Gift and Estate Planning

Planned giving is one of the most impactful ways you can support Lake Stewards of Maine. Becoming a member of the Lake Guardians will provide you with the confidence that Lake Stewards of Maine’s mission will continue for generations to come. Planned gifts are used to sustain the mission of Lake Stewards of Maine to help ensure the future of lake stewardship in the State of Maine.

If you have already included Lake Stewards of Maine in your estate plans, please let us know so that we can welcome you as our newest member of the Lake Guardians. Our experienced staff can help you assess what types of assets you might give and how you might go about planning for a legacy gift that best reflects your desires and interests.

Please contact LSM at development@lakestewardsme.org or (207) 783-7733 for a confidential conversation about gift planning and the benefits of becoming a member of the Lake Guardians. As with all planning, please consult with your advisors to determine the best approach for you that meets your financial goals and philanthropic objectives.

Let us explore some of the ways gift planning may be appropriate for you and your family.

Making a Bequest

Bequests are the most frequent type of planned gift received by Lake Stewards of Maine. Bequests can be designated or undesignated, according to your wishes and the priorities of Lake Stewards of Maine. A bequest can be specific, conditional, or residual.

Lake Stewards of Maine, 24 Maple Hill Rd, Auburn, ME 04210, a Maine 501(c)(3) nonprofit, Federal Tax Identification Number: 01-0502630

Retirement Assets

One of the simplest and most tax-wise ways to include Lake Stewards of Maine in your estate planning is through your Individual Retirement Account (IRA), 401k, 403b, or other retirement plan. Using retirement assets to make a gift while leaving other assets to your heirs often results in giving more to your heirs. These gifts simplify your planning, and your heirs may benefit from a reduced estate tax burden. Completing a beneficiary designation form requires minimal paperwork and often can be accomplished directly on the retirement plan provider’s website.

Life Insurance Policies

Life insurance policies are another simple way to designate Lake Stewards of Maine as a primary or contingent beneficiary. You may also donate a policy that is paid-up, or one with ongoing premium payments. Lake Stewards of Maine will not commit to making premium payments on policies from its own funds; however, if you continue to make premium payments on a policy after Lake Stewards of Maine owns it, those payments may be tax-deductible. Please consult your life insurance provider and tax advisor for more information.

Life-Income Gifts and Trusts

Life-income gifts enable you to make a legacy gift to Lake Stewards of Maine while providing you or another beneficiary with income for life. Several gift options include charitable gift annuities, deferred charitable gift annuities and charitable remainder trusts. A charitable gift annuity provides an immediate gift to Lake Stewards of Maine while providing a secured income stream for an individual during their lifetime. If you have already established a charitable trust, please consider adding Lake Stewards of Maine as a beneficiary. Lake Stewards of Maine does not act as a trustee on trust arrangements. Please consult with your advisor to further explore these options.

Real Estate

By donating the residual interest of real estate to Lake Stewards of Maine, you may be able to reduce your taxes. You can also deed your real estate to Lake Stewards of Maine while retaining the right to use your home for the rest of your life (and the life of any other life estate party named in the deed). You keep the use and control of your home during your lifetime(s), and when the owners of the life estate have passed away, your home will belong to Lake Stewards of Maine and sold with the proceeds going to advance Lake Stewards of Maine’s mission. Please contact Lake Stewards of Maine staff for more information.

Personal Property

Your art collection, valuables, and other cherished personal property that you have acquired over a lifetime may be able to be donated to Lake Stewards of Maine. When you donate gifts of tangible and intangible personal property you may receive an income tax deduction by removing the asset from your taxable estate or potentially reduce capital gains tax. Please contact Lake Stewards of Maine staff for more information and to ensure that a gift of personal property may be able to be accepted by Lake Stewards of Maine.