Preserve

Indicator Arrow

Preservation Virginia’s Legacy Circle

Virginia's Historic places are our historic places and it's up to us to protect our heritage for future generations.  With a legacy gift to the Preservation Virginia endowment, you help preserve the historic places that tell our stories.  Express your commitment to the future of historic preservation with a planned gift to Preservation Virginia today.CHL

For the last 125 years, Preservation Virginia has worked across the Commonwealth to protect and preserve Virginia's history while advocating for preservation-friendly policies and legislation.  Your legacy gift helps insure that Preservation Virginia can continue our mission to preserve, promote, and serve as an advocate for Virginia's irreplaceable historic places for the next 125 years.

You can help guarantee a future for Virginia's historic places.  Make plans to honor your lifelong love of Virginia history with a legacy gift to Preservation Virginia.

Bequests

A bequest in your will or a living trust is a simple and flexible way to ensure that your legacy will make a difference for future generations.  Gifts through bequests reduce the size of your taxable estate, while providing resources for Preservation Virginia.  You may find that one of the following arrangements best fits your estate plans.

specific bequest is a specific asset named in your will or living trust as a gift to Preservation Virginia.  Almost any asset can be given as a specific bequest, such as a vehicle, real estate, or a particular bank account of other financial asset.  For example, "I give, devise and bequeath 100 shares of Microsoft Corp. to Preservation Virginia."

general bequest is a specified dollar amount named in your will or living trust as a gift to Preservation Virginia.  The kind of gift is paid from the general pool of assets in your estate or trust.  For example, "I give, devise and bequeath $25,000 to Preservation Virginia."

residuary bequest distributes the remaining balance of your estate or trust, after general and specific bequests are paid, and is typically stated as a percentage.  For example, "I leave the rest, residue and remainder of my estate as follows: 25 percent to Preservation Virginia."

contingent bequest specifies that your estate, or a portion of it, passes to Preservation Virginia only if your beneficiaries fail to survice you.  For example, "If my partner survives me, then I leave my entire estate to my partner.  If my partner does not survive me, then I leave my estate as follows..."

To make certain that your intentions are carried out, wills, trusts and codicils should be prepared by or with the advice of your attorney.

Beneficiary Designations

If you have a life insurance plan through your employer or if you have your own separate policy, you may choose to name Preservation Virginia as the beneficiary.  You may also name Preservation Virginia the beneficiary of an IRA, Keough, 401(k), 403(b), or other qualified retirement plan, enabling you to avoid substantial income and, potentially, estate taxes.

BC Garden

Like a bequest, your gift remains revocable and is made only when you know you no longer need the assets.  You also have the flexibility to designate a percentage to Preservation Virginia, rather than that whole amount.

If you need to provide for a surviving partner or other family member, consider naming your partner as the primary beneficiary and Preservation Virginia as the secondary beneficiary.  Preservation Virginia will only receive a gift if your primary beneficiary does not survive you.

What information do I need to completea Beneficiary Designation form?  To designate a gift that is not deductible for estate tax purposes (but which Preservation Virginia can use more flexibly); simply provide the name, address and taxpayer identification number on your provider's beneficiary designation form.  Please contact the Director of Development at (804) 648-1889 x311 or development@preservationvirginia.org.

Life Income Gifts

Preservation Virginia offers a number of life income gifts options, one of which may suit your personal and financial objectives.  While the details vary, these plans all offer the following benefits:

  • Payments to you and/or another beneficiary for life or a term of years;
  • A federal income tax charitable deduction for the year of your gift;
  • A potential increase in income;
  • A possible reduction or avoidance of capital gains tax on appreciated property;
  • A reduction of your potentially taxable estate; and
  • The satisfaction of helping to preserve Virginia's historic treasures for future generations

Charitable Gift Annuities

This is a simple contract between you and Preservation Virginia that pays you lifetime income (an annuity) from assets that are transferred to the organization.  Through this contract with Preservation Virginia, you make a donation and receive regular payments for you and/or another beneficiary's lifetime.

Stock is often used to fund an annuity.  Appreciated securities that have been held for more than one year can be transferred to Preservation Virginia, resulting in no capital gains tax for you and a charitable deduction equal to the fair market value of the securities.

An annuity can provide lifetime income for you and also for your designated beneficiary.  The annuity rate (which determines the amount of the yearly payment) is determined by the age of the donor at the time the gift is made.

Annuity payments may also be deferred.  Rates for these annuities are higher, and are based on the age of the donor at the time of the first annuity payment.  This is especially useful for donors who do not need immediate lifetime income.  The trasnfer of the assets used to fund the deferred annuity provides current tax benefits to the donor.

Gifts of Appreciated Assets

A gift of appreciated assets is one of the easiest ways to provide immediate support to Preservation Virginia. These types of gifts come to Preservation Virginia in many forms, including stocks and bonds as well as real estate and are tax deductible for the donor.

Charitable Remainder Trusts

This trust pays the donor (and a beneficiary, if so desired) a specified income.  An annuity trust pays a fixed amount chosen by the donor at the time that the trust is established, and is paid annually.  A unitrust is similar, but pays a fixed percentage of the fair market value of the trust assets as determined annually.  The percentage cannot be changed, but the amount will vary yearly depending on the value of the trust assets.  Additional contributions may be made over time to a unitrust, and more planning options are available than with an annuity trust.

Charitable Lead Trusts

This type of charitable trust pays income to Preservation Virginia, typically for a specified period of years, and the remaining assets of the trust pass to non-charitable beneficiaries, such as family members.

A note about trusts: Trusts can provide significant tax savings to donors and to family members or other non-charitable beneficiaries.  Information about specific tax consequences should be discussed with the donor's financial advisor concurrent with the discussion of the estate and tax planning.

Have questions?  Please contact the Director of Development at (804) 648-1889 x311 or development@preservationvirginia.org.