Planned Giving – A KPC Legacy
Make a Lasting Difference
Philanthropy for our donors arises out of the compassionate intention to be of benefit to all beings.
The fact is that we all have to prepare for our death. The question is what legacy do we want to leave behind?
Giving to KPC is a rare opportunity to provide a living memorial to peace. Through planned giving, you can help ensure that the teachings and traditions of the Buddha will continue for many generations to come. We invite you to be part of this sacred trust.
Planned giving involves setting your individual goals and objectives, considering family circumstances and responsibilities, and determining how best to distribute your assets in the best interests of you and your recipient/s. Assets may include real estate, bank accounts, stocks, bonds, and personal property.
By making a plan you can ensure that your assets are handled according to your wishes, rather than the State. If you are a Dharma practitioner you can also plan for the disposition of your practice texts and sacred objects to make sure that they are properly cared for and handled with respect. Helping to preserve Kunzang Palyul Choling through planned giving, is a legacy of true peace and spiritual awakening.
Your Planning Details
There are many ways to plan your legacy gifts. Planned giving can be as simple as writing a check or including KPC in your will. Here are some options you may wish to consider:
- Gifts of cash
- Retirement plan assets
- Bequest in your will
- Life insurance policies
- Outright Gifts of Securities and/or property
- Deferred gifts that will be transferred at a given future date
The most direct way to give is to make a check payable to Kunzang Palyul Choling and send it to PO Box 88, Poolesville, MD 20837. The tax advantages of such a gift are considerable. At the top tax rates, for example, your combined federal and state income taxes may be decreased by as much as 45 cents for every dollar given.
Donors can name KPC as a beneficiary of some or all of the proceeds from their IRA, 401 (k), or similar pension plan.
To do that, designate “Kunzang Odsal Palyul Changchub Choling” as the beneficiary. KPC’s Federal Tax ID (EIN) is: 52-1501476.
You may wish to designate KPC in your will. Bequests are provisions in a will for the disposition of property that does not take effect until death. Therefore, they can be changed or modified during your lifetime. A charitable bequest in your will may reduce or, in some cases, eliminate federal estate taxes that would otherwise be owed.
If you wish to make a gift to KPC in your will, you can include a phrase such as, “I leave one million dollars to Kunzang Odsal Palyul Changchub Choling, a Maryland nonprofit corporation.”
Some states require that a will either be handwritten or prepared by an attorney. It is best to work with an attorney to prepare your will.
There are several ways in which life insurance policies can be used to make a charitable contribution to KPC. You may choose to name KPC as the beneficiary of all or a portion of life insurance policy proceeds. The proceeds are distributed outside of probate and are not subject to federal estate tax, sometimes referred to as the “death tax.”
Life insurance enables donors to make much larger gifts than they might otherwise have been able to afford. By transferring a life insurance policy to KPC, the donor will qualify for a tax deduction equal to the cash surrender value of the policy itself. If the donor continues to pay premiums after the policy is transferred to KPC, the premiums would be considered a charitable deduction as well.
To designate KPC in a life insurance policy:
Designate “Kunzang Odsal Palyul Changchub Choling” as the beneficiary. KPC’s Federal Tax ID (EIN) is: 52-1501476.
Many donors may realize substantial tax advantages by transferring gifts of appreciated stocks, bonds, or mutual funds to KPC.
You may take a charitable income tax deduction (typically up to 30% of adjusted gross income) of the full market value of the security at the time of gifting. Excess contribution above the amount deducted may be carried over for five years. Properly handled, you will avoid paying capital gains tax on the securities appreciated value.
Stocks of depreciated value are best sold first for the tax loss, with the proceeds of the sale then donated. You will receive a deduction for both the loss and for the cash contribution.
Contributions of appreciated real estate under the planned giving scenario have the same tax advantages as contributions of securities and, in the case of a residence, the donor may retain lifetime occupancy if desired. Additionally gifts of tangible personal property such as paintings, antiques, jewelry, etc,, may offer donors immediate tax deductions. The amount of the deduction is determined by the gift’s relationship to KPC’s charitable purpose for the gift.
An example of a deferred gift is a specially designed trust fund that generates income and tax savings to the donor during his or her lifetime while benefiting a charity after death.
In this scenario, the donor transfers some type of property to a trust. The donor, or other beneficiaries designated by the donor, receives payments from the trust for life or for a specified number of years. When the last of the beneficiaries dies, KPC would receive the trust assets.
Ultimately, the donor’s family will benefit from a reduction in the taxable estate of the donor at the donor’s death. In the case of a Wealth Replacement Trust the assets distributed to the heirs will be passed tax-free. The donor can serve as trustee of any charitable trust which is set up and can retain the right to change the charitable remainder. With this approach, the donor will retain control of the money that is inside the trust and how it is utilized and/or invested. The donor has the absolute right to choose who is the administrator of their trust.
For additional information about these planned giving options, please contact your tax advisor.
Contributions of appreciated real estate under the planned giving scenario have the same tax advantages as contributions of securities and, in the case of a residence, the donor may retain lifetime occupancy if desired. Additionally, gifts of tangible personal property such as paintings, antiques, jewelry, etc, may offer donors immediate tax deductions. The amount of the deduction is determined by the gift’s relationship to KPC’s charitable purpose for the gift.
If you want to plan for the respectful disposition of your dharma items, you may want to include a phrase in your will that designates that they go to a dharma friend or community, such as KPC, who will care for and dispose of them properly.
To bequeath Dharma items in your will, you can include a phrase, such as, “I leave my Dharma books, ritual objects, and sacred images and statues to Kunzang Odsal Palyul Changchub Choling, a Maryland nonprofit corporation.”
If you have any questions, feel free to email us at email@example.com
If you have any questions, feel free to email us at firstname.lastname@example.org. And thank you for considering KPC in your legacy planning. May it bring you and your loved ones countless blessings and liberation from suffering.