.
Planned charitable contributions are an ideal way to leave a legacy
to the children benefiting from the speech and hearing clinics
sponsored by the Scottish Rite Masons of Florida. Have you wondered
how you can make a profound difference in someone’s life? A gift to
the Scottish Rite Foundation of Florida will not only create a
legacy for the children, but hopefully add rich rewards to you and
your family during your lifetime, and help create your legacy as
well.
Bequests – through a will or revocable living trust, a percentage of
your estate, certain items, or a dollar amount may be left to the
Foundation for the support of the clinics in Florida.
Charitable Gift Annuity- Another type of planned gift is the
charitable gift annuity. The donor transfers cash or securities to
the Foundation, and the donor receives fixed quarterly payments for
the rest of his or her lifetime, and an additional lifetime
beneficiary may be added. A charitable gift annuity can be started
for a minimum contribution of $5,000.
Pooled Income Fund – Gifts may be made to a pooled income fund, and
invested with an income stream paid to the donor or other
beneficiaries. After the death of the income beneficiaries, the
remaining principal is paid to the charity. As with the charitable
gift annuity, the minimum contribution is $5,000.
Charitable Trusts – Two types of charitable trust may be used to
potentially reduce taxes in an estate, to benefit the Foundation,
and to benefit family members.
Charitable Remainder Trust: A donor may contribute appreciated
assets such as stock, real estate or a business to a charitable
remainder trust and avoid capital gains tax, receive a stream of
income for a period of years or a lifetime of the donor and spouse,
and avoid probate and federal estate taxes on the contributed
assets.
Charitable Lead Trust: A lead trust is similar in some ways to a
remainder trust, except the Foundation “leads off” as the income
beneficiary. The Foundation may receive income for a stated period
of years, and the family or other designated beneficiaries will
receive the remaining principal.
Life Insurance Gifts – The Foundation may also receive gifts of life
insurance policies. For policies already in existence, the
beneficiary may be changed to the Foundation and the benefits of the
policy will pass tax free.
Gifts of Appreciated Securities – gifts of appreciated stocks and
mutual funds are a simple way to make a lasting gift to the
Foundation. The gift qualifies for a tax deduction based on the full
market value of the stock, and the capital gains tax is avoided for
the gain in the stock.
Gifts of Real Estate – A personal residence, farm, vacation home or
other real estate may be donated to the Foundation. Making an
outright gift of appreciated property held for more than a year
would result in an immediate income tax charitable deduction for up
to 30% of adjusted gross income and excess deductions may be carried
over for five years.
Donor Advised Fund – In recent years, donor advised funds have
become one of the most popular charitable giving vehicles. Donors
make contributions to a fund maintained by a community foundation or
financial company.
Cash Gifts – A highly efficient and effective gift for the donor and
Foundation is the cash gift. The donor receives a charitable
deduction and the Foundation is able to put the money to immediate
use.
Contributors of $100 are named to the Millionaire Club, contributors
of $1,000 are named to the Billionaire Club, and those contributing
$10,000 and over are in the Trillionaire Club. Contributions of
$10,000 or above will also be named to the newly created Legacy
Club.
For more information concerning any of these charitable giving
strategies, contact The Scottish Rite Foundation of Florida, U.S.A.. Inc.,
P.O. Box 5736, Winter Park, Florida 32793-5736 or call
1-407-657-4550. The information provided is not intended to
be legal or tax advice. Contact your attorney or other tax advisor prior
to making any decisions regarding a planned gift to the Foundation.
A COPY OF THE OFFICIAL REGISTRATION AND FINANCIAL INFORMATION MAY BE
OBTAINED FROM THE DIVISION OF CONSUMER SERVICES BY CALLING TOLL FREE
WITHIN THE STATE. REGISTRATION DOES NOT IMPLY ENDORSEMENT, APPROVAL
OR RECOMMENDATION BY THE STATE. TOLL FREE IN FLORIDA: 1-800-435-7352.
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