Estate Planning

We invite you to consider including the Skaneateles Historical Society (SHS) in your long-term financial plans. This can provide you the opportunity to make a larger gift to SHS than you may have thought possible. These kinds of gifts will mean future financial stability for SHS, allowing us to continue preserving the history of our community for many years. For you, these gifts may mean relief from estate taxes, capital gains tax relief and allowing for making a large gift through insurance plans.

The plans discussed below are only suggested ideas. If you would like to set up any of the following plans, we suggest that you discuss the possibilities with your attorney or financial planner. Please notify us by letter and let us know of your plans. We will provide you with any additional information that may be needed in your planning process. Also, if you have made the Skaneateles Historical Society the beneficiary of your charitable giving, we would like to thank you for your special gift.

A Bequest in Your Will
The easiest way to leave a lasting gift to the Skaneateles Historical Society is by including us in your will. A bequest is as simple as it is powerful; with a few words in your will, you can continue to support the preservation and education efforts of the Skaneateles Historical Society beyond your lifetime. Chances are, even after you have made adequate provisions for your family and friends, you can have a bigger impact than you ever thought possible. When you make a bequest, you will have the good feeling of having done something significant to help preserve the history of your ancestors or your community.

How to participate: If you are already prepared to name the Skaneateles Historical Society in your will you will need a few facts about us:

Legal Name: The Skaneateles Historical Society
Address: 28 Hannum Street, Skaneateles, NY 13152
Federal Tax ID: 23 – 7339639

The gift can be declared in a number of ways. Following are some of the common ways to phrase your intentions:

Percentage of Estate
I give to the Skaneateles Historical Society, 28 Hannum St, Skaneateles, NY 13152, ___% of my estate to be used in such a manner as the Board of Directors of the Skaneateles Historical Society shall, in its sole discretion, determine.

Fixed Amount
I give to the Skaneateles Historical Society, 28 Hannum St, Skaneateles, NY 13152, the sum of $_______ to be used in such a manner as the Board of Directors of the Skaneateles Historical Society shall, in its sole discretion, determine.

Residue of Estate (after probate costs and other expenses)
I give to the Skaneateles Historical Society, 28 Hannum St, Skaneateles, NY 13152, ___% of the rest and residue of my estate to be used in such a manner as the Board of Directors of the Skaneateles Historical Society shall, in its sole discretion, determine.

Appreciated Stock Gifts
Marketable securities may be transferred to the brokerage firm of the Skaneateles Historical Society or delivered physically to the Skaneateles Historical Society, 28 Hannum St, Skaneateles, NY 13152 with the transferor’s signature or stock power attached. All marketable securities shall be sold upon receipt, unless otherwise directed by the Board of Directors.

Life Insurance Gifts
Life insurance gifts may be the ideal vehicle for making a significant charitable gift, either during life or at death. Consider the advantages:

• Life insurance gifts are simple; just ask the insurance company for the appropriate forms to make us the irrevocable owner or beneficiary of a policy.

• Gifts of a policy are tax deductible, as are future premium payments.

• A gift of life insurance is certain. The full proceeds are payable to ensure your philanthropic goals are achieved.

• Life insurance is paid promptly; it is not tied up in the administration of the estate.

• Unlike a will, life insurance is not a matter of public record. Proceeds for the Skaneateles Historical Society can pass in privacy, if you desire.

• Life insurance can be used to make significant gifts to charitable causes with exceptional tax advantages.

How to participate:

Following are a few ways life insurance can be used to enlarge your support:

A Gift of an “Unneeded” Policy
Suppose your family is grown and no longer needs a policy purchased many years ago. You could make the Skaneateles Historical Society the beneficiary of that insurance policy and take a tax deduction for the value of the policy at the time of the gift.

Charitable Gift Annuity Plans
Donors who employ various types of charitable trusts can purchase life insurance or an annuity payable to family members, but upon the death of the donor the Skaneateles Historical Society is the beneficiary to the plan. The family receives assets during the life of the donor, which will more than cover the annual premiums for the policy. Since the policy is owned by the heirs, not the donor, it is not included in the donor’s estate and is therefore not subject to estate taxes. Upon the death of the donor/insured, the Skaneateles Historical Society will receive the gift annuity remainder and the donor’s heirs will receive the life insurance benefit.

Revocable Beneficiary Designation
You may keep lifetime ownership rights in a policy (the right to borrow against or cash in a life insurance policy, for example) and still name the Skaneateles Historical Society as the beneficiary of part or all of the proceeds. Your estate will be entitled to a charitable deduction for the amount passing to us. If you prefer, you can name the Skaneateles Historical Society as the contingent beneficiary of a life insurance policy. Our organization would receive the proceeds only if your primary beneficiary died before you.

Miscellaneous Provisions
Securing appraisals and legal fees for gifts to the Skaneateles Historical Society shall be the responsibility of the donor; where an appraisal and/or independent legal counsel is required.

The Skaneateles Historical Society shall record a gift at its valuation for gift purposes on the receipt date of the gift. The Skaneateles Historical Society is responsible for filing IRS Form 8282 upon the sale or disposition of any asset sold within two years of receipt of the item.

The Board of Directors of the Skaneateles Historical Society would like to thank you for taking the time to consider how you may support SHS now and in the future. We hope that this information has been helpful to you. If we can be of assistance, please write to the Skaneateles Historical Society, 28 Hannum St, Skaneateles, NY 13152 or telephone 315-685-1360.