Thank you for your interest in supporting the Savoy Foundation! All donations are tax-deductible to the extent provided by law.
Mail a check or credit card donation. You can print out a donation form and include it with your contribution. You may make your donation by credit card or by check.
In addition to making donations, which are always welcome, you can help support the charitable activities of the Foundation through legacy giving. Basically, that means including the Foundation in your estate plan through bequests, charitable trusts or insurance. Here are basic explanations of how that can be done. As with all estate planning, people considering making a gift are well-advised to consult with their personal attorney and financial advisor to determine which option is best for them.
Bequests are an excellent way to fulfill your estate planning objectives as well as your charitable intentions via your estate. An outright bequest to the American Foundation of Savoy Orders, Inc., as well as certain bequests in trust, are not subject to estate taxation. Further, your actual cost is less than the face value of your gift because of the special statutory tax benefits which are granted charitable contributions.
Because there are many types of bequests, the Directors of American Foundation of Savoy Orders, Inc. advise that all those considering making a gift via a bequest consult with their personal attorney and financial advisor to determine which option is best for them.
- A cash bequest in your will or trust
- A residuary bequest of all or a portion of your estate, after the payment of specific amounts to other beneficiaries
- A contingent bequest to take effect only in the event that the primary beneficiaries under your will die before you
- A current or testamentary trust, which takes the form of a Charitable
- Remainder Annuity Trust or a Charitable Remainder Unitrust, the corpus of which will be paid to the Foundation upon the death of the trust’s income beneficiary.
There are several trust vehicles that enable persons who wish to support the work of the American Foundation of Savoy Orders Inc. to meet both their charitable and personal goals. As with bequests, because there are many types of trusts, the Directors of American Foundation of Savoy Orders, Inc. advise that all those considering making a gift via a bequest consult with their personal attorney and financial advisor to determine which option is best for them.
- A Charitable Remainder Unitrust provides for a variable rate of income to you or a designated beneficiary based on a payout rate of the fair market value of the trust assets as determined annually. Creating a unitrust entitles you to a charitable deduction for the value of the American Foundation of Savoy Orders Inc. remainder interest. Transfers are exempt from capital-gains tax, and the same limitations and carry-over provisions apply. You receive a guaranteed income for life, and the Foundation receives a significant gift in your name.
- A Charitable Remainder Annuity Trust provides for a fixed rate of income If you are concerned primarily with receiving (or having your designated beneficiary receive) a specified amount during the term of the trust. The required annual income distribution is predetermined by the donor at a minimum of 5% of the fair market value of the trust assets as of the date the assets are transferred to the trust. Creating an annuity trust entitles you to a charitable deduction for the value of the American Foundation of Savoy Orders, Inc. remainder interest. Transfers are exempt from capital gains tax and the same limitations and carry-over provisions apply. You receive a predetermined guaranteed income for life, and the Foundation receives a significant gift in your name.
- A Charitable Lead Trust is the reverse of a Charitable Remainder Annuity Trust or Unitrust. In the case of the latter, the donor retains a life interest in the income from the trust’s principal, which is transferred to the American Foundation of Savoy Orders, Inc. at the end of its term. With a Charitable Lead Trust the donor transfers income from the corpus (the "lead" interest) to the Foundation, but the trust principal is distributed to non-charitable beneficiaries, usually children or grandchildren (or to trusts for their benefit) at the end of the trust’s term. Creating a Charitable Lead Trust may take a number of forms that all offer similar tax benefits. The donor must have an income producing asset, the income from which is donated to the Foundation for a specified period of time. The asset is then transferred to the non-charitable beneficiaries. A Charitable Lead Trust is an excellent method for minimizing gift or estate transfer tax incurred on the taxpayer’s transfer of assets to family members or other individuals.
- A Wealth Replacement Trust is a vehicle for protecting the interests of your heirs while still providing for a significant gift to the American Foundation of Savoy Orders, Inc. Under this trust vehicle you as a donor give the Foundation property or assets, either outright or through another deferred giving vehicle. Using the tax savings generated by the gift, you then purchase a life insurance policy with your heirs as beneficiary. A Wealth Replacement Trust restores the assets of your estate which have been used to make a charitable gift, and can be designed to provide your heirs with their bequests free of estate taxes.
Paid-up life insurance policies provide an excellent opportunity for accomplishing charitable objectives. If the circumstances under which a life insurance policy was purchased no longer apply, you may wish to consider putting that money to work for the American Foundation of Savoy Orders, Inc. This may be done by designating the Foundation as the sole owner and beneficiary of an existing or new policy. When a paid-up policy is contributed to the Foundation, the allowable deduction is equal to its replacement value, unless that amount exceeds your tax basis in the policy, in which case the deduction is limited to the basis.