PLANNED GIVING

A simple way to make a gift to the Lake George Land Conservancy is through your will, naming the Lake George Land Conservancy as a direct beneficiary of specific assets, of a portion of your estate, or of your residual estate after other payments. Bequests can serve as an enduring investment in the future of Lake George.

Specifically designed bequests may include:

Contingent Bequests
You direct that a specific amount or a percentage of your estate be paid to LGLC only if your other beneficiaries do not survive you.

Residuary Bequests
You name LGLC to receive all or a specified percentage of the assets remaining in your estate after other expenses and bequests have been paid.

Remainder Bequests
You direct that a sum be placed aside and invested to pay income to a surviving spouse or child. This can be for a period of years or for the lifetime of your beneficiary. Afterwards, the remaining principal goes to LGLC.

Memorial Bequests
You establish a fund in the memory of a family member or friend. This can be accomplished simply by designating that the particular fund to be established be named in memory of the person or persons to be honored.

Please consult your attorney for specific wording for any of these or other designations.

A gift of real estate can be very tax-friendly. Your residence, vacation home, farm or vacant lot may have appreciated in value through the years, resulting in a sizable capital gains tax when sold. By leaving your property to the Lake George Land Conservancy through planned giving, your estate could instead receive a charitable deduction for the full fair market value of the property.

A conservation easement or retained life estate gift may be similarly used to reduce your estate’s value. An independent appraisal of your property is required by the Internal Revenue Service (IRS) if you wish to claim a deduction. If you are considering a piece of land to be preserved in its natural state or bequeathed in a will, we ask that you notify us in advance so that we may determine whether we will be able to manage the bequest in a manner consistent with your wishes.

You can name the Lake George Land Conservancy as a primary or secondary beneficiary of your Individual Retirement Plan (IRA), Keogh plan, 401(k), 403(b), other qualified pension or insurance plans. The proceeds of these plans are distributed outside of probate and are entirely free from federal estate tax. If you are 70 ½ or older, you can make tax-free gifts from your IRA each year. Please check with your financial advisor to understand the benefits of supporting LGLC this way.

This can be another creative method to feel positive about your investment in the protection of Lake George. Antiques, artwork and other valuables may be retained by the Lake George Land Conservancy or sold with the proceeds put towards land conservation projects or operations. Please note that for all properties over $5,000, you are required to provide the IRS with an appraisal of the property if you want to use the deduction on your federal income tax returns.

If your will is already completed, one option that may not require a change to your documents but will reaffirm the other terms of your will, is to write a codicil to your will. (A codicil is a document that modifies, deletes, or adds to the content of an existing will.) A sample codicil has been provided in our Quick Links at right. Your legal advisor will need to approve the document for you.