This Holiday Season…

Estate Gifts - Wills, Trusts & Bequests

 

Naming the Surfrider Foundation as a beneficiary of your estate today will serve to remind your friends and neighbors in the community that, throughout your lifetime and beyond, you cared for the world’s oceans, waves and beaches. Certainly there is no better way to be remembered and no better gift to leave behind. Your legacy in this regard is easy to create and can cost nothing to establish. In fact, doing so may save your estate a great deal in taxes.

Wills Trusts
Life Insurance Retirement Plans
Annuities Real Property

 

THE LEGACY CIRCLE

The Legacy Circle was established to recognize and honor our friends who have included Surfrider Foundation in their estate plans.  They have done so by naming Surfrider as a beneficiary to wills, living trusts, IRAs, life insurance and other life-income gifts or who have made an outright gift to the Surfrider Foundation Endowment Fund.

With their consent, members of the Legacy Circle are recognized in our Making Waves newsletter and in our Annual Report.  They also receive invitations to periodic events to keep them up-to-date on Surfrider’s programs and campaigns.

If you already qualify for membership in the Legacy Circle, or wish to learn more about joining, please contact Surfrider Foundation’s Director of Development at 800-743-SURF x.416 or info@surfrider.org.

WILLS

Including the Surfrider Foundation in your will or living trust is one of the easiest ways to make an important difference in the future of the foundation. It’s generally as simple as adding a brief statement to your estate documents. (Often you can just add a codicil to an existing document.) While this type of gift creates no immediate tax benefits, it will be completely tax deductible for estate tax purposes.

This method also allows you to specify exactly how you'd like to distribute your assets. You can make a specific bequest by identifying a specific parcel of real estate, block of stock, or other clearly identified item. Or you can make a cash bequest of a specific percentage of your estate. Finally you can make a residual bequest from the remaining assets in your estate after all other bequests and settlement costs are satisfied.

The following are ways that you can name the Surfrider Foundation as a beneficiary in your will.

Percentage Gift - Name the Surfrider Foundation as a percentage beneficiary in your will. 

  • Example: “I hereby give, devise and bequeath an amount equal to _____% (_________ percent) of the total value of my estate to the Surfrider Foundation located at 942 Calle Negocio, Suite 350, San Clemente, CA 92673.”

Residuary Gift - Name the Surfrider Foundation as a residuary beneficiary in your will. The residuary of one’s estate is anything that is not specifically left to someone and which remains after the payment of all costs of estate administration.

  • Example: “I hereby give, devise and bequeath the residuary of my estate to the Surfrider Foundation located at 942 Calle Negocio, Suite 350, San Clemente, CA 92673.”

Specific Gift - Name the Surfrider Foundation as beneficiary of a specific monetary amount from your estate or a specific asset or group of assets (such as real property, securities or tangible personal property) from your estate.

  • Example: “I hereby give, devise and bequeath all my right, title and interest in [description of real property, securities or tangible personal property i.e ‘my personal residence located at 123 Main Street, Anytown, USA’] to the Surfrider Foundation located at 942 Calle Negocio, Suite 350, San Clemente, CA 92673.”

TRUSTS

Many people use a trust as part of their estate plan. While your attorney is responsible for the legal aspects of your trust, naming the Surfrider Foundation as a beneficiary can easily be done. The following are options for naming the Surfrider Foundation as a beneficiary of your trust estate.

Percentage Gift - Name the Surfrider Foundation as a percentage beneficiary of your trust estate; or

Specific Gift - Name the Surfrider Foundation as beneficiary of a specific monetary amount from your trust estate or a specific asset or group of assets (such as real property, securities or tangible personal property) from your trust estate.

LIFE INSURANCE

If time has diminished or alleviated your need for life insurance, naming the Surfrider Foundation as a beneficiary of all, or a percentage of, your existing life insurance policy is an easy way to make an estate gift and establish your legacy.

To name the Surfrider Foundation as a beneficiary of your existing life insurance policy, all you need to do is ask the life insurance company for a change of beneficiary form and simply name the Surfrider Foundation as your primary or contingent beneficiary.

RETIREMENT PLANS

Many of us have diligently saved for retirement through various tax deferred retirement plans. IRA, SEP IRA, SIMPLE IRA, 401(k), 457, 403(b)/TSA, etc., the list of tax deferred retirement plans goes on and on. Although they each have their own unique rules, they all share one very unattractive feature: All are subject to both estate and income taxation at death. In a worst-case scenario, this double taxation can have the negative effect of reducing the amount that your beneficiary may actually receive by up to 70%. For example, from a retirement account that was valued at $1,000,000 prior to death, the government could receive up to $800,000 in estate and income taxes while your beneficiary would receive only $200,000.

Because a vast majority of your retirement plan assets might be paid to the government in the form of taxes, the best option for you may be to leave your retirement plan assets to a charity upon your death. By naming the Surfrider Foundation as a beneficiary of all, or a percentage of, your retirement plan assets, you at least will have the comfort of knowing that all the retirement assets you decide to leave to the Surfrider Foundation will be used to protect and preserve the world's oceans, waves and beaches.

To name the Surfrider Foundation as a beneficiary on any of your retirement plan accounts, all you need to do is ask the custodian or retirement plan administrator for a change of beneficiary form and simply name the Surfrider Foundation as your primary or contingent beneficiary.

ANNUITIES

Annuities can be great retirement savings vehicles that, just like your retirement plan accounts, have enjoyed years of tax-deferred growth. Unfortunately, as with your retirement plan accounts, your annuity investments are subject to both estate and income taxation at death.

Once again, because a vast majority of your annuity investments might be paid to the government in the form of taxes, the best option for you may be to leave your annuity investments to a charity upon your death. By naming the Surfrider Foundation as a beneficiary of all or a percentage of your annuity investments, you will have the comfort of knowing that your legacy of concern for the ocean environment will be established in perpetuity.

To name the Surfrider Foundation as a beneficiary on any of your annuity investments, all you need to do is ask the annuity company for a change of beneficiary form and simply name the Surfrider Foundation as your primary or contingent beneficiary.

REAL PROPERTY

Owning a home, a vacation home, a commercial building, an undeveloped parcel of land or even a farm, provides one with a sense of comfort and financial security. But what about when you pass away, when you no longer have a use or need for owning real property? What will become of the property? How will the property be used?

By naming the Surfrider Foundation as the beneficiary of your real property, you will have the comfort of knowing that your real property will be used to support the Foundation’s mission related programs. By simply agreeing to give the Surfrider Foundation your real property at that time when you no longer have a use or need for it, you will forever establish your legacy of commitment to the Surfrider Foundation. Certainly there is no better way to be remembered and no better gift to leave behind.

 

To learn more about including Surfrider Foundation in your estate plans please contact Surfrider Foundation’s Director of Development at 800-743-SURF x. 416 or info@surfrider.org

If you have already made a provision in your estate plans for the Surfrider Foundation please let us know so that we may recognize you and appropriately thank you for your commitment and support. 

 

We welcome the opportunity to show you the potential benefits of making a gift to support our work. Personal discussions, visits, or written presentations incur no obligation on your part, and of course, all information discussed is confidential. Contact us today. This website illustrates various ways of making a gift to the Surfrider Foundation. While we believe it to be accurate the information is not a substitute for legal advice from your tax advisor and/or your estate planning advisor.