Kadampa Center Legacy & Living Gifts Fund
Kadampa Center Legacy & Living Gifts Fund
Securing Kadampa Center’s Mission for Future Generations
What is the goal of Kadampa Center Legacy & Living Gifts Fund?
The Kadampa Center Legacy & Living Gifts Fund is an important new initiative created by Kadampa Center Board of Directors (BOD). The goal of the Kadampa Center Legacy & Living Gifts Fund is to bring together a group of people who choose to make a long-term commitment to the Kadampa Center to ensure future generations will have a place to practice.
What are Kadampa Center Legacy & Living Gifts Funds?
Legacy and Living Gifts are generally made from accumulated assets in a carefully considered manner and in an amount that expresses your commitment without impairing your family’s financial well-being. This means considering personal and family needs, Kadampa Center needs and possible tax considerations. Legacy Gifts are separate from annual gifts to Kadampa Center.
Kadampa Center Mission Statement
We are a spiritual community committed to transforming the minds and lives of individuals and societies into the highest ideals of enlightened wisdom, compassion, and skillful action through the study and practice of Tibetan Buddhism in the Gelugpa tradition. We are part of the Foundation for the Preservation of the Mahayana Tradition (FPMT), an international family of city and retreat centers, monasteries, publishing houses, hospices, and healing centers who share our purpose.
What impact does Kadampa Center Legacy & Living Gifts Fund have on Kadampa Center?
Kadampa Center Legacy & Living Gifts Fund donors understand the importance of sustaining a blessed space where lives can be touched and people have the opportunity for life-changing experiences.
Your generosity may support the Center in these ways:
- Help secure the teachings for future generations by providing annual income through the Kadampa Center Legacy & Living Gifts Funds
- Allow Kadampa Center to continue to maintain and improve facilities.
- Develop the resources to grow and maintain Dharma focused Administration, Managers and Staff.
- Allow to continue important current programs and establish new programs that promote the vitality and spiritual growth of the Center.
What types of gifts can be made?
Gifts come in all shapes and sizes and are often made from accumulated assets, which may include cash, securities, life insurance and retirement fund assets, annuities, trusts, or tangible property such as real estate. These alternatives can be classified as direct gifts, life income gifts, gifts of tax-deferred assets and bequests. Below are some examples of the more common types of gifts and what the advantages may be to you.
Beneficiary Designations
Wills and bequests You can make gifts of a specific asset, a specific dollar amount, or a percentage of your estate to the Kadampa Center Legacy & Living Gifts Fund through a bequest in your Will, or provision in your Living Trust. A Will is a legal document which contains specific instructions to the Probate Court as to how your property is to be administered and distributed after your death. A Living Trust is similar to a will except that with a living trust, you place all of your assets into the Trust with instructions for the management and distribution of the assets upon your incapacity or death. A Living Trust avoids the potentially time-consuming and costly public Probate Court process. The Wall Street Journal has called the Living Trust the most flexible planning device available.
Gift of Life Insurance
The gift of life insurance is a leveraged gift, meaning that for a relatively small sum of money (the premium), you can provide the Kadampa Center with a large gift (the policy proceeds payable at death). The policy can be set up so that after a period of time (normally 10 years), the dividends earned will offset the need for future premium payments, while retaining the gift to the Kadampa Center Legacy & Living Gifts Fund. When you name the Kadampa Center as the irrevocable owner and beneficiary on the policy, your premium payments are a charitable income tax deduction. No amount of the policy proceeds received by the Kadampa Center Legacy & Living Gifts Fund are included in your Estate for estate tax purposes. Your gift of life insurance may be a newly issued policy or an existing policy on your life.
Retirement Plan Beneficiary Designation
Did you know your retirement plan can be subject to multiple taxes that can reduce by 70% what you plan to leave your family? There is a charitable alternative that can benefit both your family and the Kadampa Center. Make us your beneficiary of all or part of your retirement plan, any remaining balance will come to us tax-free. Whether it’s a company retirement plan, a private fund such as an IRA, or a combination of the two, you can designate the Kadampa Center Legacy & Living Gifts Fund as the final beneficiary of any remaining funds that you or your loved ones do not use.
Life Income Gifts
Some Gifts provide lifetime income for individuals or a couple, create an income tax deduction for the donor and leave a Legacy Gift for Kadampa Center.
Charitable Remainder Trust (CRT)
You can transfer substantial assets into a trust that will provide income to you and/or others for life, or for a period of time up to 20 years; at the end of the trust, the assets remaining in the trust will go to the The Kadampa Center Legacy & Living Gifts Fund. The IRS allows a large deduction in the year the assets are donated to the trust. The tax savings are sometimes used to buy life insurance payable to family members. This way you can make a gift to the Kadampa Center, receive income from the trust and still make a large gift at death to family members.
How will Legacy Gifts be managed?
The Kadampa Center Legacy & Living Gifts Fund is overseen by trustees including the BOD. Unless the donors Will or Bequest determines distribution of funds a gift will be split between future and present needs.
I’m ready. Who can I talk to?
If you have included Kadampa Center Legacy & Living Gifts Fund in your estate plans, or would like more information about naming us as a beneficiary of a will, trust or financial account, please contact giving@kadampa-center.org and we will put you in touch with someone who will help you with your Legacy or Living Gift.
