A Planned Gift to Art Center Sarasota is a way for you to ensure that Sarasota will continue to have access to a community art center.
Art Center Sarasota, established in 1926, has endured world wars, population booms and economic ups and downs. This is your opportunity to leave a lasting gift that will impact the visual arts community here in Sarasota for generations to come.
Here are some of the ways in which you can support Art Center Sarasota in your estate planning:
A Bequest is a written statement in a donor’s will directing that specific assets, or a percentage of the estate, be transferred to charity at the donor’s death. A bequest is not a completed gift during your lifetime, therefore you do not enjoy the benefit of a charitable income tax deduction.
A second type of bequest involves naming Art Center Sarasota as the beneficiary of a retirement plan, IRA, life insurance policy, or annuity policy. As a donor you may achieve significant income and estate tax savings by naming Art Center Sarasota as the beneficiary of your retirement plan assets rather than a non-charity.
Charitable Gift Annuity
For those who want to make a major gift to Art Center Sarasota but have limited income sources, a Charitable Gift Annuity allows a donor to make a gift of assets rather than cash or a check. Not only do you help Art Center Sarasota continue its mission, but you also help provide for your financial future. Gift annuities pay a fixed rate. This allows you to receive dependable and favorable income payments as long as you live. In exchange for your gift of cash, appreciated stock or other assets, Art Center Sarasota, through a foundation such as the Community Foundation of Sarasota or the Gulf Coast Community Foundation will issue an Annuity Contract to you. This Annuity Contract guarantees a fixed income for the rest of your life or the lives of both you and your spouse (or another beneficiary you designate). A Charitable Gift Annuity is a way to generate more usable income than you now receive from your investments. Plus, your annuity payment is locked in - no matter how volatile the market!
Charitable Lead Trust
A Charitable Lead Trust is a trust arrangement that pays current annual income to Art Center Sarasota for a specified period of years. When the trust ends, the principal reverts to the donor or the donor’s family. The annual income payment by the trust is similar to an outright gift of cash. The charity is free to use the cash as soon as it is received, subject, of course, to any restrictions placed on the gift by the donor. The charitable lead trust is probably the most sophisticated of all the planned giving instruments.
Charitable Remainder Trust
A Charitable Remainder Trust is an irrevocable trust in which the donor transfers cash or property to a trustee. In return the donor or other individuals named by the donor as income beneficiaries receives income from the trust for life or a specified term of years not to exceed twenty years. When the trust terminates, the balance is distributed to the charities named as the charitable remainder beneficiaries. There are two main types of charitable remainder trusts;
The Charitable Remainder Annuity Trust and the Charitable Remainder Unitrust.
A Charitable Remainder Annuity Trust pays a fixed dollar amount, annually, based on the initial fair market value of the property transferred to the trust.
A Charitable Remainder Unitrust, provides fluctuating income payments to the income beneficiaries, based on a fixed percentage of the annually revalued trust balance. Thus, market volatility will have a direct impact on the income payments received each year by the income beneficiaries.
Donor Advised Fund
Through a foundation such as the Community Foundation of Sarasota or the Gulf Coast Community Foundation you can set up your own Donor Advised Fund to give grants to the organizations you would like to help. Some of the benefits are that you can add to the fund at any time in any dollar amount. You can specify how grant disbursements are to be acknowledged: in the name of the fund or anonymously and once a donor advised fund has been established, you may recommend distributions from the fund to charities, locally or throughout the United States.
When making future giving plans, Art Center Sarasota recommends that you obtain professional legal advice, consult with your personal financial advisor or contact:
Community Foundation of Sarasota
2635 Fruitville Rd.
Sarasota, FL 34237
Gulf Coast Community Foundation
601 Tamiami Trail South
Venice, FL 34285