Gift Planning
The Chestnut Society: Simple Gifts/Big Impact
Gifts through your will, living trust, retirement plan, or life insurance policy can have a big impact on the American chestnut’s future, while having little or no impact on your current lifestyle or your family.
When you make any of these gift commitments, your assets remain in your control. Your gift comes to TACF only after your lifetime.
If your needs change, you can change your mind.
The Chestnut Society is a designation that honors those individuals who make such gift commitments. During your lifetime, the details of your gift commitment can remain private. If you decide to share the news of your commitment with TACF (and we hope you will), we can work with you to ensure the degree of privacy you want.
There may be favorable tax consequences for your estate. Some assets are taxed more favorably if left to a nonprofit organization like TACF. This will depend on your specific circumstances.
Wills and Living Trusts
Gifts through wills and living trusts pass to beneficiaries through the law, which is why they are best completed with the help of a qualified estate planning attorney. Talking with your attorney and financial advisor also helps ensure that your gift to TACF is the best gift for you and your family.
TACF cannot provide legal or tax advice, but we will gladly talk with you and your advisors about our programs and ways that different gifts can benefit restoration of the American chestnut. As a first step, please contact us or share our contact information with your attorney.
If your will or living trust already exists, your attorney can add a codicil that includes your gift to TACF. The entire will or trust does not need to be revised.
If you include The American Chestnut Foundation in your will or living trust, please use the following designation:
The American Chestnut Foundation, a nonprofit corporation, organized and existing under the laws of Virginia, with principal business address of 50 N. Merrimon Avenue, Suite 115, Asheville, NC 28804-1383.
Tax identification number: 41-1483019
Date of Incorporation: June 22, 1983
The name, address, and tax identification information listed above may also be used to complete beneficiary forms for retirement plans and insurance policies.
Beneficiary Designation through Retirement Assets
If you are like most people, you probably will not use all of your retirement assets during your lifetime.
Did you know that your retirement assets may be taxed if you leave them to your heirs at your death? Another option is to leave your heirs assets that receive a step up in basis (such as real estate and stock) and give the retirement assets to TACF. A gift of your retirement assets, such as a gift from your IRA, 401k, 403b, pension or other tax deferred plans, is an excellent way to leave a lasting gift to TACF.
The process of naming TACF as a beneficiary of your account(s) is simple by just completing a beneficiary designation form provided by your plan custodian. If you designate The American Chestnut Foundation as the beneficiary, we will benefit from the full value of your gift because your IRA assets will not be taxed at your death.
Beneficiary Designation through an Insurance Policy
Did you know that you can give your life insurance policy to The American Chestnut Foundation and receive a charitable income tax deduction? You can also make deductible contributions to TACF each year which we can use to pay the premiums and benefit from the proceeds of your policy when you pass.
You can also designate TACF as the beneficiary of your life insurance policy. Which you will continue to own and can make use of the policy during your lifetime. The policy will be included in your taxable estate when you pass away, but your estate will benefit from an estate tax charitable deduction for the value of the gift to us.