The mission of Southern Dharma is to create an atmosphere of
quiet reflection, within an ecumenical setting, where one can
nurture a sense of peace and uncover the truths within the heart.
A planned gift to Southern Dharma provides unique and invaluable
support and becomes your living legacy to this cultivation of
wisdom and compassion. A planned gift can be made for unrestricted
purposes, for restricted purposes such as our Legacy Endowment
Fund or for some combination of the two.
Some of the different forms of planned giving are presented below. We hope the following guidelines and examples will be helpful. Please note that this information is general and that tax and inheritance laws vary by state.
Through its affiliation with the Community Foundation of Western
North Carolina, a nonprofit organization that manages Southern Dharma's
endowments, we can offer you free consultation with planned giving
professionals. We also recommend that you contact your accountant,
attorney, or financial planner for additional professional guidance.
If you have any questions about or interest in making a planned gift to Southern Dharma, please contact Southern Dharma at:
1661 West Road
Hot Springs NC 28743
828-622-7112
info@southerndharma.org.
Thank you for considering a planned gift to Southern Dharma Retreat
Center. With your help, we will ensure that Southern dhamra can continue
its important work for generations to come. Informing us of your decision
to make a planned gift helps us in our long-range planning and also
provides us an opportunity to thank you for your generosity.
Bequests
What is included in your will is a reflection of what is most valued in your life. By making a will, you ensure that those values are clearly expressed, and that your wish to support them will be followed by those administering your estate. Also, the taxable portion of your estate is reduced by the value of any charitable bequest to Southern Dharma Retreat Center. A bequest can be made to Southern Dharma by writing a simple addition to an existing will.
Bequests can take various forms, and we provide a description of each below, along with sample bequest language. The sample language in each example is for unrestricted bequests.
A Specific Bequest states a specific amount or asset amount.
It may be a gift of cash, securities, real estate or tangible personal property.
Example
"I give and bequeath (specific dollar amount or accurate description of assets) to Southern Dharma Retreat Center, a tax-exempt 501(c)(3) not-for-profit organization (tax ID #56-1695711), located at 1661 West Road, Hot Springs, NC 28743, for its general charitable purposes.”
A Percentage Bequest states a percentage of your estate to be given. Example
"I give and bequeath an amount equal to __ % of my estate, as finally determined for federal estate tax purposes, to Southern Dharma Retreat Center, a tax-exempt 501(c)(3) not-for-profit organization (tax ID #56-1695711), located at 1661 West Road, Hot Springs, NC 28743, for its general charitable purposes.”
bequeaths all or a percentage of the remainder of the estate after
specific bequests have been fulfilled.
Example "I give and bequeath all (or __ % of) the residue of my estate to Southern Dharma Retreat Center, a tax-exempt 501(c)(3) not-for-profit organization (tax ID #56-1695711), located at 1661 West Road, Hot Springs, NC 28743, for its general charitable purposes.”
A Contingent Bequest takes effect only if a primary beneficiary named in the will is predeceased or if a primary bequest cannot be made. Naming Southern Dharma a contingent beneficiary can prevent the property from going to the state if there are no heirs.
Example "In the event that any of the above-named beneficiaries should predecease me, or that any of the above bequests shall otherwise not be effective,
I give and bequeath to Southern Dharma Retreat Center, a tax-exempt
501(c)(3) not-for-profit organization (tax ID #56-1695711), located at
1661 West Road, Hot Springs, NC 28743, for its general charitable purposes
all property which said beneficiary or beneficiaries would have otherwise
received."
In the case of a restricted gift, it is wise to include a saving
or escape clause. Even if conditions change in a way that would
nullify or make the original purpose impractical, a saving or escape
clause would allow your gift to continue to be useful to SDRC.
Consider adding the following language: "In the event that the above stated use becomes impractical, then the said Fund may be used for such other uses and purposes as the Board of Directors of Southern Dharma Retreat Center shall deem necessary and advisable, keeping in mind the intent and goals for which the Fund was originally established.
Retirement Plans
This form of gift is gaining in popularity because of the significant tax benefit involved. Assets from a tax-deferred retirement plan can be a good source of retirement income but are often a poor choice for making gifts to heirs. When such assets are left to an individual they are always subject to income tax and often to estate tax. Thus, a child or grandchild, or other beneficiary, may receive considerably less than the before-tax value of the gift. On the other hand, if you name Southern Dharma as the beneficiary of your retirement plan, these assets will be transferred tax-free, leaving for your heirs other assets which are not subject to additional taxes.
All tax-deferred retirement plans require the participant to name
a beneficiary and making Southern Dharma a beneficiary is easy.
Simply fill out a new beneficiary form supplied by the plan's custodian.
Life Insurance
A gift of life insurance can result in a significant donation at a relatively low cost to yourself. Consider making Southern Dharma the owner and/or beneficiary of an existing policy or purchasing a new policy in its name. You will earn an estate tax deduction by making Southern Dharma a beneficiary and if you make it the owner of a whole life policy, an income tax deduction as well. All you have to do is file a change of beneficiary form with the insurance company.
Appreciated Stock
Appreciated Securities, which have been held for more than one year, can make very effective gifts, for the donor as well as for Southern Dharma. The donor is entitled to an income tax deduction equal to the fair market value of the securities as well as exemption from any
capital gains tax on the appreciation of those securities. A deduction
of up to 30 percent of your adjusted gross income is available, with
excess deductions carried over a five-year period. Since Southern
Dharma does not pay any tax upon selling the securities, it receives
their full market value as a gift. These tax advantages make gifts
of stock far more effective than gifts of cash obtained through the
sale of stock.
Life Income Gifts
A life-income gift results in the donor, or a person the donor designates,
receiving tax-sheltered income for life. After the income-beneficiary dies,
Southern Dharma uses the remainder of the gift as intended by the
donor. Charitable Gift Annuities, Charitable Remainder Trusts, and
Pooled Income Funds are a few examples of this type of arrangement.
There are differences among kinds of life-income gifts, but their common
advantage is twofold: income to the donor or a designated beneficiary and
favorable tax treatment.
These giving vehicles can be a good option for people who would like
to make a substantial gift to Southern Dharma but need to keep the
income their assets can produce for the remainder of their life.
Life-income agreements are generally more complex than other types
of planned giving and while we are happy to speak with you about this
option, we emphasize the need to get professional assistance.