Thank you for your willingness to help.
Tribute gifts are donations that are given in honor of, or on behalf of another person or organization. We notify the other person that a gift has been given his their honor.
Let's say you have a special guitar player in your life. For Christmas, or another special occasion, you can donate a guitar to a church in the Philippines. We will deliver the guitar and get pictures and a thank-you note to your guitar player from the grateful recipients!
Legacy gifts are left to LaFontaine Foundation in your will or other estate plans. You can leave a legacy of music for the next generation of musicians, singers, and music lovers. As with any financial decision, we recommend that you consult your lawyer or financial advisor as you consider your options.
Legacy Gift Examples:
1. Make a Bequest in Your Will.
a. You can leave a specific amount or designate any property to LaFontaine Foundation.
b. You can leave a specified percentage of your estate to LaFontaine Foundation.
c. Once all of your specific bequests are fulfilled to family and loved ones, you can designate that the remainder (residuary) of your estate go to LaFontaine Foundation.
Sample bequest language for your will:
I give, devise and bequeath the sum of $_______ (or _____% of my estate; or ______% of my residuary estate; or the following described property) to the LaFontaine Foundation, 1472 Melvin Drive Toledo, Ohio 43615.
2. Designate Your Life Insurance Policy
You may choose to make LaFontaine Foundation a beneficiary of your current life insurance policy, a policy provided through your employer, or a life insurance policy that is either completely paid for or has outlived its original purpose.
If you donate a fully paid policy to the LaFontaine Foundation, you may take a tax deduction equal to the replacement value of the policy. If you choose to purchase a policy or donate a policy for which you are still making premium payments, you may deduct the cost of the premium payments as a charitable contribution to the LaFontaine Foundation.
3. Designate Your Retirement Plan
In many cases, your surviving heirs will have to pay estate taxes or income taxes on the inheritance of a retirement plan such as an IRA or 401(k), leaving only a fraction of these assets for their use. Alternatively, you could list the LaFontaine Foundation as a beneficiary of your retirement plan, which would preserve those funds free from taxes.
You can still provide for your loved ones by leaving them cash and other assets you own that will not be subject to the high taxes imposed on retirement accounts.
Donating Appreciated Assets
If you donate long-term appreciated assets like bonds, stocks or real estate to LaFontaine Foundation, you generally don't have to pay capital gains, and you can take an income tax deduction for the full fair-market value. It can be up to 30 percent of your adjusted gross income.