Thank you for your commitment to the greater lovell land trust
The majority of our financial support comes from individuals who share our vision for the future of our region.
Additionally, the GLLT considers gifts of land or conservation easements. This is an excellent way for you or your family to contribute directly to the mission of the GLLT and the long term well being of the communities of the Kezar Lake, Kezar River and Cold River watersheds.
Gifts to the GLLT
Gifts of cash are generally deductible for tax purposes in the year the gift is made.
Gifts of securities, common stock or mutual funds can yield a double tax benefit. Gifts of appreciated securities offer potential capital gains tax savings. In addition, you typically receive a charitable deduction for the value of the securities contributed.
Gifts of land can also offer tax advantages. You can give the entire interest in real estate, a conservation easement on a property, or retain a life estate in a residence, vacation home or farm for a fixed term or for your lifetime.
You can name the GLLT as beneficiary of an IRA, 401(k) or other form of qualified retirement plan account. Income tax and estate tax are avoided when this type of asset is paid directly to the GLLT. Notes related to the 2018 tax law update.
The GLLT can be named as owner of and beneficiary under your life insurance policy, which reduces the amount of your estate subject to estate taxes.
A gift of cash, securities or real estate can be made to the GLLT in your will. While you receive no current income tax deduction, the value of the cash or property left to the GLLT reduces the amount of your estate subject to estate taxes.
Charitable Remainder Trust
Transfer of assets (cash, securities or real estate) to a trustee pays either a fixed or variable amount to one or more income beneficiaries for their lifetime or a term of years. Upon termination of the income interest, the remaining principal becomes a charitable gift to the GLLT.
Charitable Lead Trust
You create a trust for a term of years to which assets (cash, securities or real estate) are transferred; your trustee invests the assets and distributes either a fixed or variable amount to the GLLT each year. At the end of the trust’s term, all trust assets are returned to you or your beneficiary as required by the trust terms.
Maine Pooled Income Fund (through the Maine Community Foundation)
Assets transferred to the Maine Pooled Income Fund, are pooled with other donors’ assets and invested together. You designate one or two income beneficiaries to receive lifetime income from the Fund, which equals your share of the Fund’s net income. You also designate the GLLT as beneficiary upon the death of the last income beneficiary. Your assets are then removed from the Fund to establish a Designated Fund that pays its annual income to the GLLT.
There are many other vehicles available for you and your family to donate to our mission and the current and long term financial viability of the organization.
With assistance from your tax and legal advisors, we encourage you to carefully consider how one or more of these opportunities can work for you and your family. If you would like more information on any of these gift methods, please contact us. We will be happy to work with you and your advisors, confidentially, to achieve your goals in making a gift.