A Way to Honor a Family Member or Dear Friend
Remember the GiGi’s Playhouse Cleveland Memorial Fund or the GiGi’s Playhouse Cleveland Endowment Fund for planned giving should you wish to make a gift in memory of or to honor someone. These monies are kept in an account and only used for maintenance and expansion of our facility, now and in the future. Discover the benefits of making a planned gift through the Endowment Fund.
Leaving a Legacy of Love
Leave a Legacy of Love to GiGi’s Playhouse Cleveland and improve your financial security at the same time through planned giving. Through planned giving you can assure the long-term health of GiGi’s Playhouse Cleveland Down Syndrome Achievement Center and the fulfillment of your personal financial objectives.
ALWAYS SEEK PROFESSIONAL ADVICE FIRST: It is important that you consult your or seek out a competent financial planner or Estate Planning Attorney to assure that your beneficiary designations will work in the desired method you have chosen. Tax laws are subject to frequent changes and all noted options were based upon tax rules at the time of this posting.
There Are Several Ways to Give
1. Gifts of Real Estate: GiGi’s Playhouse Cleveland welcomes gifts of real estate and will work with the donor and their financial advisor or attorney to determine how to best achieve their goals. Under current tax laws, donors pay no capital gains when they make lifetime contributions of real estate held for more than one year. For transfers made at death, under a will or trusts, the estate tax charitable deduction is generally based on fair market value.
2. Gifts of Stocks and Bonds: Capital gains of long-term stock that has appreciated can be avoided by a donation to GiGi’s Playhouse. This is an excellent way to provide a much larger gift.
3. Charitable Lead Trust: With a Charitable Lead Trust, GiGi’s Playhouse Cleveland becomes the initial beneficiary generally receiving a steady stream of payments for a term of years. The assets of the trust are distributed to the donor’s designated beneficiary (typically the children, nieces, nephews, etc.-at the conclusion of the term of trust). A Charitable Lead Annuity Trust allows the donor to stretch their available estate or gift, tax exempt, and is particularly effective in a low interest rate environment.
4. Charitable Gift Annuity: A Charitable Gift Annuity allows the donor to support GiGi’s Playhouse Cleveland while providing themselves with a lifetime income. Consistent payments ensure the donor knows their income amount. A charitable deduction is earned, helping lower possible income taxes.
5. Charitable Retirement Trusts: A Charitable Retirement Trust allows the donor to reduce gift or estate taxes, defer capital gain benefits from a diversified portfolio, claim an income tax deduction and benefit GiGi’s. This type of trust makes periodic payments to the designated beneficiary. Generally, either a fixed annuity amount or an amount based on the fair market value of the property.
6. Retirement Assets: Distribution from retirement plans, IRA’s and 401(k) plans are typically taxed as ordinary income to your named beneficiaries making them less desirable. For this reason, they are ideal assets to contribute to GiGi’s Playhouse Cleveland, which is tax exempt. Another alternate is to gift an existing commercial annuity during your lifetime.
It is important to consult your financial planner or attorney or seek out a competent Estate Planning Attorney to assure your beneficiary designations will work in the desired method you have chosen.
Contact Pete Sedlak, Board President, with any of your Planned Giving questions.