Leaving a Legacy
The Olympus Society of Special Olympics Pennsylvania
The Olympus Society was
established in 1995 in observance of the 25th anniversary of Special
Olympics Pennsylvania. Its mission: to recognize those individuals with
the vision to realize that the plans they're making today preserve the
dreams of tomorrow.
In the Olympic
tradition of excellence and grandeur, Olympus Society members are the
guardians who protect our athletes' futures. By providing for Special
Olympics Pennsylvania in their estate and financial plans today,
members of the Olympus Society guarantee the long-term success of
Special Olympics Pennsylvania and its athletes.
Why Leave a Legacy?
Planned giving
allows your financial needs and charitable interests to work hand in
hand. You can take advantage of tax savings to
receive a lifetime income, to minimize your estate taxes or to provide
for your loved one's in the future. At the same time, you allow
more than 18,000 athletes in Pennsylvania to train, compete and feel like
winners!
Your estate planning
advisor will help you determine which of the following options is best
for your financial goals. Special Olympics can assist you to leave
a legacy that benefits athletes in your area or a need that is close to
your heart.
If you would like more
information about how to use your will to accomplish charitable and
family objectives, please call (800) 235-9058 or (610) 630-9450 for a
complimentary copy of our booklet, Your Will, The Benefits of Making and
Updating Your Will.
Special Olympics
Pennsylvania has created The Olympus Society to recognize the generosity
and foresight of individuals who have provided a bequest to Special
Olympics. Our legal designation is: Special Olympics Pennsylvania
Inc., a 501(c)(3) tax-exempt organization, Federal Tax ID number
23-2078543.
Below are several ways
options available to you.
Bequests
For many friends and
parents of Special Olympics Pennsylvania, a bequest is the best way to
benefit the goals and needs of our athletes.
Bequests
can be made through gifts of cash, securities, real estate, and tangible
personal property.
Cash Bequest
Special Olympics Pennsylvania receives a specific dollar amount.
Bequest of Property
Special Olympics Pennsylvania receives a specific asset(s), such as securities,
an interest in real estate, or works of art, antiques and other tangible
property.
Residuary Bequest
Special Olympics Pennsylvania receives all or a percentage of the remainder of
the estate after the payment of any specific bequests and all
estate-related expenses.
Contingent Bequest
Special Olympics Pennsylvania is given a bequest only in the event of the death
of other beneficiaries.
A bequest is a wonderful way to perpetuate the goals and ambitions of athletes
throughout Pennsylvania. Below is sample language that you can
share with your attorney to include Special Olympics in your estate
plans.
-
Specific Bequest of Cash
"I give, devise and bequeath the sum of (amount) to Special Olympics Pennsylvania, of Norristown, PA for [such of its general purposes as its Board of Directors may determine.]"
or
"I give, devise and bequeath the sum of (amount) to Special Olympics Pennsylvania, of Norristown, PA for [use in its Summer Games Program.]"
(Although the donor may specify a specific purpose for the gift, such specification is not necessary.)
-
Devise of Real Property
"I give and devise the real property located
at [123 Elm Street, Norristown, PA], together with any buildings thereon
and any appurtenances thereto to Special Olympics Pennsylvania, of
Norristown, PA."
-
Bequest of Tangible Personal Property
"I give, devise and bequeath my [specify
item to be donated] to Special Olympics Pennsylvania, of Norristown, PA."
Charitable Gift Annuity
The simplest gift arrangement, this is a contract between Special Olympics Pennsylvania
and the donor, providing for the payment of life income at a fixed rate.
The donor receives an income tax deduction in the year of the gift,
subject to the usual rules of deductibility.
Deferred Gift Annuity
A deferred gift annuity is a contract providing for the payment of a
fixed income, like a regular gift annuity. However, income payments do
not begin until a future date, chosen by the donor. The longer the delay
between the creation of the deferred gift annuity and the commencement
of payments, the larger the income tax charitable deduction resulting
from the gift.
Charitable Remainder Trusts
A charitable remainder trust allows a donor to transfer assets into a
separately managed trust that will provide beneficiaries named by the
donor income for life or a specific period of years. The donor decides
the payout of the trust in consultation with trustees who are selected
by the donor. There are two general types of charitable remainder
trusts: the charitable remainder unitrust and the charitable remainder
annuity trust. Each is outlined below.
Charitable Remainder Unitrust
This is an individual trust paying the donor a fixed percentage of
the principal in the trust as it is valued annually.
Charitable Remainder Annuity Trust
This is the same type of gift vehicle as the unitrust except that
the income payment is a fixed-dollar amount when the gift is
established.
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