Ways to Give
The Honorable Order of Kentucky Colonels
A powerful legacy can often be created with the simplest actions and change lives in powerful ways.
Through an estate gift or another major gift to the Honorable Order of Kentucky Colonels, you can continue your philanthropic support and preserve the charitable legacy you and the Honorable Order of Kentucky Colonels have.
Planned Giving Recognition
Our Golden Legacy Register is a recognition society for those who have made plans to support the proud tradition and philanthropic efforts of the Honorable Order of Kentucky Colonels and its Good Works Program through a provision in a will or trust or by naming the Honorable Order of Kentucky Colonels as a beneficiary of a retirement account or life insurance policy. If you have included the Honorable Order of Kentucky Colonels in your plans, we would appreciate the opportunity to thank you appropriately. You can share your plans with us through the Golden Legacy Register Statement of Intent (and remain confidential if you wish). You’ll find a letter of intent form here.
The Honorable Order of Kentucky Colonels’ Planned Giving program allows Kentucky Colonels to create a legacy that will last for generations. As a cornerstone of this program, The Legacy of Honor recognizes Colonels who have made a commitment of $100,000 or more through their estate plans (and are age 65 or older) or through a gift made over two years. These gifts can establish an endowment in the Colonel’s name for the Good Works category of the Colonel’s choice.
If we can provide additional information to you, your attorney, or your financial advisor, please contact Colonel Leslie M. Watkins at 502-266-6114 or LMWatkins@KyColonels.org.
A variety of planned giving options are available.
Bequests
A charitable bequest is one of the easiest and most flexible ways to make a gift to the Honorable Order of Kentucky Colonels and can be made through your original will or a codicil. While bequests are generally unrestricted, The Honorable Order has established one restricted endowment, the Legacy of Honor Society, to recognize individuals who bequeath $100,000 or more and want to designate their gift into a category of grantees. Please see the Legacy of Honor Society page for additional information.
Here are some samples of language you may use or provide to your estate planning attorney to indicate your wishes:
I give to the Honorable Order of Kentucky Colonels, Louisville, KY, Federal Tax Number 61-0485432:
- a)Â The sum of $ _____ dollars
- b)Â ________ percent of my Estate/Trust
- c)Â The following securities, real estate, or tangible property:Â ___________
Or
- d)Â ______% of the rest, residue, and remainder of my estate after specific amounts are bequeathed to other beneficiaries and estate-related expenses are paid.
Life Insurance
Naming the Honorable Order of Kentucky Colonels as a life insurance policy beneficiary could provide you with a charitable deduction. A policy originally purchased to protect dependent children or as part of a business partnership often provides an excellent giving opportunity once that specific need has passed. Your life insurance company can provide you with the necessary beneficiary designation form.
Retirement Plans/Individual Retirement Account
You may designate the Honorable Order of Kentucky Colonels as the death beneficiary for pension plans, Individual Retirement Accounts (IRAs), 401(k) plans, Keogh plans, and other qualified retirement savings plans. Gifts of retirement death benefits have tax advantages, including the avoidance of income taxes and estate taxes that would come due upon death.
Additionally, if you are required to withdraw from an IRA, please consider directing that withdrawal to the Honorable Order. Your financial or tax advisor can share positive tax benefits that are specific to your situation with you.
Donor-Advised Fund
A donor-advised fund is a charitable account administered by a sponsoring organization, often a community foundation or investment firm. When you contribute cash, securities or other assets to a donor-advised fund, you can take an immediate tax deduction. These funds are managed and distributed to your favorite charities, such as the Honorable Order of Kentucky Colonels, at your desired specified amounts.
If you’re a BNY Mellon, Fidelity Charitable or Schwab Charitable client, click here.
Appreciated Securities
Giving stocks and bonds that have increased value often provides even greater tax benefits than cash gifts. The market value of the securities is deductible (subject to applicable limitations), and you may also avoid paying capital gains tax on the appreciation.
If you need instructions on transferring securities, please contact Leslie M. Watkins at 502-266-6114 or LMwatkins@KyColonels.org.
Charitable Lead Trust
A charitable lead trust provides income to the Honorable Order of Kentucky Colonels for a set term of years, after which the remainder may be transferred to your family or heirs. A lead trust often becomes part of a sizable estate plan, with advice from legal and tax advisors with experience applying lead trusts in estate planning.
Benefits include:
- You receive a charitable deduction for the the Honorable Order of Kentucky Colonels’ interest income.
- You may pass property to family members at a greatly reduced estate or gift tax cost.
Charitable Remainder Trust
A charitable remainder trust provides income to you and/or other beneficiaries for life or a set term of years, leaving the remainder to the Honorable Order of Kentucky Colonels at the end of the trust.
The flexibility of a charitable remainder trust allows you to design an arrangement specifically suited to your needs and to use various types of property in its funding. You may choose from two basic types of charitable remainder trusts: the unitrust and the annuity trust.
The unitrust and the annuity trust must pay at least five percent of the initial fair market value of the gift, and both may be established for a minimum of $100,000. Your income tax deduction is based on the amount of the gift, the ages of the beneficiaries and the percentage of the trust assets received as income.
In addition, you can structure either a unitrust or an annuity trust for a certain term of years or life. Benefits include:
- Income payments for your life and/or your spouse’s or others’ life.
- Probable elimination of capital gains tax on appreciated property.
- A current income tax deduction.
- Probable reduction of estate taxes and probate costs.
- Personal fulfillment of directing your gift and supporting the Honorable Order of Kentucky Colonels during your lifetime.
Professional Advice
This information was prepared as an informational piece for the Honorable Order of Kentucky Colonels and is not intended as legal or financial planning advice. Prior to making a gift to the Honorable Order of Kentucky Colonels, it is important that you consult with your attorney or other financial advisors regarding the applicability of any item relevant to your situation. We welcome the opportunity to work with you and your advisors to establish individualized gift arrangements.
If you don’t have an estate planner, the Kentucky Colonels have a long-standing relationship with Hilliard Lyons Trust, A Baird Company. Their representatives stand ready to help carry out your wishes. If you’d like more information from Hilliard Lyons, contact Leslie M. Watkins at 502-266-6114 or LMWatkins@KyColonels.org.
Through an estate gift or another major gift to the
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