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Leave a Legacy – Philanthropic Donations

You can be the answer to the future of Preston County Senior Citizens, Inc.

There may be substantial tax advantages available to donors who provide philanthropic gifts to Preston County Senior Citizens, Inc. There are several options to leave a lasting legacy through donations made from your estate. If you are interested in learning more about the following options, please contact Preston County Senior Citizens, Inc. at: (304) 329-0464.

Through Wills and Bequests – You may choose to donate a specific dollar amount or percentage of your estate through your will, or by designating an unrestricted or special purpose bequest to be used for a specific purpose. It is recommended that you consult with a financial and/or legal advisor when preparing these instruments. For your convenience, Preston County Senior Citizens, Inc. has provided suggested verbiage for inclusion in these documents.

Suggested Verbiage for Your Will

For General Bequests:



I give and bequeath to Preston County Senior Citizens, Inc. ____% of my estate, to be applied to the uses and purposes of said senior center as the Board of Directors may direct.

For Endowment:


I give and bequeath to Preston County Senior Citizens, Inc. ____% of my estate, to be invested and preserved as part of the permanent endowment fund of the senior center.

For Special Purposes:



I give and bequeath to Preston County Senior Citizens, Inc. the sum of ____ dollars to be used for the following purpose: ____________________________________________.

How do you want your bequest used by Preston County Senior Citizens, Inc.?

A donor has the right to designate in his will the preferred use of the bequest, although we do recommend that bequests be unrestricted so that the Board of Directors will have flexibility to apply the funds where they are most needed. 



Why Percentages?

Except in small bequests of less than $1,000, we suggest a percentage figure be used instead of a dollar amount in your will. By using percentages, you have a better chance of accomplishing what you intend with your estate. See examples:



Example A (The Wrong Way)
Jane Doe wanted her sister, Edna, to have the bulk of her estate since she had lived with her for many years. She had only one nephew, so she decided to leave him $10,000 of her $150,000 estate. All the rest and residue she left to her sister. Jane became ill and spent two years in the hospital before she died. Expenses used up all of her estate except for $12,000 when it was settled. Her nephew got $10,000. Her sister, Edna, got $2,000 – NOT what Jane intended!



Example B (The Right Way)
Jane Doe left her nephew 10% of her estate and all the rest and residue to her sister, Edna. Now, her nephew received $1,200 of her estate and her sister, $10, 800 (the residue). This was more in keeping with what she really intended.

Everyone needs a will. If you do not have a valid will, the state has created laws which determine how your property will be distributed. Make certain that your will is up-to-date so you can decide how and who will inherit your property, both real and personal.

Memorial Gifts – Respecting the wishes of deceased loved ones, families often request that memorials be sent to a favorite charitable cause. Such a tribute is appropriate even in the absence of a public request – and unlike other gestures of sympathy, a memorial gift lives on in service to other people. We will gladly discuss available memorial options with you so that the legacy of your loved one can continue on.

Securities – More than 12 million Americans own securities (stocks, bonds, and mutual funds) and most of these funds can be donated. You can give securities which have increased in value and which you have owned long enough to qualify as a long-term capital gain property. Such a gift has two tax advantages:



1. A charitable income tax deduction is allowed for the current fair market value of the securities you give, not just their cost. Recent tax law changes involving Alternative Minimum Tax calculations may somewhat reduce the benefit of the appreciation.

2. You may avoid payment of some capital gains tax.

Mortgages, Leases, and Notes – You may also give real estate, properties and similar gifts. Check with your advisor for effects this may have on your tax liability.

Real Estate: A farm or residence may be deeded to Preston County Senior Citizens, Inc. now and lifetime residency retained. You can save on taxes by making gifts while still living, and enjoy the satisfaction of seeing your generosity at work.

Opportunities abound for giving homes, farms, rental and other commercial property, resort property, and other types of real estate. If you own property that has risen in value and which has been owned for more than 6 months and a day, you may give the property now, take a federal income tax deduction for its full value, and avoid capital gains tax. If it has decreased in value, it is usually better to sell the property, take a capital loss, and give the proceeds from the sale. Alternately, you may give your personal residence or farm now and continue to live there, maintaining the property and using any farm income it produces. You receive a current federal income tax deduction for a portion of the fair market value of the property at the time the gift is made. At your death, the organization will receive the property to use as designated or where needed most. Property can also be given in such a way as to return a regular income for you as long as you need it (“reverse mortgage”). Call or write to us for more details about these plans.

Gifts in Kind – Donations of items such as jewelry, artwork, coin collections, antiques, etc. can be the perfect way to give. Check with a tax advisor to determine appraisal requirements and tax benefits for the items you would like to give.

Life Insurance – Many people do not realize that life insurance policies or dividends paid on the policies make practical gifts. In reviewing your policies at year’s end, you may discover that you have policies that you no longer need for their original purposes. A policy may have been bought to protect your children who are now independent, relatives now deceased, or a business now prosperous and secure. Alternately, you may have purchased life insurance to pay estate taxes, which have now been reduced or eliminated by tax law changes in recent years. Such policies make excellent gifts. There are several methods of giving life insurance policies:



1. Give a fully paid policy and deduct its replacement cost or the amount you paid for the policy (whichever is less).

2. Give a policy on which you are still paying premiums and deduct the lesser of its approximate cash value or the amount you paid for the policy. All future premiums you pay are also tax deductible.

3. You can give policy dividends by notifying the insurance company. The amount of the dividends is deductible each year.

4. You can take out a new policy and name Preston County Senior Citizens, Inc. as the irrevocable owner and beneficiary. In this way, you ensure a substantial gift at a relatively small cost. The premiums are deductible on your federal income tax return as charitable gifts.

5. You can name Preston County Senior Citizens, Inc. as the primary beneficiary of all or part of the death benefit, or as secondary or final beneficiary to receive proceeds if your first beneficiaries don’t survive you.

Check with your advisors for estate tax consequences and other considerations.

Unitrusts and Annuities – If you would like to make a gift now of your estate and retain the earnings, these options may be ideal for you.

Corporate Giving – If you are a major stockholder in a closely held corporation, consider letting your corporation do part of your giving. A corporation can give and deduct up to 10% of its taxable income to non-profit institutions. Gifts of inventory are tax deductible at cost basis, and in some cases the deduction will be even greater.


Employee Giving: If you are employed by a company that matches charitable gifts made by their employees, your gift can be doubled. Some firms will match gifts of retirees. Contact your employer for more information.

For further information, contact:

Preston County Senior Citizens, Inc.
108 Senior Center Drive
P.O. Box 10
Kingwood, WV 26537
Phone: (304) 329-0464

Together, we help make life better for our seniors. We welcome donations of all amounts. Every donation makes a difference in a life and we would not be able to offer many of our programs, services, and supports without your help. Thank you for your generosity.

Please check with legal counsel on all gifts since tax laws are ever changing. Examples provided are for illustrative purposes only.

People Helping People. At Preston County Senior Citizens, Inc., that’s what we do.