Family is perhaps the most precious thing to us here on earth. Entire lives are spent providing for their needs and protecting their future. It is an investment worth safeguarding, nurturing and building into a family legacy.
If you are interested in naming the Lexington Rescue Mission as a beneficiary in your will, or an estate planning instrument, your attorney will find the following information valuable:
We are a 501(c)(3) organization incorporated in the state of Kentucky. Our tax ID number is 61-1387338.
Sample Bequest Language:
I bequeath the sum of $____________ or ____% of my estate to the Lexington Rescue Mission, Attn: Estate Planning, PO Box 1050, Lexington, Ky 40588, to be used for its work in support of homeless men women and children.
If you have already included the Lexington Rescue Mission in your will, please contact us at 859.381.9600 so we can say “thank you.”
Life insurance may be one of your many assets. It’s an asset that could also add flexibility to your charitable giving plans. Sometimes life changes alter your life insurance needs. You may currently own previously purchased policies that are no longer necessary. These policies could play a major role in your charitable giving plans.
Examples of unnecessary policies include:
• A policy on your life to protect a spouse for whom it is no longer necessary, or a child who is now financially independent.
• A policy bought to guarantee that money will be available for your children’s education, but their education was paid by some other means.
• A policy purchased to protect a business that no longer exists or no longer needs protection.
These life insurance policies may be considered “obsolete” and don’t need to be held. While the policies may not benefit you for the purpose for which they were originally intended, they could assist you in meeting other goals.
Benefits of donating to a charitable organization through your life insurance:
• The gift is immediate, which also gives you immediate tax deductions.
• Your confidentiality is assured, as life insurance is not a matter of public record.
• A gift of life insurance is flexible and can be designed to meet your giving desires.
If you are interested in making a charitable donation through your life insurance, please contact us at 859.381.9600 to discuss the details.
Gifting real estate to the Lexington Rescue Mission is an excellent way to help the ministry further its mission. If you own property and wish to make a charitable gift, you may find real estate gifting an efficient way to accomplish your goal. You will appreciate our thorough review procedure for this type of asset giving because every real estate gift is unique.
Someone who donates real estate that has been held for more than one year is generally entitled to an income tax deduction equal to the full fair market value of the contributed property. Also, the donor can avoid the capital gain tax on the appreciated portion of the property that would have been taxable if the property was sold. Estate tax savings as well as avoiding probate are other possible benefits.
If you would like more information, please contact us at 859.381.9600 to discuss the details.
Because your qualified retirement plans, including IRA, 401(k), 403(b), Keogh and SEP, are considered part of your taxable estate at death, they may be subject to taxes in excess of 70 percent. Careful planning can help you minimize or even eliminate these taxes. Amounts left from retirement plans for charitable use are still included in the taxable estate, but they are fully deductible from the estate as charitable gifts.
Rather than see retirement assets diluted by taxes, you can direct these assets to be used to make charitable gifts from your estate. After you have discussed your estate and financial plans with your advisor and decide to make a gift from your retirement assets, the procedure is very simple. Ask your retirement plan administrator for a Change of Beneficiary form, and indicate the amount or percentage you would like to go to charity. Simply insert Lexington Rescue Mission’s name and the amount to be given to the ministry. You can change your beneficiary designation or distributions at any time.
If you are interested in naming the Lexington Rescue Mission as a beneficiary in your IRA, you will find the following information valuable:
Lexington Rescue Mission
P.O. Box 1050
Lexington, KY 40588
We are a 501(c)(3) organization incorporated in the state of Kentucky.
Our tax identification number is 61-1387338.
If you would like more detailed information about this process, feel free to contact us at 859.381.9600.
Stocks and Mutual Funds
As you may already know, the benefits of donating appreciated securities (either stocks or mutual funds) are tremendous. You are able to avoid paying capital gain tax on the appreciation, and you also get to deduct the full fair market value of the security at the time of gift. This is an excellent way to leverage your gift in support of great Christian causes.
As long as you have held the security for longer than 12-months, giving through appreciated securities can work as follows:
Mary bought stock 15 years ago for $1,000. The stock has appreciated significantly and is now worth $10,000. Mary decides to donate the stock directly to the Lexington Rescue Mission. If Mary itemizes, she will get a $10,000 charitable income tax deduction even though she only paid $1,000 for the stock. Mary avoids paying a capital gain tax on the $9,000 of appreciation ($10,000 minus $1,000). The tax avoided could be $1,800 ($9,000 x 20%). Since she transferred the stock directly to the Mission, versus selling the stock, she also avoids paying a sales commission with her broker.
If you are interested in donating securities, there are several ways to make the transfer. Please be sure to contact us once your transfer has been completed. This is very important, especially if the gift has been transferred electronically to our account or a certificate has been issued in the name of the Lexington Rescue Mission, since your name will not be associated with your donation. We would also like to thank you personally as well as provide you with an acknowledgment letter for your tax purposes.
This is a convenient way to transfer your securities. Simply instruct your broker to electronically transfer your securities out of your account into the...
Transferring your certificate can be as easy as endorsing the back of the certificate and sending it by certified mail to Lexington Rescue Mission. (Notary public stamps are not an acceptable guarantor for stock certificates.) Be sure to endorse the certificate exactly as your name(s) appears on the front. For example, if your certificate is listed as “John F. and Mary P. Jones,” you will need to sign the certificate exactly as “John F. Jones,” and “Mary P. Jones.” Insert the Mission’s tax identification number 61-1387338 in the box on the back requesting a social security number or other identifying number of assignee. Mail it by certified mail to:
Lexington Rescue Mission
P.O. Box 1050
Lexington, KY 40588
Employee Owned Stock in Non-Retirement Plans
If you purchased stock from your employer (e.g. non-retirement E.S.O.P.) you can instruct them to issue a certificate in the name of the Lexington Rescue Mission. They will need our tax identification number, and our address as mentioned above.
Mutual Fund Transfers
Contact the Lexington Rescue Mission at 859.381.9600 to find out the most efficient way to transfer a mutual fund. We will provide the transfer instructions specifically related to your mutual fund company.