You
don’t have to be a Millionaire to Make a Difference:
Planned Giving at the Cleveland Restoration Society
You can
make a lasting gift to help the Cleveland Restoration Society
protect and revitalize our region. Gift planning enables donors
to meet their personal and financial goals while taking
advantage of benefits such as reduced income and estate taxes.
And, gift planning can bring peace of mind to families who know
their intentions will be clearly met.
Over the past thirty-five years, the Cleveland Restoration
Society has grown from an all-volunteer organization to a staff
of fourteen full- and part-time employees. We serve a
seven-county area with our historic preservation programs for
homeowners, stewards of sacred landmarks, commercial property
owners and municipalities. Our events and programs engage
members and the greater community to discover our historic
resources and celebrate their rehabilitation into productive
uses that continue to enrich our everyday lives.
While many of our services and activities are partially
supported by membership dues and event registrations, together,
their earning potential does not cover all our basic operating
costs. Your planned gift will ensure the permanence of your
legacy, to be witnessed by future generations who will be
reminded of your gift through the vitality of our irreplaceable
architectural heritage.
How Do I Make A Planned Gift?
There are many ways to make a
planned gift. Some provide lifetime income for a donor and/or
spouse and a deferred gift to the Society. Others allow the
Cleveland Restoration Society to use the income from an asset
for a period of years, then pass the asset to heirs with
substantial estate tax savings. Of course, the easiest way to
make a major commitment to the Society is by making it a
beneficiary of your will, living trust, insurance policy or
retirement plan. While the Society always welcomes cash gifts,
our first concern is that the form your gift takes is in the
best interest of you and your family. We encourage you to
consult your attorney or financial advisor to make your plans.
Some Examples:
-
By naming the
Cleveland Restoration Society a beneficiary of your will or
living trust, a gift occurs upon your death. You may revoke
or change a
bequest
any time during your life.
-
Federal tax
law offers special incentives for non-cash gifts of
appreciated securities such as stock or mutual fund
shares. Whether you are making a deferred or current gift,
donations of appreciated securities typically carry benefits
not associated with gifts by check, cash, or credit card.
You can avoid capital gains tax, yet your charitable
contribution for federal tax purposes will be based on the
full fair market value of the shares on the date that the
gift is made.
-
Gifts of
appreciated real estate generally enable donors to
claim a federal income tax charitable deduction, avoid
capital gains tax and remove the donated assets from their
taxable estate. In many cases, it
may be appropriate to place an historic preservation
easement on the property that would give the Society the
right to monitor and protect its architectural and historic
character.
-
Qualifying
gifts of real estate may also be donated and, in some
instances, fund income-producing planned gifts. With a
retained life estate
gift,
you can receive a current tax deduction for the future gift
of your house or farm. All real estate gifts are reviewed
on an individual basis.
-
A
Charitable Gift Annuity
is a contract between a donor and a charity that provides
fixed income payments to the donor for life in return for
contributions of $10,000 or more. Tax deductions and payout
rates are determined based on the donor’s age. Upon the
donor’s death, the Society keeps the remainder of the gift.
For more examples
of planned giving options, download our
Gift Planning Options Brochure.
To initiate a gift to the Cleveland Restoration Society, call
Hope McGuan,
Business & Finance Manager, at 216-426-3104.
Recognition
Please let us know that you have made provision for the
Cleveland Restoration Society in your estate plans by filling
out a non-binding, confidential
Deferred Gift Intention Form.
The Parsson Society
Telling us of your intention will induct you into the Elizabeth
J. Parsson Society, a group of Society members who care deeply
about fulfilling our mission to
use the powerful tool of historic preservation to revitalize our
diverse communities, strengthen our regional economy, and
enhance the quality of life in Northeast Ohio. As a
member of the Parsson Society, you will be recognized in our
annual report and invited to attend the annual Leadership Donor
reception.
Elizabeth Jane Parsson was born on October 7, 1917 and lived in
the home her father had designed at 17815 Clifton Boulevard in
Lakewood all her life. Her father, Raymond Dewitt Parsson, was
a principal of the architecture firm Bohnard & Parsson and
designed many homes in the Cleveland area in the early 20th
century (see sidebar on Bohnard & Parsson). Although Elizabeth
resembled her mother Hannah, her personality favored her
father’s, and he was a strong influence in her life.
Preserving Greater Cleveland’s architectural heritage was an
important value to Elizabeth Parsson. She was a member of the
Cleveland Restoration Society for many years, and attended many
of the Society’s tours and special events. Her strong belief in
the Society’s mission prompted her to name the Cleveland
Restoration Society as one of three beneficiaries of her estate.
By making a
planned gift now to the Cleveland Restoration Society you can
join Elizabeth in helping to build our region’s future through
the powerful tool of historic preservation.
Learn More
If you are interested in learning more about making a planned
gift to the Cleveland Restoration Society, contact
Hope McGuan,
Business & Finance Manager, at 216-426-3104.
Thank you for your
support!
