Legal Aid Center of Southern Nevada has been dedicated to providing free legal services to low income residents of Clark County since 1958. A planned gift to Legal Aid Center of Southern Nevada demonstrates your belief in our mission and your commitment to ensure justice for all. By including Legal Aid Center of Southern Nevada in your estate plan, you can help secure justice for those in need for years to come.
Ways To Give
One of the simplest ways you can benefit Legal Aid Center of Southern Nevada is by making a specific bequest in your will or trust. A bequest is a gift of a specific sum of money or a specific asset which is made upon your death. The funds can then be used by Legal Aid Center for their general operating needs or you could specify a specific program you wish to benefit.
If you already have a will or trust, you can provide for Legal Aid Center by making a codicil to your will or an amendment to the trust. If you don’t already have an estate plan, now may be a good time to get your plan in place.
Making a bequest to Legal Aid Center via your estate plan may reduce estate taxes. We encourage you to seek the advice of an estate planning attorney and/or CPA to discuss potential tax implications.
When making a bequest to Legal Aid Center of Southern Nevada, please use the following language: “I bequeath to Legal Aid Center of Southern Nevada, a private, non-profit, 501(c)(3) organization currently headquartered at 725 E. Charleston Blvd., Las Vegas, Nevada 89104, the sum of $_____ (or __% of my residuary estate) for the unrestricted use and purposes of the organization.”
Life Insurance Gift
Making a gift of a life insurance policy to Legal Aid Center of Southern Nevada may be appealing because it is a flexible, cost-effective, and in many cases tax-advantaged way to make a major gift that will benefit Legal Aid Center. You can benefit our organization by designating Legal Aid Center as the beneficiary of all or a portion of a life insurance policy. You can name “Legal Aid Center of Southern Nevada” as a beneficiary on a new or an existing life insurance policy.
Making a gift of a “paid-up” life insurance policy that is no longer needed is an excellent, and simple, way to establish a lasting legacy for Legal Aid Center. If a donor owns excess life insurance (perhaps purchased for a reason that no longer exists), they might consider making an irrevocable gift of the policy to Legal Aid Center. If complete ownership is transferred to the Legal Aid Center and Legal Aid Center is named as the beneficiary, the gift will generate a charitable income tax deduction.
Continuing to pay premiums on a policy where Legal Aid Center is named as beneficiary garners a current year income tax deduction for the donor. A donor may take out a new policy and irrevocably name the Legal Aid Center as the owner and the beneficiary of the insurance contract. This can be an attractive strategy for a younger donor, because the premium cost is usually low compared with the ultimate death benefit that will accrue to Legal Aid Center upon the donor's death. Whether the donor makes one single premium payment for the policy or pays premiums annually, each payment produces a charitable income tax deduction.
You should consult with your CPA for details on the tax advantages of giving a planned gift of life insurance.
Retirement Plan Gift
Retirement plans such as an IRA or 401(k) can also be a means of providing a planned gift to Legal Aid Center of Southern Nevada. Funds remaining in your retirement accounts at death are considered part of your estate for federal tax purposes (and in some cases state estate taxes, however Nevada currently has no state death taxes) and could result in additional estate tax. Any retirement funds that remain after payment of estate taxes will also be subject to income taxes when received by your heirs. You could choose to avoid this double taxation by funding a planned gift to Legal Aid Center with excess retirement funds and leaving other, less heavily taxed assets to loved ones. This may reduce or eliminate any estate or income tax will be due on the remaining assets in retirement accounts.
You can designate a specific amount from your retirement plan to any number of heirs before the remaining funds benefit Legal Aid Center. Or you can provide for a contingent, charitable gift to Legal Aid Center in the event your spouse or other heirs do not survive you.
Ask your plan administrator for more information and a Change of Beneficiary form. You can then designate “Legal Aid Center of Southern Nevada” as a beneficiary to receive all or a portion of your retirement plan assets according to the conditions you select.
For more information on planned giving opportunities, please contact:
Lynn Etkins, Associate Executive Director
Thank you to the law firm of Gordon Silver for generously donating their time preparing this information for us.