The information provided is educational in nature. Please know that Gateway Arch Park Foundation does not provide legal or tax advice. You should consult with your attorney or tax advisor about the benefits and risks of any planned gift. Planned gifts to Gateway Arch Park Foundation may be designated to a specific program, directed to our endowment or given to provide support where it is needed most. We encourage you to contact a member of the Foundation to discuss the designation of your planned gift.
Bequests:
You designate our organization as a beneficiary by will or trust. A bequest can be in the form of a dollar amount, specified asset, and/or a percentage of property remaining in your estate. A bequest can be unrestricted or restricted. In order to make a bequest, you should speak with your attorney. Your attorney can help you include a bequest to Gateway Arch Park Foundation in your estate plan. We have provided some basic bequest language to assist you and your attorney.
An unrestricted bequest for the general purposes of the mission of the Foundation permits the Foundation to decide the most valuable use of your gift at that time. The following language is suggested for use in making an unrestricted bequest: "I give (the sum of ____ dollars), (all or ___ percent of my total estate, determined as of the date of my death), (all or ____ percent of the residuary of my estate) to Gateway Arch Park Foundation, a nonprofit organization located in St. Louis, Missouri, Federal Tax ID #27-2128072, for Gateway Arch Park Foundation’s general use and purpose."
Restricted Bequests: If you are considering a bequest but would like to ensure that your bequest will be used for a specific purpose, please let us know. We would be happy to work with you and your attorney to help you identify ways to give and meet your charitable objectives. We will also work with you and your attorney to craft language to accomplish your goals.
If you choose to restrict your bequest, inclusion of the following language allows for flexibility in the event your designation is no longer applicable to Gateway Arch Park Foundation’s needs: "If at any time in the judgment of the Trustees of Gateway Arch Park Foundation the designated use of this bequest is no longer practicable or appropriate, then the Trustees shall use the bequest to further the general purposes of the Foundation, giving consideration, where possible, to my special interest as described above."
Retirement Accounts:
Tax deferred retirement accounts often make up a significant percentage of many estates. Such plans include individual retirement accounts (IRAs), 401(k) plans, 403(b) plans, etc. Most retirement plans are made up of assets which are not taxed so long as the assets remain within the plan. One reason that retirement accounts are often overlooked as charitable gift options is that they are seen as quick and easy methods of transferring wealth to loved ones. However, from a tax perspective, retirement account assets are often not the best assets to leave to your family. If your children or your estate are named as beneficiaries of retirement plan assets, these assets may be subject to both income taxes (to the recipient) and estate taxes (to the estate). This combined income and estate tax burden can be substantial, greatly reducing the value of the intended gift. Retirement account assets transferred to a charity, like Gateway Arch Park Foundation (via a simple beneficiary designation that can be changed at any time), will not be taxed as income to the Foundation (charities are tax-exempt) or taxed as part of your estate. Thus, if you have incorporated gifts to family and charities in your estate plans, you may want to consider making charitable gifts with retirement account funds and giving appreciated stock, real estate, or other assets to children, which may not be taxable as income to them.
Bank or Brokerage Accounts:
Designating Gateway Arch Park Foundation as beneficiary of your bank accounts, certificates of deposit or brokerage accounts is a simple and straightforward way to support our mission.
Life Insurance:
When the original purpose for a life insurance policy no longer applies, your policy can become a meaningful way to support our work. There are several ways to give life insurance to Gateway Arch Park Foundation:
Name Gateway Arch Park Foundation as the beneficiary of the policy. This gift is as simple as updating your beneficiary designation form with the policy holder. You can designate us as the primary beneficiary for a percentage or specific amount. You can also make us the contingent beneficiary so that we will receive the balance of your policy only if your primary beneficiary doesn’t survive you.
Make an outright gift of an existing policy. You can name us as owner and beneficiary of an existing policy. You may qualify for a federal income tax charitable deduction when you itemize on your taxes. If you continue to pay premiums on the policy, each payment may be tax deductible as a charitable gift if you itemize.
Make an outright gift of a new policy. You can take out a new policy and irrevocably name Gateway Arch Park Foundation as the owner and the beneficiary of the insurance contract. Whether you make one single premium payment for the policy or pay annual premiums, each payment may tax deductible as a charitable gift when you itemize on your taxes.
