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 Planned Giving
The great use of life is to spend it for something that outlasts it.
— William James (1842-1910) |  |
Most of us, if given the chance, would like to leave some kind of lasting legacy to show that our lives have made a difference in society; that in some way we have contributed to an important work or cause that will benefit the lives of others for generations to come.
We have many opportunities available to you in planned giving with Vermont Public Television. What plan is best for you will depend upon your specific circumstances. Your legal and financial advisors should always be consulted in the decision-making process. I'd be delighted to work with you and your advisors to achieve your estate and philanthropic goals and objectives.
To learn more, contact llee@vpt.org or call 802-654-3669.
The most popular planned gift is the simple charitable bequest by will or living trust. Bequests are popular because nearly anyone can do it, your current lifestyle is not affected, there may be estate and income tax savings, and it's a great way to show the world what you value most in life. A bequest is also a great opportunity to memorialize a loved one or friend.
A specific bequest to Vermont Public Television might read, "I give, devise, and bequeath $ ______ (or a percentage of my estate) to Vermont ETV, 204 Ethan Allen Avenue, Colchester, VT 05446, for its corporate uses and purposes."
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The recent congressional passage of the Pension Protection Act of 2006 provides some opportunities for donors to public television. Under this provision, you may distribute up to $100,000 per year from an IRA account tax free… this means the distribution will be excluded from gross income for tax purposes. If you need to take a minimum distribution from your IRA and don’t necessarily need the additional income or would like to avoid paying taxes on it, this is a unique opportunity for you.
There are restrictions:- You must be 70.5 years or older at the time of the gift.
- The distribution must go directly from the IRA trustee to a qualified charitable organization.
- There is a $100,000 per taxpayer, per year limit for 2006 and 2007.
- Gifts must be outright to qualified charities. (This includes VPT. However, gifts to donor-advised funds and support organizations are excluded, as are contributions to fund charitable remainder trusts and charitable gift annuities.)
- Gifts must be cash. Gifts of stock do not qualify.
- Distributions from employer-sponsored retirement plans such as SIMPLE-IRAs, 401(k)s and 403(b)s do NOT qualify. It is possible that funds can be transferred to an IRA then distributed to the charity. Check with your tax adviser.
Those desiring to make a charitable gift from their IRA should contact their IRA custodian and have the custodian make a direct transfer to VPT. For more information, contact Lee Ann Lee at 802-654-3669, or by email at llee@vpt.org.
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Many of our friends have life insurance policies that are no longer needed for their security or the security of their families.
When an existing policy is given to Vermont Public Television, the owner can immediately deduct, as a charitable contribution, the current value of the policy (or the net value of the policy if this is less than current value). VPT can also be named as a primary or secondary beneficiary of an existing life insurance policy. Contact your insurance provider and request a Change of Beneficiary form, to include VPT.
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A special provision of the tax law allows an immediate income tax deduction for a gift of a remainder interest in your home or farm. You retain an absolute right to occupy the home or farm for life. The property passes to VPT only after termination of the life estates. Contact us for more details.
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Antiques, artwork, jewelry, book collections — these are just a few of the kinds of tangible personal property that friends have used in making charitable gifts to VPT.
The full fair-market value of the assets is deductible provided the gifted asset is used for our charitable purposes. Otherwise, the deduction is limited to adjusted cost basis.
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VPT has established the Golden Circle Legacy Society to encourage, honor, and thank those individual who remember Vermont Public Television by including us in their philanthropic plans. If you’ve already remembered VPT in your current estate and gift plans please let us know, we’d like to invite you to join the Legacy Society.
Membership in the Society includes invitation to special events, workshops and seminars, recognition in on-air and print media spots, and a regular Insider Newsletter (Note: To read the newsletter online, you need Adobe Acrobat Reader. Click here to download a FREE copy.). If you would like to remain anonymous while receiving the benefits of membership, we will certainly honor your wishes.
To learn more or to request a Legacy Society Membership Form contact Lee Ann Lee at llee@vpt.org or call 802-654-3669.
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