Legacy or Planned Giving enables you to make a larger and lasting gift to The Lawn Institute than is possible from your income. A planned gift is any major gift, made in lifetime or at death as part of a donor’s overall financial and/or estate planning.
Designate a defined gift or a portion of your estate to The Lawn Institute and your heirs might benefit from a substantial reduction in gift and estate taxes. Or name TLI as a beneficiary of your retirement account (401(k) or IRA) to make a significant, lasting gift that may not be possible during your lifetime. It’s easy and requires no need to modify your will or estate plan.
Bequest: Create a Legacy With Your Will
A donation in your will or living trust, called a bequest, allows you to support our work without parting with assets today. Some advantages include:
- Simple to set up
- Can be changed at anytime
- Could provide estate tax relief
This type of gift offers these main benefits:
- Simplicity. Just a few sentences in your will or trust are all that is needed.
- Flexibility. Because you are not actually making a gift until after your lifetime, you can change your mind at any time.
- Versatility. You can structure the bequest to leave a specific item or amount of money, make the gift contingent on certain events, or leave a percentage of your estate to TLI.
- Tax Relief. If your estate is subject to estate tax, your gift is entitled to an estate tax charitable deduction for the gift’s full value.
How It Works
To make a charitable bequest, you need a current will or revocable living trust. Your gift can be made as a percentage of your estate. Or you can make a specific bequest by giving a certain amount of cash, securities or property. After your lifetime, TLI receives your gift.
Putting Your Family First
When planning a future gift, it’s sometimes difficult to determine what size donation will make sense. Emergencies happen, and you need to make sure your family is financially taken care of first. Including a bequest of a percentage of your estate ensures that your gift will remain proportionate no matter how your estate’s value fluctuates over the years.
Suggested language for estate planning:
- Outright Bequest
- Specific dollar amount: “I give the sum of $ _______ to The Lawn Institute to be used or disposed of as its Board of Directors deems appropriate in its sole discretion.”
- Specific personal property: “I give (Description of Property) to The Lawn Institute to be used or disposed of as its Board of Directors deem appropriate in its sole discretion”.
- Specific real property: “I give all of my right, title and interest in and to the real property located at (Address or Description of Property) (and legally described on the attached Exhibit A) to The Lawn Institute to be used or disposed of as its Board of Directors deem appropriate in its sole discretion”
- Share or entire residue of estate: “I give (all of __%) of the remainder of my estate to The Lawn Institute to be used or disposed of as its Board of Directors deem appropriate in its sole discretion”.
- Conditional or Restricted Bequest
- Conditioned or Survivorship: If the bequest is conditioned, insert the conditional language in one or more of the above provisions. For example:
- “If my spouse does not survive me, I give the sum of $ ___ to The Lawn Institute to be used or disposed of as its Board of Directors deem appropriate in its sole discretion”.
- Restricted Use: If the gift to TLI is for a purpose other than TLI’s unrestricted use, insert the restriction in place of the words “to be used or disposed of as its Board of Directors deems appropriate in its sole discretion. “For example:
- I give the sum of $ ____ to The Lawn Institute for the following use and purpose: (Describe Use or Purpose).”
“If in the judgment of the Board of Trustees of The Lawn Institute it become impossible to accomplish the purpose of this gift, the income and principal may be used for such similar purposes and in such manner as is determined by the Board of Directors in its discretion.”
Beneficiary Designation: Create a Simple and Powerful Gift
Everybody wins when you name TLI as the beneficiary to your retirement plan assets, life insurance or insurance annuities:
- You can leave other, less-taxed assets to your family
- You can also change your mind at any time
- Our organization can put the full amount of your gift to good work
Assets, such as retirement plans, life insurance and insurance annuities, however, are not controlled by the terms of your will. These assets instead require separate beneficiary forms. The beneficiaries of these assets can be easily modified at any time to meet your changing needs:
- IRAs and retirement plans
- Life insurance policies
- Insurance annuities
To leave a portion of your retirement account(s) to TLI, request a Beneficiary Designation Form from your insurance provider or investment counselor. Use the contact information below to name TLI as a beneficiary. You may contribute a flat dollar amount or you may choose to allocate a percentage of your assets to TLI.
The Lawn Institute
2 East Main Street
East Dundee, IL 60118
Federal Taxpayer/Employer Identification No.: 36-3892659