Investing in a Stronger Community

SmilingWhen it comes to giving both time and money to organizations in our community, Bev Scott and Courtney have a history that dates back to their childhoods, when each of them were encouraged by their parents to give to things they cared about.

When they moved to the San Francisco Bay Area in 1982, Bev was worried that her ex-husband would fight for custody of her daughter. At the time, lesbian mothers across the country were having similar courtroom battles—and losing. Bev valued the important resources to support her family at the Lesbian Rights Project, now the National Center for Lesbian Rights. Courtney was already an LRP staff and supporter of their work, as was Horizons.

Years later, Bev and Courtney wanted to be sure their legacy plans reflected their shared values of giving back to the LGBTQ community that they've been so passionate about during their lifetimes. "We want to take care of our daughter and grandson, but we're still committed to giving a portion of our estate to Horizons Foundation," Bev says.

During their planning, Bev and Courtney learned that retirement accounts are a great asset to leave to charity. Courtney, a tax preparer, especially appreciates this planning tool, saying, "If we leave these assets to an heir, there's a big tax liability, but by leaving them to charity, 100 percent of our dollars go to the community."

"We're leaving a legacy gift to Horizons because with one gift, we can support the whole community, including an emerging organization we don't even yet know about," Bev says. "That is important to us."

Bev and Courtney celebrate 38 years together this year.

If you'd like to learn more about using retirement plan assets to fund a gift with Horizons, please contact Deb Stallings at 415.398.2333 x103 or dstallings@horizonsfoundation.org.

A charitable bequest is one or two sentences in your will or living trust that leave to Horizons Foundation a specific item, an amount of money, a gift contingent upon certain events or a percentage of your estate.

an individual or organization designated to receive benefits or funds under a will or other contract, such as an insurance policy, trust or retirement plan

"I give to Horizons Foundation, a nonprofit corporation currently located at 550 Montgomery Street, Suite 700 San Francisco, CA 94111 , or its successor thereto, ______________* [written amount or percentage of the estate or description of property] for its unrestricted use and purpose."

able to be changed or cancelled

A revocable living trust is set up during your lifetime and can be revoked at any time before death. They allow assets held in the trust to pass directly to beneficiaries without probate court proceedings and can also reduce federal estate taxes.

cannot be changed or cancelled

tax on gifts generally paid by the person making the gift rather than the recipient

the original value of an asset, such as stock, before its appreciation or depreciation

the growth in value of an asset like stock or real estate since the original purchase

the price a willing buyer and willing seller can agree on

The person receiving the gift annuity payments.

the part of an estate left after debts, taxes and specific bequests have been paid

a written and properly witnessed legal change to a will

the person named in a will to manage the estate, collect the property, pay any debt, and distribute property according to the will

A donor advised fund is an account that you set up but which is managed by a nonprofit organization. You contribute to the account, which grows tax-free. You can recommend how much (and how often) you want to distribute money from that fund to Horizons or other charities. You cannot direct the gifts.

An endowed gift can create a new endowment or add to an existing endowment. The principal of the endowment is invested and a portion of the principal’s earnings are used each year to support our mission.

Tax on the growth in value of an asset—such as real estate or stock—since its original purchase.

Securities, real estate or any other property having a fair market value greater than its original purchase price.

Real estate can be a personal residence, vacation home, timeshare property, farm, commercial property or undeveloped land.

A charitable remainder trust provides you or other named individuals income each year for life or a period not exceeding 20 years from assets you give to the trust you create.

You give assets to a trust that pays our organization set payments for a number of years, which you choose. The longer the length of time, the better the potential tax savings to you. When the term is up, the remaining trust assets go to you, your family or other beneficiaries you select. This is an excellent way to transfer property to family members at a minimal cost.

You fund this type of trust with cash or appreciated assets—and may qualify for a federal income tax charitable deduction when you itemize. You can also make additional gifts; each one also qualifies for a tax deduction. The trust pays you, each year, a variable amount based on a fixed percentage of the fair market value of the trust assets. When the trust terminates, the remaining principal goes to Horizons as a lump sum.

You fund this trust with cash or appreciated assets—and may qualify for a federal income tax charitable deduction when you itemize. Each year the trust pays you or another named individual the same dollar amount you choose at the start. When the trust terminates, the remaining principal goes to Horizons as a lump sum.

A beneficiary designation clearly identifies how specific assets will be distributed after your death.

A charitable gift annuity involves a simple contract between you and Horizons where you agree to make a gift to Horizons and we, in return, agree to pay you (and someone else, if you choose) a fixed amount each year for the rest of your life.

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