You can make a gift of cash through a bequest in your will. This is one of the easiest gifts to make. Simply instruct your attorney to include a provision for the Armenian EyeCare Project in a new or revised will, or add a codicil to your existing will.
Bank Accounts, Certificates of Deposit and Securities
You can make sure your bank accounts, certificates of deposit, or securities go immediately to support the EyeCare Project through a Totten Trust. Also called a payable on death account, it typically requires only the completion of a form from your financial institution. Just designate the EyeCare Project as the recipient of the assets of the account or certificates of deposits. The donor will still be able to use the funds as they wish and close the account if circumstances change.
There are some tax advantages available when a donor makes a gift of appreciated securities that have been owned for more than one year.
Certain retirement plans — IRAs, 401(k), 403(b) and Keoghs — allow individuals to defer paying taxes on a portion of their income until the assets are withdrawn during retirement years. However, after a person’s death, these accounts can be exposed to taxes. Donors may find it beneficial to contribute all or part of their retirement funds to the Armenian EyeCare Project while leaving other assets to their heirs. It’s an easy way to make a donation. Just name the Armenian EyeCare Project a beneficiary of your retirement plan. Individuals retain complete control over the plan during their lifetime and it is revocable any time if circumstances change. Individuals may also be eligible to make annual charitable gifts using funds withdrawn from their retirement accounts, which eliminates income tax that would otherwise be due on withdrawals.
Life Insurance Policies
An easy and straightforward method of philanthropic giving is through Life insurance policies are an easy and straightforward method of charitable giving. The EyeCare Project welcomes gifts of life insurance when the policy is paid in full and the Project is named as the owner and the irrevocable beneficiary of the policy.
The Project is also pleased to accept gifts of life insurance policies that are not paid in full at the time of the gift.
- If the policy can be surrendered by the Project as of the date of the gift for its current value.
- If the policy can be converted by the Project as of the date of the gift to a reduced face amount.
- If the policy has sufficient value as of the date of the gift to keep it in effect without payment of any additional premiums.
We will also accept benefits payable under a life insurance policy where the Project is a named beneficiary or a contingent beneficiary under the policy, whether the policy is owned by the Project or not.
In addition to making an outright irrevocable gift of residential, commercial, or undeveloped real estate during your lifetime donors can make a gift of real estate to the EyeCare Project through their will. Simply describe the property, in full detail, in the will or codicil.
Donors can also transfer the deed to your property to the Project while retaining the right to live there for your lifetime. The donor continues to take care of the property, pay the taxes, and receive any income it generates. However, because the gift has been made by deed it will not pass through probate after the donor’s death. Donors are also able to take a deduction on their income tax return during the year the gift is made.
Gifts of Personal Property
Gifts of personal property, including art, jewelry, antiques, and collectibles, are a good way to provide support for the EyeCare Project. They can be used to establish a charitable trust or the property can be given directly to the Project.