Wills and Bequests
Individuals who wish to ensure their legacy within the roofing community may do so by willing a portion of their personal property to the Roofing Alliance. This is the most common form of planned giving; however, it should be noted that these are not irrevocable giving mechanisms and can be changed at the donor’s discretion.
Charitable Lead Trust
A Charitable Lead Trust is formed when a donor provides an asset that produces income to the Roofing Alliance for a defined period, at the end of which it is returned to the donor or to the donor’s designated beneficiaries. This method of giving significantly reduces the donor’s estate taxes and is an attractive estate-planning device to benefit the donor’s heirs.
Charitable Remainder Trust
Donors who are interested in a lifelong stream of revenue might consider a Charitable Remainder Trust. The opposite of a lead trust, an asset is placed into a trust that provides the donor and/or another person annual payments at a predetermined rate of return. When the trust’s term ends, the Roofing Alliance, as the beneficiary, is transferred the remainder.
Charitable Gift Annuities
Charitable Gift Annuities are similar to investment annuities except payments are backed by the assets in the Roofing Alliance. The rate of return is determined by a standard rate table, factoring rate of return based on the contributor’s age. It should be noted there are annuities that can be changed and others that are irrevocable.
Life Insurance Trust
A life insurance trust can be established whereby an individual’s life insurance policy is its principal asset. Roofing Alliance supporters can designate the Roofing Alliance as the beneficiary. Donors or the Roofing Alliance can pay the premiums depending on the individual’s situation. Gifts of insurance must be closely reviewed to ensure they are beneficial and the time horizon is realistic. Often, policies have a cash surrender value that can be used as a starting point for their evaluation.
Life Estate Trust
Supporters of the Roofing Alliance can make a substantial contribution by setting up a Life Estate Trust with their home as the primary asset. The donor and his or her family may live in the home for the duration of their lifetimes, after which the Roofing Alliance takes control. Donors receive an immediate tax benefit, and the asset is removed from their estate.