Leaving a legacy gift in your will or trust can make a lasting difference to Springfield Preservation and Revitalization. Your legacy gift should be thoughtfully planned. Many gifts cost nothing now, there is no minimum contribution, and you are not locked into a decision you make today. Many good planning techniques are available, and you should choose the type of legacy gift that best suits your personal objectives. Some donors prefer to bequeath a certain percentage of the remainder of their estate — the amount that remains after paying all debts, costs, and other prior legacies. Some bequests can be a stated dollar amount, or you can bequeath specific property to the Foundation. Whichever form you prefer, you can direct that your bequest be used for the general support of our work or for a specific purpose supporting SPAR you designate.
SPAR encourages donors to consult with their financial and tax advisors before making a legacy gift. We have partnered in 2022 with Prudential Advisors to offer complimentary consultations on how best to plan a gift to SPAR. For more information, please reach out to our team at [email protected].
Estate Planning
Most legacy giving supporters make unrestricted gifts that allow us to use their funds for SPAR's most pressing needs. We are happy to discuss specific ideas you may have for your gift. To make an unrestricted bequest, consider using the following language in your estate plan:
I bequeath $_________ or _____ percent of my residuary estate to Springfield Preservation & Revitalization Council, a 501(c)(3) not-for-profit organization, organized and existing under the laws of the State of Florida (Federal tax identification number 59-2024497), for its ongoing preservation and revitalization purposes.” [If you’d like to restrict your bequest for a specific purpose, please let us know.
Individuals making legacy gifts via their estate plans are vital to our efforts supporting SPAR. If you plan to include the SPAR in your estate plans or already have done so, please reach out to our team at [email protected].
IRA Gift
It’s easy to designate SPAR as a beneficiary of all or part of your 401k IRA or other qualified plan. You can obtain a Designation of Beneficiary Form from your retirement plan administrator and complete as directed.
Stocks Gift
Gifts of stocks, bonds or mutual funds can save on taxes. These types of securities gifted to SPAR are typically sold and the proceeds used for its programs.
Real Estate or Other Tangible Property Gift
Some donors give land or other real estate or other valuable personal property such as vehicles, boats, antiques or jewelry. Let us turn those assets into a legacy. Typically, SPAR would sell the real estate or other tangible property and use the proceeds to fund our programs.
Life Insurance Policy
Life insurance assets can be a significant gift with little or no outright expense. The simplest method is to name the SPAR as a full, partial or contingent beneficiary of your policy. You retain full control of your policy and any value it accrues. To make this gift, contact your insurance company or agency to complete a new beneficiary designation form.
You may also name SPAR as the owner of a life insurance policy during your lifetime.
Charitable Remainder Trust or Lead Trust
A CRT is a tax-exempt irrevocable trust designed to reduce the taxable income of individuals. Once set up, either through a charity or via one’s financial advisors, remainder trusts disperse income to the donor or other named beneficiaries of the trust for their lifetime or a specified period of time, after which the remainder of the trust is donated to the designated charity.
A Charitable Lead Trust operates in the converse way. Once the lead trust is created, the designated charity(ies) receives the income from the trust for a specified period of time, after which the remainder of the trust passes to the named beneficiaries.
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