Will or Living Trust Bequests & Estate Gifts
Name GCY as a beneficiary in your estate plan by simply including our full name “Grand Canyon Youth, Inc.” and our tax ID number 86-0905180. You can designate a percentage or specific amount of assets or your estate as whole to GCY by naming GCY as a primary or contingent beneficiary in your will or living trust.
- The gift is made after your lifetime, so you will continue to have control of your assets while living.
- If your circumstances change, you may modify your will or trust at any time.
If you don’t yet have a will or living trust, there are many other ways to give to GCY:
Appreciated Stock Gifts
You can designate a gift of stock, bonds, or mutual funds to GCY. When you transfer appreciated securities that you’ve held for at least one year, there are immediate financial benefits to both you and GCY. Your gift is greater than if you sold the stock yourself and donated what remained after paying capital gains tax.
- You can claim an immediate charitable tax deduction for the full fair market value of the securities that you donate.
- You avoid capital gains tax on the appreciation.
- If part of an IRA, your gift may qualify to meet your annual RMD.
- GCY immediately sells the securities to support our priority programs, without paying any capital gains tax.
- Please notify us of your intent to give a gift of stock to confirm bank account information, ensure we watch for your gift, and that we are able to appropriately acknowledge your contribution.
Real Estate Gifts
Another way of giving to GCY is by gifting us real property, either purchased or inherited. Please note that all gifts of real estate are subject to review by GCY’s Executive Committee.
Retirement Plan Gifts
You can easily name GCY as a percentage beneficiary on your IRA, 401(k), life insurance account, or other qualified retirement plan by completing the beneficiary designation form provided by the plan administrator. Normally, distributions from a qualified, tax-deferred retirement plan are treated as 100% taxable income to you. The same is true when you leave qualified retirement plan assets to your heirs. However, if you leave those assets to GCY, there is no tax paid, by either you or GCY and the distributions avoid probate.
- You may choose to continue taking withdrawals from your retirement account during your lifetime.
- If your circumstances change, you may modify your beneficiary designation.
IRA Gifts
If you are 70 ½ or older, or are the beneficiary of an inherited IRA, you can make a direct contribution to GCY from your IRA. In lieu of taking a required minimum distribution (RMD) out of your IRA each year, you can make an annual qualified charitable distribution in that same amount to GCY. You’ll also save on taxes, even if you don’t itemize deductions.
- Qualified charitable distributions transferred directly to the GCY from your IRA account will not be taxable to you or GCY (up to $100,000 annually).
- IRA gifts are not subject to the 60 percent annual charitable deduction limitation.
- IRA transfers can be one-time or recurring gifts.
Charitable Remainder Trust and Donor-Advised Fund Gifts
If you are taking steps to financially plan for the future, you can create a charitable remainder trust or donor-advised fund and allocate annual donations to GCY. These tools help simplify your charitable giving while facilitating your strategic philanthropic goals.
- A donor-advised fund (DAF) is a type of giving program that allows you to combine the most favorable tax benefits with the flexibility to easily support your favorite charities. DAFs can be set up through your local community foundation or charitable arms of brokerage firms such as Fidelity Charitable. Learn more here.
- Contributions to donor-advised funds are tax-deductible and any investment growth is tax-free. Gifts can include a variety of assets, including publicly trade stock, restricted and privately-held stock.
- A donor-advised fund is a powerful way to build or continue a tradition of family philanthropy.
A charitable remainder trust (CRT) is a gift of cash or other assets to an irrevocable trust; you receive an income stream from the trust while living, and GCY receives the remaining trust assets after. The CRT’s investment income is exempt from tax.