Fairport Baptist Homes

Legacy Giving: Charitable Gifts for the Future

A planned gift is an “ultimate” gift, expressing your deeply felt philanthropic commitment in doing what you believe is right for an organization or institution.  There are many reasons for you to consider a planned philanthropic gift.  If you view your resources in terms of “eternal return,” you can leave a lasting legacy and make a true impact by investing with us for the long term.

Through an estate gift, you share your commitment to the Fairport Baptist Homes beyond your lifetime by initiating plans now that testify to the faith and confidence you have in Fairport Baptist Homes’ ministry to the elderly in our community.  You will have the satisfaction of knowing that your resources will help shape the lives and character of those who come after you.

You need to discuss this decision with your family, your financial planner, and your legal advisor.  Some gifts can provide income to you while you are alive; others primarily provide income to Fairport Baptist Homes.

• Charitable Gift Annuity
• Charitable Remainder Annuity Trust
• Charitable Remainder Unitrust
• Pooled Income Fund
• Bequest
• Charitable Lead Annuity
• Charitable Lead Unitrust
• Life Estate Agreement
• Life Insurance
• Retirement Plans

Gifts That Provide You (and FBH) with Income:

Charitable Gift Annuity

A charitable gift annuity enables you to transfer cash or marketable securities to the charitable organization issuing the gift annuity in exchange for a current income tax deduction and the organization’s promise to make fixed annual payments to you for life. Annuity payments can begin immediately or can be deferred to some future date.

Charitable Remainder Annuity Trust

A charitable remainder annuity trust is a custom designed and individually managed trust that enables you to retain a fixed income for your lifetime or a fixed term of years, claim a current income tax deduction, and make a future gift to charity.

Charitable Remainder Unitrust

A charitable remainder unitrust is a trust that pays you a percentage of the fair market value of the trust assets as revalued annually for a term of years or one or more lives. At the end of the trust term, the remaining principal goes to one or more charities you choose.

Pooled Income Fund

A pooled income fund is a trust, operated by a charitable organization, that enables you to retain a life income, claim a current income tax deduction, and make a future gift to charity.

Gifts that Provide Income Only to Fairport Baptist Homes

Bequests

You might choose to designate in your will that a portion of your assets be used to benefit the Fairport Baptist Homes.   In this way you can ensure that your values extend to others even after your lifetime.

You can give an outright gift or set up an endowment to fund a project, sustain an ongoing program, encourage service in a new area, or provide an award to a worthy recipient.  Endowment funds pay a fixed percentage of the annual value of the fund to the designated recipient or project each year, reinvesting additional earnings and building up the find over time.  The fund can last in perpetuity.

Your bequest can be outright or contingent upon the death of another family member.  Your bequest might occur in one of the following ways:

• Fixed Amount General Bequest

This is the most common (but not necessarily the best) type of bequest You simply leave a specific dollar amount to the Fairport Baptist Homes Caring Ministries Foundation.

Ex.  I give $50,000 to The Fairport Baptist Homes Caring Ministries Foundation of Fairport, NY to be used at its discretion.

• Residuary Bequest

This gives all or part of your estate after debts, taxes, expenses, and other bequests have been fulfilled.

Ex.  I give the rest of the property I own at my death to the Fairport Baptist Homes Caring Ministries Foundation of Fairport, NY to be used at its discretion.

• Percentage Bequest

This is the most flexible way to give. The gift amount automatically changes with the size of your estate. The bequest can be expressed as a percentage of the estate or of the residuary estate.

Ex.  I give 10% of my estate to the Fairport Baptist Homes Caring Ministries Foundation of Fairport, NY to be used at its discretion.

• Combination Bequest

This can be a percentage plus the residue.

• Restricted Bequest

You may wish your gift to be used for a specific purpose.  A restricted bequest should be made in the broadest terms possible consistent with your interests, to guard against your gift’s becoming obsolete, especially as new and pressing needs emerge.

Ex.  I give $10,000 to the Fairport Baptist Homes Caring Ministries Foundation of Fairport, NY, to be used to support the nursing home’s transitional care center.

Charitable Lead Annuity

A charitable lead annuity trust is a custom designed and individually managed trust that enables you to give a fixed annual amount to charity for either a fixed term of years or the life of one or more individuals.

Upon conclusion of the measuring term, the trust terminates and, according to the terms of trust instrument, distributes its remaining assets (called the remainder interest) back to you or to one or more individuals that you have specified.

Charitable Lead Unitrust

A charitable lead unitrust is a custom designed and individually managed trust that enables you to give an annual income to charity for a fixed term of years or the life of one or more individuals. Upon conclusion of the measuring term, the remaining trust asset can revert to you or be transferred to one or more individuals that you select.

Depending on when the trust is established and who receives the remainder interest, you may qualify for a charitable income, gift or estate tax deduction.

Gifts with Retained Use

Life Estate Agreement

A life estate agreement is an arrangement whereby you transfer title to a personal residence, farm, or yacht to charity while retaining the right to occupy and otherwise enjoy the full use of the property for your choice of a term of years or the lifetime of one or more individuals.

Life Insurance

Life insurance protects your loved ones from your untimely death.  However, many people end up with more life insurance than they need, especially when their children are financially independent.  If this describes your situation, you might consider donating life insurance to Fairport Baptist Homes by naming FBH as the beneficiary of your policy, giving to FBH a policy on which you are still paying premiums, or having your insurance policy dividends go to FBH.

Retirement Plans

You might consider naming BFH as the beneficiary of your retirement savings plan, in which FBH will receive your retirement savings free of income and estate taxes.