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Planned Giving: Tax Savings

Why make a gift to the IRS? Gifts of life insurance, charitable lead trusts, and retirement plans all qualify for membership in the Virginia Heritage Registry.

Life Insurance
Many people purchase life insurance policies to protect young children who have long since grown up and left home. Policies with a cash value often remain in force, even though they have outlived their usefulness. Such a policy can help the VHS in two different ways. If given ownership of the policy, the Society can redeem it for something close to its cash value. If the VHS becomes beneficiary, then it will one day receive the policy's death benefit, assuming any required premiums are paid.

Charitable Lead Trusts
Lead trusts are wonderful ways to give to the VHS in return for large income or estate tax benefits. They can drastically lower the tax on transfer of one's assets to loved ones. Learn more about Charitable Lead Trusts

Retirement Plan Gifts
Since they earn investment return tax-free, retirement plans are excellent ways to save for the future. Unfortunately, retirement accounts left to heirs can be subject to both income and estate taxes. These combined taxes can take up to 70% of the account away from one's heirs. If you have a retirement account, designating its final balance to the VHS could have tax benefits. Learn more about Retirement Plan Gifts
• 2006 Pension Protection Act affects IRAs

Other Planned Giving options available:
• Bequests
• Charitable Gift Annuities
• Charitable Remainder Trusts

These gift options entitle you to membership in the Virginia Historical Society's Virginia Heritage Registry.

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