Planned Giving
A Gift That Keeps Giving Forever
What is Planned Giving?
Unity House is dedicated to empowering people with disabilities, today and forever. That's why we're always planning for the future. We could use your help. A planned gift:
- requires no cash from you
- can shield you and your family from taxes so that you can make a larger charitable gift
- can grow in Unity House's Endowment, where it will provide income to support Unity House's mission every year, forever
- leaves a legacy, projecting your values into the future for generations to come
- allows us to thank you now for your dedication to our cause
Leave Your Legacy
For Bob, leaving a legacy with Unity House is personal — it’s about honoring the support his brother Phil has received for decades, and ensuring others can find the same sense of belonging.
"Sharing is a basic human value. If I have enough to live comfortably, it’s important to share with people who don’t. I’m happy knowing that my gift will keep giving for generations to come."
Planned Giving Advisory Council
Before making your estate plans, we recommend you consult with an attorney, licensed financial advisor or estate planner. Unity House's Planned Giving Advisory Council includes experts in each of these fields. Learn more here.
Will Bequests
The most common method of planned giving is a Charitable Bequest. It's a statement in your will or living trust that directs that a gift be made upon your passing. It can be accomplished by adding a single sentence to your will. We recommend inserting the following wording in your will:
I give the sum of $___ (or I give ___% of my estate) to Unity House of Cayuga County Inc., 217 Genesee Street, Suite 14, Auburn, NY 13021, tax id: 16-1081372, to be used or disposed of as its Board of Directors deems appropriate in its sole discretion.
You may also designate that your gift support Unity House's endowment or a particular Unity House program.
IRA Qualified Charitable Distribution (QCD)
If you have an traditional Individual Retirement Account (IRA) and are at least 70½ years old, you might be able to make charitable contributions and save taxes at the same time. A qualified charitable distribution (QCD), made directly by your IRA's trustee to the charity of your choice, could allow you to avoid paying taxes on up to $100,000 in capital gains income. It also counts toward any required minimum distribution (RMD) amounts.
Here's how you do a QCD: (1) Find the form on your IRA custodian's website; (2) Fill out the form, naming Unity House of Cayuga County Inc. as recipient using our tax info (see below); (3) Mail the form in as directed.
Avoiding Taxes
Here are two great ways to reduce your taxes while making a transformative planned gift:
- If you have an traditional Individual Retirement Account (IRA) and are at least 70½ years old, you can make a qualified charitable distribution (QCD) to Unity House and avoid paying taxes on up to $100,000 in capital gains income. A QCD also counts toward any required minimum distribution (RMD) amounts. To do a QCD, just find the form on your IRA custodian’s website and fill it out, naming Unity House of Cayuga County Inc. (tax ID 16-1081372) as the recipient.
- If you have appreciated property such as real estate, stocks, or bonds, you can direct them to Unity House and avoid capital gains taxes and other expenses. You’ll receive a tax deduction for the full, current fair market value of the property. To get started, click here or call 315-253-6227, ext. 360.
Other Options
How to make the gift: You can make a provision in your will or living trust that directs a portion of your estate to a named beneficiary, such as Unity House.
A bequest offers these benefits:
- You make a major gift while preserving these assets during your life.
- You leave a legacy of goodwill to your family and community by designating your gift to Unity House
- Income tax reduction; avoidance of any capital gains tax.
Cash, securities, real estate and tangible personal property, such as works of art, may be willed to Unity House through your estate. There are several ways to gift bequests, and there is specific language that needs to accompany these different gifts in your will.
Your Goal: Supplement income with fixed annual payments
How to make the gift: Enter a contract with Unity House in which we'll pay you fixed payments annually.
Benefits: Current and future savings on income taxes; fixed income for life.
Your goal: Reduce gift and estate taxes on assets passing to heirs
How to make the gift: Create a trust that pays a fixed or variable income to Unity House for a set term and then passes to heirs
Your benefits: Reduced size of taxable estate; keeps property in family, often with reduced gift taxes
A charitable remainder unitrust (CRUT) pays a percentage of the value of the trust each year to noncharitable beneficiaries. The payments generally must equal at least 5% and no more than 50% of the fair market value of the assets, valued annually.
The donor or members of the donor's family are usually the initial beneficiaries. The trust provides variable income to the beneficiary, which is based on a percentage of the fair market value of the assets in the trust. This amount is revalued each year.
A CRUT is usually funded with a valuable asset, such as a house, stocks, bonds, artwork or other property. Additional assets can be added to the trust over time. So that the trust is not simply used to avoid taxes, the federal government requires that the charity receive at least 10% of the asset's value.
Example Charitable Remainder Unitrust
Sarah, a former Unity House service recipient, receives $200,000 in stock certificates from her grandfather. She wants to ensure that she has income from a trust but also wants to donate some funds to her Unity House. She establishes a charitable remainder unitrust, which follows these steps:
- Sarah transfers the stock certificates to the trust.
- The trust pays a percentage of the principal's value each year to Sarah.
- When Sarah dies, the trust terminates and transfers $20,000 to Unity House.
A gift of life insurance is a low-cost way to make a sizeable donation. No other kind of gift can magnify your original contribution as much as a gift of life insurance. The annual premiums are deductible, if you itemize. Here are some options if you are considering a gift from your life insurance:
- You can name Unity House as the primary, secondary, remainder or residual beneficiary of an existing policy.
- You can establish a new policy and name Unity House as the irrevocable beneficiary.
- You can donate a policy you no longer need.
- You can use life insurance to replace the value of gifts to Unity House
Your goal: Make a revocable gift during your lifetime
How to make the gift: Name Unity House as a beneficiary of assets in a living trust.
Your benefits: Control of trust for lifetime; possible estate tax savings.
Your goal: Make a quick and easy gift.
How to make a gift: Donate cash, securities or property.
Your benefits: Income tax deduction; avoidance of any capital gains tax
Your goal: Avoid capital gains tax on the sale of a home or other real estate holdings
How to make the gift: Donate the property to Unity House
Your benefits: Immediate income tax deduction and avoidance of capital gains tax
Your goal: Give your personal residence, but continue to live there
How to make the gift: Designate the ownership of your home to Unity House but retain occupancy
Your benefits: Charitable income tax deduction and lifetime use of home
Your goal: Avoid double taxation on retirement plan assets.
How to make the gift: Name Unity House as beneficiary of the remainder of the assets after timeline.
Your benefits: Avoidance of heavily taxed gift to heirs, allowing less costly gifts.
If you are considering a gift of appreciated property, such as stocks or bonds, to Unity House, note these financial benefits:
- You receive a tax deduction for the full, current fair market value of the donated property.
- You avoid the capital gains tax and other expenses that would be incurred if the property were sold by you.
Making Important Decisions
If you need help locating a professional, or if you have any questions planned giving, please contact Chief Advancement Officer Chris Iven by email or at 315-253-6227, ext. 360.
Thank you for considering Unity House in your estate planning!
Unity House's Legal Name
Unity House of Cayuga County Inc.
Tax ID or EIN #16-1081372
NY State Charities registration #02-35-31
Donor-Advised Funds
A donor-advised fund (DAF) allows donors to receive an immediate tax deduction and then recommend grants from the fund over time. If your DAF is held by Fidelity, Schwab or BNY Mellon, you can use this DAF Direct widget to easily designate a grant to Unity House.