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Benefits
If you are considering a major gift, your gift of cash or stock in the form of a “Life Income Gift” can significantly increase your income!
A life income gift allows you to transfer assets, and yet continue to receive income from the cash, stock, or other property contributed. A life income gift can allow you to:
1) Increase your income for life
2) Receive a generous charitable contribution
3) If you contribute stock, avoid any capital gains on the appreciation
A life income gift is often made through a trust arrangement called a “unitrust” or an “annuity trust”. With a unitrust, you and/ or your spouse (or another beneficiary) receives annually a fixed percentage of the fair market value of the assets in the trust. The income will vary year-to year, based upon how the trust’s investments perform. With an annuity trust, you and/ or your spouse (or another beneficiary) receives a fixed amount from the trust each year. This amount is agreed upon when you create the trust; it stays constant, no matter what happens with the stock market or interest rates.
If you have already considered OLT in your will, please note that a life income gift can often be preferable. Such a gift allows you to accomplish your philanthropic goals during your lifetime – and in a tax-advantaged way.
If you own a life insurance policy that is no longer needed, consider it as the perfect vehicle for a year-end charitable gift.
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(It’s easy to contribute a life insurance policy to OLT. Just check with your life insurance agent for details on which forms to complete.)
Special Tax Incentive for IRA Gifts
Temporary legislation allows donors aged 70½ and older to direct distributions of up to $100,000 per year from their IRAs and ROTH IRAs to Orient Land Trust, without incurring income tax on the withdrawal. This is a significant incentive that removes the tax penalty for some donors who want to use their IRAs to fund a charitable gift.
What You Should Know:
How it Works:
Please note that Orient Land trust cannot render tax or legal advice and we urge you to consult with your professional advisor about your situation before making a charitable gift.
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Special Note
If you are interested in donating a vehicle, please contact your OLT office for more information vehicle needs.
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If you have owned your home, a vacation home, apartment building, retail buildings, acreage, or a ranch for many years, a charitable gift of that real estate can be especially tax-advantageous. The property may have so appreciated in value over the years that its sale would result in sizeable capital gains tax. If given to OLT instead, you avoid the tax and, at the same time, realize a charitable deduction for the full fair market value of the real estate.
You may also wish to consider a gift of your personal residence or ranch, reserving the right to continue to live in the house or ranch property for life (and if applicable, the lifetime of your surviving spouse). Through such an arrangement, you will be entitled to a current income tax deduction for a portion of the fair market value of the property.
OLT accepts two types of real estate gifts — both of which are critical to our work:
OLT is not able to protect or receive all of the real estate that is offered to us for protection through conservation easement, bargain price acquisition or in-fee donation. The decision to accept or decline land in the San Luis Valley for preservation through conservation easement, bargain price acquisition or in-fee donation is made by OLT’s Board of Directors in conjunction with its mission and Land Conservation Strategic Plan. If you are interested in making such a gift, please contact OLT’s Executive Director, Doug Bishop.
Year-end is an excellent time to consider a gift of stock
Giving long-term appreciated stock or mutual funds offers you a two-fold tax saving. First, you avoid paying any capital gains tax on the increase in value of your stock. In addition, you receive a tax deduction for the full fair market value on the date of the gift. For income tax purposes the value of such gifts may be deducted up to an allowable amount determined by the IRS -- please check with your tax advisor.
Example: If you purchased stock many years ago for $1,000 and it is now worth $10,000, an outright gift of that stock to OLT would result in a charitable deduction of $10,000. In addition, you permanently avoid paying capital gains tax on the $9,000 of appreciation.
Your gift of stock or mutual funds can also be used to fund a charitable gift annuity, diversifying your portfolio and/or securing a stream of income.
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There is no easier way to garner a charitable deduction for 2013 – and support Orient Land Trust at the same time – than by simply writing a check or making a donation on-line with a credit/ debit! When renewing your membership in OLT, please consider adding on a donation to support the broader mission of OLT that includes, besides the hot springs, open space land conservation, environmental education, sustainable agriculture/ ranching practices, holistic grazing and permaculture systems, and job skills training for youth of the valley.
Benefits of a Gift of Cash
There's an extra benefit:
You can claim the entire amount of your cash gift as a charitable income tax deduction up to the amount allowable by the IRS – please consult your tax advisor concerning this allowable amount.
Make sure your mail envelope, money-order, wire transfer or on-line donation is postmarked, dated or charged by the end of the year on December 31st. If it is, your gift will qualify as a 2013 gift even if it not received by OLT until the first week of 2014. The check should be made out to Orient Land Trust.
REMEMBER
Although a cash gift can provide immediate benefit to OLT, you can also use it to fund a life-income plan such as a charitable gift annuity.
Giving is as easy as 1) making a charitable gift, and 2) saving taxes. We’d like to make it even easier with this primer on some of the best ways to save – and give.
The tax laws intentionally encourage charitable giving. Because of the income tax charitable deduction, individuals who make their gifts by December 31 and itemize can significantly reduce their income taxes for 2013.
Example: If you make a charitable gift of $10,000 in 2013, you save $3,300 in taxes if you are in the 33% tax bracket. And the higher your tax bracket, the more money you save with a charitable gift.
Giving, of course, is much more than tax brackets and charitable deductions. Philanthropy provides the opportunity for you to really make a meaningful difference for the causes about which you re passionate. Orient Land Trust is here to help you fulfill your philanthropic goals.
The ways of giving listed below are only a brief introduction to some of the best tax-advantaged methods of giving. We would be pleased to provide you with further information. Also, we urge you to discuss your 2013 year-end tax planning with your accountant or other professional advisor.
For the education, enjoyment, and well-being of current and future generations, Orient Land Trust:
promotes a positive clothing-optional experience at all properties including Valley View Hot Springs, Orient Mine and Everson Ranch;
preserves the viewshed, including land acquisition;
protects natural, wild, agricultural, and historic resources, in the northern San Luis Valley.