Innovative Charitable Options
When you take stock of your financial assets you may be surprised at how much you’ve accumulated. Once you add your home equity, retirement, bank and investment accounts together, it may be a number that pleasantly surprises you. Deciding to make a gift to Camp Peniel at your passing will allow you to leave an Eternal legacy and even reduce your taxes! Gifts may be made directly to Camp Peniel or though our Charles Schwab account, details at the end of this section.
Our desire is for you to discover the joy of giving to those who need your help now but also far into the future!
Retirement Accounts, Life Insurance & Annuities
Do you know who you’ve named as your primary beneficiary on your IRA or 401k?
How about your contingent (secondary) beneficiary? It may be good to double check!
Retirement accounts are tax-deferred; you don’t pay the taxes until you withdraw the money.
Annuities work in a similar fashion.
Life Insurance is income tax free.
All of these may also be subject to estate taxes if your estate is large enough at your death.
None of these assets flow through your Will or Living Trust, they go directly to your beneficiary.
Please prayerfully consider naming Camp Peniel, as your primary or contingent (secondary) beneficiary on your retirement accounts, life insurance (even the group life insurance you get at work) and any annuities you may have. By naming Camp Peniel, as your beneficiary, you control and spend it through your lifetime. You can even name several beneficiaries by stating a percentage amount. Because these accounts each have separate beneficiary forms, you will need to use the form provided by that institution, many of which allow you to make these adjustments on-line, or through your HR Department.
When you pass away, camp will receive the amount you’ve specified completely TAX FREE!
Primary Beneficiary: CAMP PENIEL, INC. (__%)
Contingent Beneficiary: CAMP PENIEL, INC. (__%)
Life-Time Gifts from IRAs
If you are 70.5 or older and not employed, you MUST take IRA distributions. And you can give up to $100,000 per year to camp. It is called a Qualified Charitable Distribution or QCD. Contact your broker and he/she will set it up for you.
Wills and Living Trusts
Whether you use an attorney or a computer-generated service like Legal Zoom to prepare your Will or Living Trust, by choosing to place Camp Peniel into these, your gift of any amount or percentage helps support our mission to bring campers to a face to face relationship with God through Christ-centered adventures for generations to come!
Charitable gifts must be made from your estate or living trust with specific language. Here is the suggested bequest language:
“I give and bequeath to CAMP PENIEL, INC. ($ ____ or ___ %).”
Gifts of Stock
You can also give Camp Peniel stock directly. Your financial advisor can help you this, and you can avoid paying unnecessary taxes too. Our brokerage account information is at the end of this section.
Bank and Investment Accounts
You can also transfer your bank, credit union and regular (Non-IRA) accounts to us. You can do this by putting a POD (Payable on Death) or TOD (Transfer on Death) designation on those accounts to CAMP PENIEL, INC. Ask your financial institution for the assistance with this. They will be happy to help, and we’ll be happy for the help!
Gift of Real Estate
With a gift of real estate to Camp Peniel, you can further our mission and lower taxes too!
You can even donate your house to us now, live there the rest of your life and receive a large income tax deduction.
Before you begin the process of donating real estate, please contact us to make sure we will be able to accept your generous gift.
Gift Annuities and Charitable Trusts
A Charitable Gift Annuity is a way to donate to Camp Peniel at your death, receive a lifetime of income and get an income tax deduction.
There is also an option of a special trust called a Charitable Remainder Trust which works much like a Gift Annuity but is more suitable for larger gifts.
There are other creative options available. Please let us know if you have any questions.
CAMP PENIEL, INC. Information
Our Tax ID Number is: 74-1949630
Our account at Charles Schwab for transfer of stock is: 3636-4681, use codes DTC#0164 CODE40
Thank you so much for prayerfully considering joining us in how God is changing lives at Camp Peniel!
This information is not intended to be used as legal or tax advice. Contact your own appropriate advisors to discuss the benefits and effects of any particular charitable & tax strategy.