Contribute shares of stock, bonds or mutual funds that have gained value. You’ll save money on capital gains taxes, and receive a charitable deduction for the current value of the shares. (In order to receive your maximum tax deduction, you must transfer the stock/mutual fund shares directly to the Council on Aging. Selling the shares and donating the proceeds will not eliminate capital gains tax. For more information, please contact the our office at 440-205-8111).
• Ask for gifts to the Council on Aging as a memorial in lieu of flowers, or in celebration of special birthdays, anniversaries or retirements.
• Consider making a contribution to the Council on Aging in honor of a special relative for Mothers Day, Fathers Day or Grandparents Day. This is a unique and thoughtful way to recognize a loved one’s importance in your life. Anyone honored by a tribute gift will receive a lovely commemorative card.
As you prepare your legacy for your family and your community, please consider including the Council on Aging as part of your plans. There are many options for making planned and deferred gifts. Some gifts will provide tax savings for your estate. Other gifts can provide you with current income at rates of return that are competitive with other investment options. For more information about planned gifts, or for a consultation on which gifts may be beneficial to you and your family, please contact your attorney, financial advisor, or the Council on Aging office.
We are pleased to recognize the generous donors who have remembered the Council on Aging in their estate plans. If you have made a gift to the Council on Aging in your will or trust and would like to be recognized for your contribution, please contact tus at 440-205-8111 so that we can include you in our Legacy Society. Your thoughtfulness will make a difference in the lives of older adults, now and in the future. Click here to see the Legacy Society donors.
Options for Planned Gifts:
Donate Your Car
• If you have a car, boat, RV, or other vehicle that you no longer want or need, you can donate it to the Lake County Council on Aging, receive a tax-deduction for the sale price of the vehicle, and make a hassle-free contribution to help seniors in our community! The vehicle does not need to run. You must have clear title on the vehicle to donate it.
The Lake County Council on Aging works with Donation Line LLC to process vehicle donations. They will arrange to pick up your vehicle at no cost. To donate, go to http://www.donationline.com/ and under step 1, "charitable organization," select Lake County Council on Aging. You may also call 1-877-CARS-4-US (1-877-227-7487) toll free to make arrangements. Please use Extension Code 2135 to ensure that the Lake County Council on Aging will receive the proceeds from your gift.
• Designate the Council on Aging as a beneficiary in your will. Even if you have already prepared your will, you can easily do this through adding a codicil to specify a gift. The following is sample language that you can use to make a gift to the Council on Aging through your will. Please note that the language is for example only. Contact your attorney for further assistance.
“I give, devise and bequeath to the Lake County Council on Aging of Mentor, Ohio, the sum of $_______ (or, ___ percent of the residue of my estate).”
• Use a life insurance policy to make a gift. If you have a paid-up life insurance policy that you no longer need, consider donating the policy to the Council on Aging. Or, name the Council on Aging as a beneficiary of a policy.
• Charitable Gift Annuities:
A charitable gift annuity is a contract under which a charity, in return for a transfer of cash or other property, agrees to pay a fixed sum of money for a period measured by one or two lives. The person who contributes an asset for the annuity is called the “donor” and the person who receives payments is called the “beneficiary.” Payments from a charitable gift annuity are fixed from the outset. They will neither increase nor decrease whatever happens to interest rates of the stock market. A charity is contractually obligated to make the payments.
• Charitable Remainder Trusts:
These trusts are separate trusts that benefit only you and the beneficiaries that you designate (and eventually the Lake County Council on Aging). These trusts are created by you. When the trust matures, we will make sure that the trust remainder benefits the charities that you support. There are several types of charitable remainder trusts. One type is unitrust. In a unitrust, a percentage of the annually determined value of the unitrust is paid to the beneficiaries. Another type is the annuity trust. This type pays a determined amount to the beneficiary.