Ways to Give
A powerful legacy can often be created with the simplest actions and can change lives in powerful ways. Your annual gifts to HOKC support non-profits across the Commonwealth strengthening the lives of Kentuckians. Through an estate gift or another major gift to the HOKC, you can continue your philanthropic support and preserve the charitable legacy you and the HOKC 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 HOKC as a beneficiary of a retirement account or life insurance policy. If you have included HOKC in your plans, we would appreciate the opportunity to thank you appropriately. Through the Golden Legacy Register Statement of Intent, you can share your plans with us (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 at email@example.com.
A variety of planned giving options are available:
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 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) The sum of $ _____ dollars
b) ________ percent of my Estate/Trust
c) The following securities, real estate, or tangible property: ___________
d) ______% of the rest, residue, and remainder of my estate after specific amounts are bequeathed to other beneficiaries and estate-related expenses are paid.
Naming HOKC as the beneficiary of a life insurance policy could provide you with a charitable deduction. A policy that was originally purchased to provide protection for 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 HOKC 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 that include the avoidance of income taxes and estate taxes that would come due upon death.
Additionally, if you are required to make a withdrawal from an IRA, please consider directing that withdrawal to the Honorable Order. Your financial or tax advisor can share positive tax benefits with you specific to your situation.
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’re generally eligible to take an immediate tax deduction. These funds are managed and distributed to your favorite charities, such as HOKC, at the specified amounts you desire.
If you’re a client of BNY Mellon, Fidelity Charitable or Schwab Charitable, click here.
Giving stocks and bonds that have increased in value often provides even greater tax benefits than gifts of cash. 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 how to transfer securities, please reach out to Leslie M. Watkins, at 502-266-6114, or firstname.lastname@example.org.
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 HOKC 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.
Both 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 for life. Benefits include:
- Income payments for your life and/or the life of your spouse or others.
- 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 HOKC during your lifetime.
Charitable Lead Trust
A charitable lead trust provides income to HOKC for a set term of years, after which the remainder may be transferred to your family or heirs. A lead trust most often becomes part of a sizeable estate plan, with advice provided by legal and tax advisors with experience in the application of lead trusts in estate planning. Benefits include:
- You receive a charitable deduction for the HOKC’s interest income.
- You may pass property to family members at a greatly reduced estate or gift tax cost.
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. It is important that you consult with your attorney or other financial advisors as to the applicability of any item relevant to your own situation prior to making a gift to HOKC. 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 email@example.com.