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Planned Giving

A thoughtfully planned estate gift can help Special Olympics New York reach even more people with intellectual disabilities and provide them the opportunity to develop physical fitness, demonstrate courage and experience joy.

Planned and legacy giving is an increasingly popular way for individuals of all financial brackets to make charitable gifts, enabling a donor to arrange charitable contributions in ways that maximize his or her personal objectives. The most popular gifts include naming Special Olympics New York as a beneficiary in a will, making Special Olympics New York the owner and beneficiary of a life insurance policy or making a gift of tangible personal property or real estate.

There are a variety of options you may wish to consider as you plan your charitable gifts. Generally gifts fall into two categories: Outright Gifts and Deferred Gifts.

Kinds of Gifts

There are many ways to make a planned gift. The most popular gifts include naming Special Olympics as a beneficiary in a will, making Special Olympics the owner and beneficiary of a life insurance policy, making a gift of tangible personal property (such as a work of art) or real estate. One very popular gift vehicle, the charitable gift annuity, provides lifetime income payments to the donor in return for a gift of cash or marketable securities.

Generally, gifts fall into two categories: outright gifts and deferred gifts .

Outright Gifts

Outright gifts are available immediately for use by Special Olympics New York. The gift can be used or sold for cash. Examples of such gifts include cash, securities, real estate, tangible personal property and paid up life insurance policies.
 
A planned gift is one that will benefit Special Olympics New York at some point in the future, and may provide you with current income and tax benefits. Following are examples of the planned giving alternatives available to you:


Cash Donations
Special Olympics New York gratefully accepts donations of marketable securities and/or cash contributions. In addition to knowing that your gift will help Special Olympics serve those with intellectual disabilities, you will also receive a charitable tax deduction for the value of your contribution on the gift date. Special Olympics will provide you with written confirmation of your tax deduction.

Please send your check to:
Ms. Alys Prostack, Chief Financial Officer, Special Olympics New York, 504 Balltown Road, Schenectady , NY 12304-2290

Life Insurance
A gift of life insurance may allow you to make a more substantial contribution to Special Olympics New York. If an existing policy is given (where Special Olympics New York is named as both the owner and beneficiary), you will be entitled to a charitable tax deduction equal to the lesser of your adjusted cost basis or the current value of the policy. If the policy is paid-up (where no further premiums are due), the charitable deduction will be the lesser of your adjusted cost or its replacement cost. Upon request, the insurance company can provide you with the policy value and adjusted cost on IRS Form 712. You will also be entitled to a charitable deduction for any premiums that you make on a policy assigned to Special Olympics. It is best to make the premium payments to Special Olympics rather than the insurance company to maximize your deduction.

Special Olympics New York can assist you with evaluating the various planned giving arrangements to help you to determine which alternative is most appropriate given your life situation. We will work closely with you and your advisors to explain the various alternatives available and the benefits you will receive from each.

Planned Giving Example

Mary Jones, age 82, is the mother of Robert, who is intellectually disabled. Mary would like to supplement her income during her lifetime, and financially provide for Robert, who is 51, when she is gone. One way that Mary can accomplish this is through a Charitable Gift Annuity offered by Special Olympics New York.

A charitable gift annuity will provide Mary with a quarterly annuity payment for the rest of her life, and upon passing, the same quarterly payments will continue to be paid to Robert for the remainder of his life. After that, the balance in Mary's gift annuity will be transferred to Special Olympics New York for their unrestricted use.

Mary has decided to use the proceeds from a maturing certificate of deposit to fund the charitable gift annuity. Following are the benefits that Mary and Robert will receive:

Charitable Gift Annuity Amount $100,000

Annuity Rate (based on Mary's and Robert's ages) 4.8%

Quarterly Annuity Payment Amount $1200 ($4800/year)*

Charitable Tax Deduction $36,098**

*A portion of the annuity payment will be tax-free for the first 30 years, since the IRS considers part of it to be a return of Mary's initial contribution.

** Mary is entitled to a charitable tax deduction because Special Olympics New York will receive the remaining balance of her annuity contract upon Robert's passing.

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