Planned Giving with Kachemak Heritage Land Trust: Creating a Conservation Legacy
In celebration of KHLT’s 35th anniversary, we are launching the Legacy Giving Circle. We are incredibly honored to have secured a $25,000 pledge, and with each notification we receive that someone has put KHLT in their estate plans, $2,500 will be donated to KHLT from the pledge. Will YOU be one of the 10 individuals who help us reach $25,000 this year by putting KHLT in your legacy plans? Join our Legacy Giving Circle today by letting us know you’ve put us in your will.
WILLS AND BEQUESTS Commonly donated through a will or trust, planned gifts are usually granted when a donor passes away. A will enables you to designate all or a portion of your assets as a gift to Kachemak Heritage Land Trust (KHLT) upon your death. Such gifts can be made through a new will or through an amendment to your existing will.
Specific Bequest or Devise of Property With a specific bequest, you specify the exact amount of cash, property (real estate or tangible personal property), or other assets such as securities that you wish KHLT to receive.
Residuary Bequest or Devise A residuary bequest allows you to leave all or a percentage of the remainder of your estate to KHLT after specific bequests, debts, taxes, and estate expenses have been paid.
Contingent Bequest or Devise You may leave part or all of your estate to KHLT contingent on certain conditions, such as other named beneficiaries not surviving you.
Bequests of Real Estate If you have real estate of any sort that you would like to bequeath to Kachemak Heritage Land Trust, it is essential that the planned real estate gift be reviewed by KHLT staff ahead of time to ensure that there are no contingencies or potential liabilities that could prevent the land trust from being able to accept the property.
Examples of language in your will:
Unrestricted Bequest I give and bequeath to Kachemak Heritage Land Trust, a non-profit organization (Tax ID # 94-3104608), with a principal business address of 315 Klondike Ave, Homer, AK 99603, for its general purposes, the sum of ____ Dollars ($____) - OR - ___% of my residuary estate.
An unrestricted bequest allows your donation to be used where it is most needed.
Restricted Bequest I give and bequeath to Kachemak Heritage Land Trust, a non-profit organization (Tax ID # 94-3104608), with a principal business address of 315 Klondike Ave, Homer, AK 99603, the sum of ____ Dollars ($___) - OR - ___% of my residuary estate to support ______________ (e.g. land acquisition, trail maintenance, historic preservation). Bequest of Specific Assets I give and bequeath to Kachemak Heritage Land Trust, a non-profit organization (Tax ID # 94-3104608), with a principal business address of 315 Klondike Ave, Homer, AK 99603, for its general purposes, ____________________ (e.g. a home, acreage, stocks, jewelry, artwork).
Include specific details about the assets for clear identification.
Please contact your attorney to discuss specifics if you would like to make a bequest to Kachemak Heritage Land Trust.
RETIREMENT PLANS You can name Kachemak Heritage Land Trust as a beneficiary or contingent beneficiary of your retirement plan. This is generally a simple procedure that can be accomplished by contacting your retirement plan administrator and providing KHLT’s name, address, and federal tax ID# 94-3104608.
LIFE INSURANCE A designation of Kachemak Heritage Land Trust as the beneficiary of a life insurance policy at the insured’s death will avoid any estate tax on the insurance death benefit when the insured dies. Alternatively, the owner of a life insurance policy can irrevocably assign the ownership and beneficiary designation of the policy to Kachemak Heritage Land Trust during the insured’s lifetime. If the policy is a type that has cash value at the time of the transfer, the donor may be entitled to an immediate charitable income tax deduction equal to the fair market value or donor’s adjusted cost basis in the policy. In addition, the insurance proceeds will pass free of estate tax when the insured dies. Please contact your life insurance company for more information if you wish to designate Kachemak Heritage Land Trust as the owner or beneficiary of your policy.
TAX BENEFITS Planned giving involves a number of important decisions, many of which may be based on tax incentives as well as family considerations and philanthropic goals. Kachemak Heritage Land Trust is unable to offer specific tax or other legal advice. For more information about your planned giving options, we strongly recommend that you consult your attorney and your financial advisor. With careful planning, you can provide for your family’s future while also creating a meaningful conservation legacy through Kachemak Heritage Land Trust.