Since 1929, Legal Aid Foundation of Los Angeles has provided free legal services to low-income residents of Los Angeles County. A planned gift to LAFLA demonstrates your belief in our mission and your commitment to ensure justice for all. By including LAFLA in your estate plan, you can help secure justice for those in need for years to come.
One of the simplest ways you can benefit LAFLA is by making a bequest in your will or trust at your death. A bequest can be a gift of a specific sum of money, a percentage of your estate, or a specific asset you wish to leave to LAFLA. You may specify in the bequest whether you prefer that a particular LAFLA program benefit from your gift.
If you already have a will or a revocable trust, you can provide for LAFLA by making a codicil to your will or an amendment to your revocable trust. A bequest to LAFLA may help reduce estate taxes and we encourage you to seek the advice of an estate planning attorney and/or accountant to discuss any potential tax implications.
Sample Bequest Language: “I give to the Legal Aid Foundation of Los Angeles, a private, non-profit, 501(c)(3) organization currently headquartered at 1102 Crenshaw Blvd., Los Angeles, CA 90019, the sum of $_____ (or all or a __% of my residuary estate) for the unrestricted use and purposes of the organization (or for the support of a specific program, if desired).”
Gifting a life insurance policy to LAFLA is a flexible, cost-effective, and, in many cases, tax-advantaged way to benefit LAFLA and the low-income Los Angeles County residents it serves. There are two basic ways to make a gift of life insurance to LAFLA. First, you can purchase a new life insurance policy on your life and name LAFLA as the owner and beneficiary.
Second, you can transfer ownership of an existing life insurance policy on your life to LAFLA and designate LAFLA as the beneficiary of the policy. For example, if a donor owns excess life insurance (perhaps purchased for a reason that no longer exists), he or she might consider making an irrevocable gift of the policy to LAFLA.
These life insurance gifting strategies allow a donor to create a significant future gift (i.e., the death benefit that will accrue to LAFLA following the donor’s death) at a lower current cost (i.e., the cost of the policy premium), and may result in certain income tax deductions and reduced estate taxes. Please consult with your accountant for details on the tax advantages of gifting life insurance to LAFLA.
Retirement Plan Assets
Naming LAFLA as the beneficiary of a qualified retirement plan, such as an IRA, 401(k), 403(b), Keogh plan, or other profit-sharing plan, can accomplish a charitable goal while realizing significant tax savings. You have several options with respect designating LAFLA as a beneficiary of a retirement plan asset. First, you can designate LAFLA as the sole beneficiary. Second, you can name LAFLA and other individuals or entities together as beneficiaries, indicating a certain amount or percentage to be distributed to each such individual and entity. Third, you can designate LAFLA as a contingent beneficiary to receive retirement plan assets only if the primary beneficiary is deceased.
A gift of retirement plan assets to LAFLA may reduce estate taxes and income taxes that would be due on the assets remaining in your retirement accounts at your death. Please consult with your accountant regarding the tax advantages of making a gift of retirement plan assets to LAFLA.
A charitable contribution of long-term appreciated securities, such as stocks, bonds, and mutual funds that have realized significant appreciation over time, is an easy and tax-efficient way to give to LAFLA. By giving appreciated securities to LAFLA, rather than selling the securities first and then donating the proceeds of the sale to LAFLA, you can benefit from significant tax savings and actually increase the amount of funds available to give to LAFLA.
To ensure the timely and proper completion of your transaction, or if you have any questions, please contact Lynn Etkins, Chief Development and Marketing Director, at 323-801-7929 or by email at firstname.lastname@example.org.
We have provided you with some simple ways to make a gift to LAFLA. If you are interested in using a more complex method of giving, such as a charitable lead trust, a charitable remainder trust, or a charitable gift annuity, please contact your attorney or tax advisor.