Become a Member of the Gibson Center Legacy Honor Society
Join with others who are honoring the long-range mission of the Gibson Center to provide the Mt. Washington Valley with programs and services that enrich the lives of seniors and foster connection, joy and purpose. For over 40 years the Gibson Center has been providing for the needs of seniors throughout the Valley. Now more than ever, and looking deep into the future, as our community ages, we will need to be here for everyone.
Leave a Legacy with Meaning
We are deeply grateful to our Legacy Honors Society members for setting us on the firmest of foundations. As a member of the Legacy Honor Society, you have made a commitment to one or more of the Planned Giving options described below. You are joining us as we commit to growing our services of nutrition, transportation, education, social engagement, housing and recreation long into the future.
There are many ways you can remember us in your estate planning
Gibson Center staff will work to recognize and honor special donors who wish to make a planned gift. (You may instead remain anonymous if you choose). Here are several of the more common ways you can honor the Gibson Center in your future.
- Charitable Bequests: As a donor, you make a provision within your Last Will & Testament. This is the simplest way to make a planned gift and the vehicle most commonly used. Gifts made through your Will may include cash, securities, real estate, valuables or life insurance.
- IRA Charitable Rollover: Persons over 70 ½ may have to meet Required Minimum Distributions from their IRA. Rather than pay income tax on that distribution, you may direct a gift from the IRA, up to $100,000, to be deposited directly with the Gibson Center. The benefit that is being transferred is tax free and counts toward required minimum distributions, thus saving income tax.
- Give Appreciated Stock: If you have publicly traded stock that has appreciated in value, you may give the stock directly to the Gibson Center for Senior Services when it benefits you most during your life. You receive the full tax-deductible value of the appreciated stock and the Gibson Center as a non-profit pays no capital gains taxes on the full value.
- Name a Charity as the Beneficiary of Your Retirement Account: You can name the Gibson Center for Senior Services as a beneficiary of all or a percentage of your non-Roth retirement accounts (IRA, 401(k), 403(b), etc.) and avoid estate inheritance taxes for your heirs.
There are other mechanisms for charitable bequests such as naming the Gibson as the beneficiary of a new or no longer needed Life Insurance plan, gifts of real estate or property, Remainder Interest Trusts, and Gifts of Interest Income from a Charitable Lead Trust. Please consult an estate planner or your lawyer for more specific details.
We would love to know of your designation of the Gibson Center in your plans. When added to our Legacy Honors Society receive an invitation to our exclusive events such as the Gibson Center’s Benefactors Reception with our Executive Briefing. We also offer free subscription to our 3-part series by renowned experts on the best aspects of senior living. If you have any questions, we hope you will call The Gibson Center, at 603-356-3231
For many people, making a bequest in a will is straightforward. You specify the share of your assets or absolute value you would like to give to the Gibson Center. It is as simple as inserting a sentence in your will. Your donation can be used for general operational uses or you can specify a particular focus of the Gibson Center’s work that you prefer to support.
Example of a specific bequest sentence:
I give, devise, bequeath, ______ (insert dollar amount or item of property to be donated) to the Gibson Center for Senior Services or its successor organization, a nonprofit corporation as described in section 170(c) of the Internal Revenue Code, located at 14 Grove Street, North Conway, NH 03860, to be used to provide the Mt. Washington Valley with programs and services that enrich the lives of seniors and foster connection, joy and purpose.
Example of a General Purpose Residuary Bequest:
I give, devise, bequeath, ______ (insert % amount) of all the rest, residue and remainder of my estate to the Gibson Center for Senior Services, or its successor organization, a nonprofit corporation as described in section 170(c) of the Internal Revenue Code, located at 14 Grove Street, North Conway NH, 03860 to be used to provide the Mt. Washington Valley with programs and services that enrich the lives of seniors and foster connection, joy and purpose.
