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Making a Bequest
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How it works
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You can provide now for a future gift to ACCHOS by including a bequest provision in your will or revocable trust. ACCHOS receives the gift, and applies it to the purpose(s) you specified.
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Benefits
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• Your assets remain in your control during your lifetime.
• You can modify your bequest if your circumstances change.
• You can direct your bequest to a particular purpose – be sure to check first with ACCHOS to make sure your gift can be used as intended.
• There is no upper limit on the estate tax deductions that can be taken for charitable bequests.
• You know that your gift will benefit ACCHOS tomorrow just as you intend it to today.
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If you require further information on this subject, contact info@acchos.org – you should also CONSULT YOUR LEGAL AND TAX ADVISORS before making material decisions based on these details.
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Gifts of Retirement Assets
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How it works
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You name ACCHOS as the beneficiary of your IRA, 401(k) or other qualified retirement plan. After your lifetime, the assets remaining in your plan pass to ACCHOS tax-free.
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Benefits
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• You can escape both income AND estate taxes levied on the balance left in your retirement account by leaving it to ACCHOS.
• Give the most-heavily-taxed asset in your estate to ACCHOS, and leave more favorably taxed property to your heirs.
• You can continue to take withdrawals during your lifetime.
• You can change the beneficiary designation if your circumstances change.
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Did you know that your retirement plan assets will be taxed heavily when you die?
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When you plan your estate, it may seem natural to designate a family member as the successor beneficiary of your retirement plan, and use other assets to make a charitable gift. But using retirement assets to make your charitable bequest and leaving other assets to your heirs often enables you to give more to your heirs.
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Since ACCHOS is a non-profit tax-exempt organization, we won't pay income tax on the distribution (nor will the gift be subject to estate tax). The entire amount comes to ACCHOS, and your heirs will benefit from a reduced estate tax burden.
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Planning points
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• You may make ACCHOS a partial beneficiary of your plan and direct the balance to your heirs. At your death, the plan administrator will withdraw our share, providing an immediate gift to ACCHOS and leaving the balance to benefit your family members.
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• Be sure to direct the gift to the Atlantic City Convention Hall Organ Society, Inc. (Tax ID# 52-2097565) using your plan's beneficiary designation form — rather than through your will. If you fail to do so, the assets will be included in your taxable estate.
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• Don't use the balance in your retirement account to satisfy a specific dollar-amount bequest already in your will. Your estate will be treated as having received taxable income in the amount of the bequest paid by the retirement plan assets.
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Can I use retirement assets to fund a charitable life income arrangement?
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Yes, you can. Talk to your financial advisors and us first to project whether your heirs would benefit more from income from a gift plan or by withdrawals from your retirement account. A lifetime withdrawal from your plan raises additional tax considerations.
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How do I make a gift of my retirement account assets?
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Notify your plan administrator of your wish to change the beneficiary. First, get the advice of your plan administrator and an attorney.
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If you require further information on this subject, contact info@acchos.org – you should also CONSULT YOUR LEGAL AND TAX ADVISORS before making material decisions based on these details.
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How to give Securities
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Securities held by your broker
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An electronic stock transfer (DTC) is the most direct way to contribute securities to ACCHOS. Unfortunately, electronic transfers do not include the individual name(s) of the donor(s), so it is very important that you notify us of your pending stock gift.
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Inform your broker in writing that you wish to give appreciated securities to ACCHOS. Click here to download a sample letter for your use. Be sure to send a copy of the letter to ACCHOS at the address shown at the bottom of the sample letter, so that that we can provide you with timely and proper credit and acknowledgment of your gift.
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Be sure to let the broker know in the letter when you would like the transfer made.
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Stock certificates you hold
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If you hold the actual stock certificates, you will need to sign a stock power form for each certificate you wish to contribute. You may obtain a stock power from any broker or financial institution. When you sign the stock power form, be sure to sign your name precisely as it appears on the stock certificate. For example, if you are listed as George T. Johnson, Jr. on the stock certificate, sign the stock power form as "George T Johnson, Jr."
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When mailing the certificates, use two envelopes. In the first envelope, place the unendorsed stock certificates. In the second envelope, place the completed stock power forms (one for each stock certificate you are sending). Send them on the same day by registered mail to:
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Jack Clotworthy, Secretary/Treasurer
Atlantic City Convention Hall Organ Society, Inc.
1009 Bay Ridge Avenue PMB 108
Annapolis, MD 21403
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Mutual funds
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Mutual fund transfers usually take a longer time to process as each mutual fund company has its own requirements for making charitable contributions. Contact the customer service department at your mutual fund company to secure the forms needed and then call our Secretary/Treasurer, Jack Clotworthy, at 410-849-3215 to discuss your intent. We may need to create an account with your mutual fund company before the transfer can occur, so allow at least one month for the transfer.
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Trusts and life-income gifts
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If you are giving securities to fund a trust or a life-income gift such as a Charitable Remainder Trust please telephone our Secretary/Treasurer, Jack Clotworthy, at 410-849-3215 for special transfer instructions.
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If you require further information on this subject, contact info@acchos.org – you should also CONSULT YOUR LEGAL AND TAX ADVISORS before making material decisions based on these details.
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