Elk Hill LOGO

Bequests

Through various types of bequests to Elk Hill, you may secure a charitable estate-tax deduction for the value of the gift. Best of all, you will know that your generosity will support our mission for years to come.

You may prefer to state in your will or trust a sum of money, a percentage of your estate, a specific item, a work of art or real estate that you wish to give to Elk Hill.

Whatever form of bequest you choose, it is not subject to estate or inheritance taxes and so significantly reduces the tax burden of an estate. The value of the bequest may be deducted when the taxable estate is determined, and there is no limit to the deduction.

Please note: Because the federal estate tax has been repealed for 2010, there is no current estate tax in 2010 for the gifts described on this page. However, the consensus opinion among professionals is that Congress will enact an estate-tax law that may be retroactive to January 1, 2010. It is very important that you seek the advice of your estate-planning attorney to determine what changes, if any, need to be made to your existing estate plans, and then again if Congress reinstates the estate tax sometime later this year.

Sample Bequest Language:

Unrestricted: I give to Elk Hill Farm, Inc., of Goochland, Virginia, the sum of $___________________, to be used by such organization as it deems advisable.

Residual: I give and bequeath ____ percent of the remainder of my estate to Elk Hill Farm, Inc., of Goochland, Virginia to be used by such organization as it deems advisable.

Restricted to a program: I give to the Elk Hill Farm, Inc., of Goochland, Virginia the sum of $_____________________, to be used for the (_____________________) program of such organization.

Consult an attorney for advice about the applicability of your personal situation and making provisions for a planned gift in your will.

If you desire additional information, please contact:

Elli Sparks
Development Director
Elk Hill
PO Box 99
Goochland, VA 23063
804-457-4866, x310
804-457-2830 fax
esparks@elkhill.org

Gifts of Retirement Plan Benefits

You may consider using retirement-plan benefits to make a significant gift that will support Elk Hill. And because of the estate- and income-tax treatment of retirement-plan benefits, the cost of your gift to your estate and heirs is often relatively small.

Retirement-plan benefits include assets held in individual retirement accounts (IRAs) and assets held in accounts under 401(k) plans, profit-sharing plans, Keogh plans and 403(b) plans.

Income taxes on retirement-plan benefits are deferred but not avoided. That means that, as these assets are withdrawn during retirement by the account owner or the account owner's spouse, they are subject to income tax.

In addition, retirement-plan benefits left to children, grandchildren and other beneficiaries at the death of the account owner are subject to both income tax and estate tax. This combination of income taxes and estate taxes can result in a tax hit equal to 60% or more of the retirement-plan benefits.

Life Insurance

An important but frequently overlooked role of life insurance is the one it can play in charitable gift planning. Life insurance itself can be the direct funding medium for a gift, permitting the donor to make a substantial gift (face value of policy) for a relatively modest annual outlay (i.e., the premium payment).

Life insurance can also be used to replace an asset that has been given to Elk Hill.

How it works: After a donor makes a gift to Elk Hill, the tax savings produced by the charitable deduction are used by his or her children or an irrevocable trust to purchase and pay the premiums on a life insurance policy on the donor's life. Such an arrangement can ensure that the interests of family beneficiaries will not be adversely affected.