PLANNED & LEGACY GIVING
ImageOut Legacy Society
The ImageOut Legacy Society combines your personal financial goals with charitable giving. When you support ImageOut with a planned gift, you can:
– Realize steady payments through your lifetime and increase spendable income
– Ensure support for a loved one after your lifetime
– Reduce your income, estate and capital gains taxes
– Create a lasting legacy at ImageOut
These important gifts ensure that ImageOut will continue to be Western New York’s premier LGBTQ+ arts and culture organization for decades to come. We invite any members of our ImageOut family who have remembered us in their estate plans to join the Legacy Society and to formalize their commitment, allowing us to thank and recognize them for their generosity.
Choose a Gift Option That Matches Your Goals
Bequests: Leave a legacy by remembering ImageOut in your will. You can defer a gift of real estate, securities, personal property or cash until after your lifetime. Shelter your heirs from federal estate taxes by designating a specific amount or percentage of the residue for ImageOut.
Sample Bequest Language: “I give, devise and bequeath to ImageOut of Rochester, New York the sum of $____ [or ____% of the residue of my estate, both real and personal], to be held, administered, and used by ImageOut for the unrestricted support of the area of greatest need at the time the gift is received. I instruct that all my charitable gifts shall be made, to the extent possible, from property that constitutes ‘income in respect of a decedent’ as that term is defined in the Internal Revenue Code.”
Charitable Gift Annuities: Consider a high-yield, tax-deductible gift annuity. By making a gift of cash or other qualifying asset and entering into a gift annuity agreement naming ImageOut as the beneficiary, you can receive guaranteed payments for life. These payments will not change regardless of future interest rate fluctuations.
Life Insurance: You can donate a life insurance policy to us or simply name us as the beneficiary. For the gift of a fully paid policy, you will receive an income tax deduction equal to the lesser of the cash value of the policy or the total premiums paid. You must name us as owner or beneficiary of an existing policy in order to qualify for the federal charitable contribution deduction.
Retirement Assets: Avoid the two-fold taxation on IRAs or other benefit plans by naming ImageOut as the beneficiary of the remainder of the assets after your lifetime. If you are over the age of 701/2, you may be able to roll over up to $100,000 from an individual retirement account (IRA) directly to ImageOut without recognizing the assets transferred to ImageOut as income.
Charitable Remainder Unitrust: Create a hedge against inflation over the long term by creating a trust that pays you a fixed percentage of the trust’s assets as revalued annually.
Charitable Lead Trust: Reduce gift and estate taxes on assets you pass to your heirs by creating a charitable trust that pays fixed or variable income to ImageOut for a specific term of years, with the principal retained for your heirs.
Note: This information does not constitute legal or tax advice. For more information on Planned Giving, please consult your accountant, attorney or financial advisor.