If you are writing your own will, you can insert either of these sentences. If you have an estate planning lawyer assisting you, you can instruct him/her to insert the sentence that denotes your preference. We would appreciate a call or a note to let us know of your intent so we can add you to our Legacy Honor Society Roster and provide you with our thanks.
IRA Charitable Rollover
A charitable donation made directly from an IRA while you are living is called a Qualified Charitable Donation – QCD.
What is a Qualified Charitable Distribution?
A qualified charitable distribution is an IRA withdrawal that is paid directly from your IRA to the Gibson Center for Senior Services which is a qualifying charity. Persons over 70 ½ may direct a gift from their IRA, up to $100,000, to be deposited directly with the Gibson Center. While income tax is normally due on each traditional IRA distribution, you, the account owner, do not need to pay taxes on the amount directly transferred to us.
Quote from a Legacy Honor Society member who gave a QCD
“Having to take Required Minimum Distributions from my IRA snuck up on me. Am I really 70 ½? I was relieved to learn of easy, tax efficient ways of putting that distribution directly towards the Gibson Center services that I have supported for years.”
What Are the Rules for QCDs? The rules for QCDs aren’t very complicated, but there are some:
- To make a qualified charitable distribution you have to be 70½ or older.
- For a QCD to count towards your current year’s Required Minimum Distribution (RMD), the funds must come out of your IRA by your RMD deadline which is usually December 31. Under the recently passed SECURE Act, RMDs must begin the April after the account holder turns 72.
- The maximum annual amount that can qualify for a QCD is $100,000. That goes for one big contribution or many smaller contributions — the total yearly max is $100K.
- If you are married and file a joint tax return, your spouse can also make a charitable contribution of up to $100,000, meaning couples can exclude up to $200,000 of their retirement savings from income tax if they donate it to charity. However, QCD rules only apply to IRAs — they do not apply to 401(k)s, 403(b)s, SIMPLE, or SEP IRAs.
Ask your IRA administrator, in writing, to make your distribution and to include your name and mailing address with the distribution check.
We would appreciate a call or a note to let us know of your intent so we can add you to our Legacy Honor Society Roster and provide you with our thanks
Give Appreciated Stock
Donating appreciated securities can save you capital gains taxes and provide you a beneficial tax deduction.
If you sell appreciated stock, you will pay capital gains tax on the appreciation. However, if you give the stock to charity, you will receive a charitable income tax deduction equal to the full fair market value of the stock at the time of the gift and will avoid capital gains taxes.
If you would like to donate appreciated stock, please complete the stock donation form.
Donate an IRA to the Gibson Center
Inherited distributions from non-Roth retirement plans are taxable as ordinary income to the person who receives them including your heirs. Retirement plan benefits are only payable to the employee or account holder who earned them, with a few exceptions for spouses or survivors.
This is true whether the recipient is the original account holder or a beneficiary of the account holder. Unlike other inheritances that can be passed to heirs free of income tax, distributions from inherited retirement plans are taxable as ordinary income to the person who receives them
However when you name the Gibson Center as a beneficiary to receive your IRA or other retirement assets upon your death, neither your heirs nor your estate will pay income taxes on the distribution of the assets.
Because the Gibson Center does not pay income tax as a 501c3 non-profit charity, the full amount of your retirement account will directly benefit us.
Your estate will need to include the value of the assets as part of the gross estate but will receive a tax deduction for the charitable contribution, which can be used to offset the estate taxes.
How to designate a charity as the beneficiary of an IRA or 401(k)?
Making the Gibson Center the beneficiary of your IRA or other retirement assets requires that you fill out a designated beneficiary form through your employer or your plan administrator. Most banks and financial services firms also have beneficiary forms, or they can provide you with suggested language for naming beneficiaries to these accounts.
Once the designated beneficiary forms are in place, the retirement assets will generally pass directly to your beneficiaries (including charities) without going through probate.
If you are married, ask the plan administrator whether your spouse is required to consent. If required but not done, this could result in a disqualification of the charity as your beneficiary.