Leave a Legacy
Grow the Future
Planning today for your charitable legacy ensures that you are able to participate in the future of BonnetSprings Park. There are many ways to give to BSP, one of the most meaningful being a Legacy Gift. Including Bonnet Springs Park in your plans is so impactful, and sustaining the Park for future generations in this community is vastly important.
The mission of Bonnet Springs Park is to enrich our community through nature, culture, recreation, and education. Our Park serves to unify the city's diverse population, offering public spaces that serve the needs of many by providing engaging and diverse opportunities in education and recreation to residents and visitors. We are asking you to be a part of this vision and to help us move into the future by Leaving A Legacy at Bonnet Springs Park.
When it comes to leaving bequest, or a legacy gift, there are many options that are best suited for different donors. To discover which is best for you, we recommend you speak with a tax advisor or a tax attorney that is familiar with your estate. The tax ID/EIN for Bonnet Springs Park is 81-1106879. Below, you will find some additional information about the types of bequests that can be made.
Types of Bequests
RESIDUAL BEQUEST: "Rest, residue, or remainder or a percentage of the remainder" of your estate after other bequests, debts, and taxes are fulfilled
CONTINGENT BEQUEST: Made on the condition of a specific event
SPECIFIC BEQUEST: A stated dollar amount or percentage of your estate- this can be cash, real estate, securities, properties (tangible and intangible), etc.
PECUNIARY BEQUEST: Stated or fixed amount of money designated in Last Will and Testament
DONOR BENEFITS: You may receive a Charitable Income Tax deduction. You may avoid paying Capital Gains Tax on the sale of appreciated stock.
HOW TO: If the stock is being held in certificate form, transferring the physical stock will be required. The owner must endorse the stock by signing it in the presence of a guarantor, which can be their bank or broker. There may also be a form on the back of the certificate, which relates to the transferring of ownership. After the certificate is complete, it will be rendered non-negotiable and becomes transferable.
When gifting stock through a broker, the sender or the person gifting the stock can transfer ownership of all, or a portion, of their stock holdings for a particular company. Most brokerage accounts require a written and signed authorization from the sender with explicit instructions as to how the transfer should be done.
CHARITABLE INCOME TAX DEDUCTION: This tax deduction allows taxpayers to deduct some contributions to charitable organizations from their taxable income.
CAPITAL GAINS TAX: A tax on the growth in value of investments incurred when the investment is sold.
DONOR BENEFITS: You and your heirs may avoid Estate Income Tax on retirement assets. You may receive a Charitable Income Tax deduction on your estate.
HOW TO: Donating part or all of your unused retirement assets, such as your IRA, 401(k), 403(b), pension or other tax-deferred plan, is an excellent way to make a gift to Bonnet Springs Park. Check with the plan administrator or financial institution acting as plan custodian to determine whether it has any restrictions on designating charities as beneficiaries for retirement accounts. You will need to complete a beneficiary designation form provided by your retirement plan's custodian.
ESTATE TAX: Your assets may be subject to an estate tax and your heirs may be responsible for paying an income tax on assets as they are distributed.
CHARITABLE INCOME TAX DEDUCTION: This tax deduction allows taxpayers to deduct some contributions to charitable organizations from their taxable income.
DONOR BENEFITS: You may avoid Capital Gains Tax on the sale of real estate. You may receive a Charitable Income Tax deduction.
HOW TO: The sale of a home, commercial building, or investment property can provide tax benefits, generate income, and help BSP. Once Bonnet Springs Park has agreed to accept a gift of real estate, you may give a partial or full interest in your property by simply executing and recording a deed naming the Park as the new owner. Please note that your gift will be based on property's independently appraised fair market value at the time of transfer of ownership.
CHARITABLE INCOME TAX DEDUCTION: This tax deduction allows taxpayers to deduct some contributions to charitable organizations from their taxable income.
CAPITAL GAINS TAX: A tax on the growth in value of investments incurred when the investment is sold.
DONOR BENEFITS: You may receive a Charitable Income Tax deduction.
HOW TO: You can name Bonnet Springs Park as the beneficiary of a life insurance policy just as you can name people as beneficiaries. Because you can name more than one beneficiary, you can divide the payout benefit among your loved ones and BSP. The percentage of the payout that BSP gets is up to you. You will need to complete a beneficiary designation form furnished by your life insurance provider.
CHARITABLE INCOME TAX DEDUCTION: This tax deduction allows taxpayers to deduct some contributions to charitable organizations from their taxable income.
DONOR BENEFITS: You may reduce the Estate Income Tax for your heirs.
HOW TO: Include Bonnet Springs Park in your Last Will and Testament, or amend the document to name BSP a beneficiary for a specific dollar amount or percentage of your estate. Because you can name more than one beneficiary, you can divide the payout benefit among your loved ones and BSP.
ESTATE TAX: Your assets may be subject to an estate tax and your heirs may be responsible for paying an income tax on assets as they are distributed.