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Some People's Legacies are Engraved on Monuments .....
Yours Can be Written on Lives.
- To learn more about creating your personal legacy,
please click on the video link below. -
HOW THE SALVATION ARMY HAS HELPED
Every day The Salvation Army touches the lives of thousands of individuals, from the very young to the elderly. In most cases, we can see the immediate, positive impact we have in their lives. But rarely do we get to see the long-lasting effects of our encounters with them.
However, in the case of Arletta, we do know, because she was kind enough to share her thanks, and her thankfulness has expressed itself in the form of donations to The Salvation Army for more than 20 years!
Let’s allow Arletta to tell her story in her own words, from a letter she sent this past year:
Dear Salvation Army:
I want to say thank you for the two Christmas gifts and treats my family received from you when I was 5 and 6 years old.
You gave me my first and only tricycle. I came from a large, poor family. Our house burnt down and we moved to a new home in 1945. I was two and a half years old then. If not for you, my little brother and I would not have had a happy Christmas.
P.S. When I got married and had the extra money, I began giving back to you.
Most grateful for all you do,
We’re grateful for so much of what Arletta’s story expresses. We’re grateful that The Salvation Army was there to help her family in their need back in the 1940s. We’re grateful for the joy that tricycle provided to Arletta. We’re grateful that she took the time to share her story with us. We’re grateful for Arletta’s generous support of our mission and work for more than 20 years. And we’re grateful to all those, like Arletta, whose support makes it possible to continue helping those in need day after day. Thank you,
Arletta! You affirm that what we do makes a difference; because of you we’re encouraged to press forward in this important and life-changing work. Thanks for making our day, our week…our year!
Arletta on her Salvation Army tricycle
"Fiscal Cliff" for Estate Taxes
There has been extensive discussion in all forms of public media regarding the pending impact of the fiscal cliff on spending and on income taxes. If no action is taken by Congress and the White House, the January 1 spending reductions and tax increases will have great impact on the country.
However, without a fiscal cliff solution bill there is also a major potential impact on gift and estate taxes.
A Congressional Research Service (CRS) report published November 1 discussed the three major options. First, if there is no bill, the estate tax system reverts to the 2001 rules with a $1 million exemption and 55% top tax rate. Second, most of the Republican members of Congress support a continuation of the existing $5.12 million applicable exclusion amount (plus indexed increases) and top tax rate of 35%. Third, President Barack Obama has submitted a budget proposal that would return the estate tax system to the 2009 levels. This would change the exemption to $3.5 million and set the top estate tax rate at 45%.
The CRS report included a table that outlined the three federal estate tax options.
Three Federal Estate Options
*Plus 5% Surtax from $10M to $17.184MEditor's Note:
During the past three decades, the exemption amount has always increased. The proposals such as that of Rep. Richard Gephardt during the 1980's to reduce the exemption from $600,000 to $200,000 have not been successful. If there is no compromise bill, this reversion to 2001 levels will have a drastic impact on estate plans. Given the magnitude of the problems that could occur, it is likely that the estate tax provisions will be part of any compromise bill. Based on the actions during the last tax bill negotiation in December of 2010, it is quite possible that the 2012 rules will be extended. However, all tax advisors should stay tuned for further developments.
The Salvation Army's Planned Gifts Program offers a complete selection of alternatives as a means of reducing taxes, increasing income, and fulfilling your charitable goals.
We look forward to working with you to help determine the one most appropriate for you.
Through a BEQUEST in your Will, you can help ensure the work of The Salvation Army will continue to meet the needs of those in the Southern New England area.
If you are over 55, and seeking a safe and secure investment for cash or stocks worth $5,000+, and desire income for the rest or your life, a CHARITABLE GIFT ANNUITY is a great vehicle for you.
If you are planning for retirement, and you want to have assured, high yield income after you stop working, a DEFERRED-PAYMENT CHARITABLE GIFT ANNUITY may be perfect for you.
If you have over $100,000 to invest, and you want to help direct the way it is invested, a CHARITABLE REMAINDER TRUST is the way to go.
If you are in high-earning, high-tax years, are seeking a tax-wise means of passing principal on to your heirs, while still providing a charitable intent, a CHARITABLE LEAD TRUST, is very effective.
An alternative to a Bequest is a BENEFICIARY DESIGNATION of your bank account(s), Life Insurance Policies or Retirement Accounts.
Still not sure what's right for you? View the GIFT COMPARISON CHART, or call Michael Afflitto for additional information:
Michael Afflitto, CAP®
Director of Planned Giving
Southern New England Division
855 Asylum Avenue
Hartford, CT 06105
Toll Free: 1-888-468-5356
Tel: 860-702-0070 Direct