Below describes the types of personal assets that GLBBS can accept. To discuss vehicles through which these assets can be given (Beneficiary Designations, Charitable Gift Annuities, Charitable Remainder Trusts, IRA Charitable Rollovers, Will/Living Trust, Donor Designated Funds, etc.) please contact the Office of Development.
A gift of cash may be given outright to GLBBS. Cash is the simplest, quickest asset to use in making a gift. Income tax charitable deduction is for the full amount of the gift and can be used to offset a larger percentage of your income than a gift of real estate or securities.
Any portion of the deduction not used in the year of the gift can be carried forward for an additional five years.
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Giving a gift of real estate to GLBBS provides several benefits to the donor. Give all or a portion of real estate to GLBBS and your income tax charitable deduction will equal full fair-market value of the property, not the price you paid to purchase the property.
There are no capital gains tax at the time of transfer. You may also be able to use real estate to fund a life income gift, such as a charitable remainder trust.
The school will sell the real estate to support programming you specify, unless the real estate could be used by the school to advance its mission.
Simply name Great Lakes Boat Building School as a beneficiary of your IRA, 401(k), 403(b), or other retirement plan. At your passing, all or part of the remaining plan assets pass on to GLBBS to support a program you designate.
As the donor, you can continue to take distributions from your retirement account during your lifetime. We suggest leaving other assets to loved ones, which – unlike a retirement plan – are not subject to income AND estate tax (if applicable).
When you purchase life insurance, the most important part of your policy is the beneficiary designation. Naming your beneficiaries, the individuals and organizations who will receive the policy’s death benefit when you pass, is the reason you bought the policy.
You can leave a legacy by naming Great Lakes Boat Building School as one of your beneficiaries.
To do so is simple – call your insurance provider and request that Great Lakes Boat Building School be added to your list of beneficiaries. If purchasing a new policy, write “Great Lakes Boat Building School” on your beneficiary designation form.
You have control over how much of your benefit is given to the school.
GLBBS may also be named as a secondary beneficiary or included in a charitable giving rider attached to your life insurance policy.
Privately Held Securities – You can give the gift of closely held stock to GLBBS. By doing so you receive an income tax charitable deduction for the appraised value of the shares, even if you obtained the shares at low or no cost (provided you have owned the stock for more than one year).
You will avoid capital gains tax on the appreciation value and may be able to fund income gifts, such as a charitable remainder trust.
Privately held securities are sold to support programming you designate.
Publicly Traded Securities – A gift of publicly traded securities can be outright to Great Lakes Boat Building School or could pay you or a loved one income for life or a set term of years.
You will receive an income tax charitable deduction based on the full fair-market value of the securities provided that you have owned the stock for more than one year.
You will avoid capital gains tax on the appreciation in value and may be able to fund income gifts, such as a charitable remainder trust.
Planned gifts to Great Lakes Boat Building School provide you control over your gift. You can designate it with a specific place or purpose in mind, or leave your gift unrestricted so we can apply it toward the areas of greatest need.
What works for you (and your family) will depend on when you want the gift to take effect, your desired level of involvement, whether family or other beneficiaries will be involved, and other tax implications.