Planned Giving
Incorporating the Jacksonville Arboretum & Botanical Gardens into your estate plan allows future generations to experience, explore and enjoy the unique and idyllic qualities of the trails and gardens. Planned giving is an important way to use your philanthropic services to utilize the maximum financial rewards, such as tax and income incentives.
Below are some of the most common trust and bequest arrangements. This is basic information, and while it should help you come to a decision, the Arboretum encourages you consult your attorney or tax and financial advisors to establish an estate plan that fits your needs and interests.
Wills & Bequests
With a will, you can guide the desired distribution of your assets the way you choose, rather than as state and federal laws dictate. Wills can potentially reduce or eliminate specific estate taxes and court costs, and they allow you to assign a percentage of your assets as a gift to your favorite charity.
Cash Bequest: The Arboretum receives a specific dollar amount.
Specific Bequest or Devise of Property: The Arboretum receives predetermined assets. This can come in the form of real estate, tangible personal property, or securities.
Residuary Bequest or Devise: The Arboretum receives a percentage or all of the remainder of your estate after definitive legacies, taxes, debts and estate expenses have been paid.
Contingent Bequest or Devise: the Arboretum receives a donation based on contingencies set in place on the bequest. There can be a wide variety of conditions you could place on a bequest, such as requesting that if you outlive other named beneficiaries, your donation will instead benefit the Arboretum.
Trusts
Charitable Remainder Trust: In this case, one or more named beneficiaries receive an income for life or for a specified term, after which the assets would pass to the Arboretum. With this arrangement, you can provide income to family and friends, utilize considerable tax savings, and ensure important benefits to the Arboretum after the trust’s cessation.
Charitable Lead Trust: an income from said trust is gifted to the Arboretum for a certain period of years, after which the assets would pass to your named heirs at a reduced estate tax cost. This arrangement provides the ability to preserve a larger portion of your estate for your beneficiaries by considerably reducing estate and other transfer taxes.
Retirement Plans
IRAs, 401(k)s, 403(b)s, Keoghs and other retirement plans constitute an exponentially large part of many estates, but they are often subject to estate, income and other transfer taxes when left to your heirs. By naming the Arboretum as a beneficiary of a percentage or all of your plan assets, you may reduce or even eliminate both estate and income taxes. Note that naming a specific dollar amount, rather than a specific percentage, may result in the inclusion of these funds in your gross estate for tax purposes.
To designate the Arboretum as a beneficiary of your retirement plan funds, please contact us at info@jacksonvillearboretum.org.
Additionally
For more information about your planned giving options, please consult your attorney and your financial or tax advisers. If you have included the Arboretum in your will or estate plan, please feel free to reach out. We do not ask for the details of your planned gift, but we would love to thank and recognize your generosity and support.
For more information on planned giving, contact (904) 318-4342 or info@jacksonvillearboretum.org
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