Legacy Giving Guide

Donor-Advised Funds

By establishing a DAF, you can make a tax-deductible contribution to the fund, then recommend grants to non-profit organizations of your choice over time. This approach provides flexibility, allowing you to strategically allocate funds when and where they are needed most.

How: Establish and contribute to a DAF by contacting a reputable financial institution, complete the paperwork, and make an initial donation.

Benefits:

• Maximize Tax Benefits: Receive an immediate tax deduction upon contribution, even if you recommend grants over time.
• Strategically Give: Take your time to research and recommend grants to non-profit organizations, like Lafayette Urban Ministry.
• Simplify Giving: Centralize your charitable giving in one account, streamlining administrative tasks.

Qualified Charitable Distributions

Are you 70½ or older? Consider Qualified Charitable Distributions from your IRA (Individual Retirement Account). Transfer funds directly to Lafayette Urban Ministry and reduce your taxable income while supporting our initiatives.

How: If you’re 70½ or older, direct funds from your IRA to LUM.

Benefits:

• Tax Advantages: Directly donate up to $100,000 from your IRA to LUM, count it towards your Required Minimum Distribution, and potentially lower your taxable income.
• Support & Stewardship: Witness the immediate impact of your support during your lifetime.
• Simplicity: Execute your charitable intentions seamlessly, as the distribution is paid directly to LUM.

Stocks & Securities

Donate stocks, bonds or mutual funds to support Lafayette Urban Ministry and experience dual benefits. By giving appreciated securities, you not only contribute to our mission, but also potentially reduce your capital gains tax.

How: Donate appreciated stocks or securities directly to LUM at: LUMserve.org/stock-donation/

Benefits:

• Avoid Capital Gains Tax: Enjoy tax savings by donating stocks that have increased in value, without incurring capital gains tax.
• Maximize Deductions: Receive a tax deduction for the full market value of the donated stocks.
• Empower Impact: Support LUM’s mission while leveraging your investments for the greater good.

Wills, Trusts & POD Accounts

Legacy Gifts encompass wills, living trusts, and payable on death (POD) accounts, offering a way to secure LUM’s future while preserving your values and vision. We invite people of all ages to consider this timeless form of giving.

How: Consult with your attorney or financial advisor or go to freewill.com, to create or update your will, establish a living trust, or designate LUM as a beneficiary on POD accounts.

Benefits:

• Perpetuate Your Values: Your legacy aligns with LUM’s mission and values.
• Ensuring Longevity: Secure the future of LUM, ensuring our vital work continues.
• Potential Tax Advantages: Certain legacy gifts may offer tax benefits, reducing your estate’s tax burden.

1. Seek Personalized Financial Advice: Reach out to a trusted financial source, which may include the Community Foundation of Greater Lafayette, Fidelity, Charles Schwab, or your personal financial advisor, for personalized guidance and next steps tailored to your philanthropic goals.
2. Connect with LUM: Have questions? Ready to discuss your giving options? Email Wes Tillett, LUM Executive Director, at wtillett@LUMserve.org. The LUM staff is here to guide you through the process and ensure your gift aligns with your intentions.

3. Plan with Ease: If you’re considering leaving a legacy gift, visit freewill.com to create a free legal will. It’s a simple, online resource that can help you get started with your estate planning.
4. Legacy Gift Inspiration: Here is a sample statement you can include in your will to name Lafayette Urban Ministry as a beneficiary: “I give, devise, and bequeath to Lafayette Urban Ministry, a non-profit organization located at 420 N 4th St, Lafayette, IN 47901, [insert the specific dollar amount, percentage, or description of property] for its general use and purposes.” You can also name LUM as a direct beneficiary on bank and investment accounts, ensuring your support continues to make a difference.