Make a bequest to Rail 66 Country Trail in your estate plan
A charitable bequest is a common, simple way to include the Rail 66 Country Trail in your estate plan to protect the future of the Trail. A bequest to Rail 66 Country Trail is free from federal and state taxes and can be made either outright or contingent upon the death of the named beneficiary. The amount of the bequest is deducted from your estate total, offering substantial savings by decreasing the value of the estate subject to taxation. There is no limit to the amount of your estate that can be left to charitable organizations.
The following is language we recommend you use to name Rail 66 Country Trail as beneficiary of your will or codicil:
“I hereby give, devise and bequeath $____ (specific dollar amount)____, AND/OR ____ (specific percentage)____ percent of the residue of my estate AND/OR real estate located at ______(specific location)____ to Rail 66 Country Trail, a Pennsylvania nonprofit corporation exempt from federal taxation under section 501(c)(3) of the Internal Revenue Code, currently located at 1390 E. Main Street, PO Box 667, Clarion, PA 16214, Federal Tax Identification number 46-4813617.”
Gift of Appreciated Property
If you have stocks, bonds or other property that has appreciated in value or will have significant tax liability when sold, you may want to consider gifting it to Rail 66, receive a tax deduction for the market value of the property and avoiding the tax on the sale.
Name Rail 66 Country Trail in your Life Insurance Policy
Life insurance policies allow several ways to give. You can donate a paid policy that you no longer need by naming Rail 66 Country Trail as the beneficiary and policy owner. In return, you will receive an immediate tax deduction based on your cost basis in the policy, and it will reduce the value of your estate by the full face value of the policy, potentially reducing estate taxes. Upon your death, the life insurance proceeds will be passed on to Rail 66 Country Trail. You can also name Rail 66 as beneficiary of a percentage of your life insurance policy proceeds.
Make Rail 66 Country Trail the beneficiary of your Qualified Retirement Plan or IRA
By designating Rail 66 as the primary beneficiary of your qualified retirement plan or IRA, this asset avoids income and estate taxes. Alternatively, you can name Rail 66 as contingent beneficiary upon the death of the named beneficiary. Before your passing, you may be eligible to make a qualified charitable contribution to Rail 66 directly from your IRA and receive a tax deduction in the amount of the gift.
We recommend you consult with your financial planner, attorney or tax accountant about how a planned gift to Rail 66 will work for you. Feel free to discuss gifting with our legal counsel, Al Lander Esq (814-226-6853), Law Offices of Greco, Lander & Shekell, P.C.
P.O. Box 667
1390 E. Main Street, Suite 2
Clarion, PA 16214