Create a Lasting Legacy, a Tradition of Compassion for Mayan Families.
The Mayan Families Legacy Society, established in 2010, honors individuals and families who have notified Mayan Families of their intention to include the organization in their estate plans.
The organization has been the beneficiary of many gifts, both large and small since our founding. Regardless of size, each gift has been critical to sustaining Mayan Families position of leadership in dealing with the crushing poverty that exists for the indigenous Mayan children, women, elderly and families of Guatemala. As we face the challenges of the 21st century, we will rely more on the generosity of individuals than ever before to help us sustain our mission into the future. A much brighter future with your help! A planned gift is a gift that will benefit future generations of families. Please remember Mayan Families in your will and trusts. We encourage you to explore this section of our website to learn more about the many gift options available in planned giving.
What Is the Mayan Families Legacy Society?
Mayan Families honors every planned gift donor with membership in the Mayan Families Legacy Society. We invite you to become a member of the Legacy Society, created exclusively to honor and recognize people who have helped to continue our crucial work through a gift to Mayan Families in their wills, trusts or estate plans. As a Mayan Families Legacy Society member, you’ll receive a certificate of appreciation as a reminder to others of your support of our mission. Your gift can be recognized publicly, unless you prefer to give anonymously. The society also provides information and assistance to donors considering a planned gift.
Planned giving, also known as Gift Plans, creates opportunities for both our donors and Mayan Families.
Gifts of Cash
If you want to make a gift today and maximize your charitable deduction, you’ll surely want to consider a cash gift. Cash is the simplest donation and provides immediate benefits. Your gift can be made outright or fund many of our life income arrangements. Gifts of cash include currency, personal checks, money orders, credit cards and wire transfers.
Are there benefits to using cash to fund a charitable gift?
Yes. First, you are entitled to a charitable income-tax deduction. Second, this deduction counts against a larger portion of your taxable income than would a gift of appreciated assets. Here’s why: The IRS allows you to claim charitable deductions for gifts of cash up to 50% of your adjusted gross income but only up to only 30% for gifts of appreciated assets.
Since the information on this site is not intended as legal, tax, or investment advice, it is highly recommended that prospective donors consult with their own tax or legal advisors prior to making a planned gift.
1. What assets can I use to make a gift?
Generally speaking, during your lifetime you can make an outright gift of cash, securities or other property (e.g., real estate, personal property).
Through your will or with a distribution from a retirement plan or life insurance policy, your gift can be designated in accordance with your wishes.
2. What sort of gift plans also return income to me?
You have the option of making a gift that returns income to you, your spouse, or other individuals, such as a charitable gift annuity, or charitable remainder unitrust or annuity trust.
3. What tax deduction will I receive for my gift?
Your tax benefits will depend on several factors: the type of gift, the time at which it is made, whether it is outright or deferred or has any income payments. In general, though, here are some guidelines:
*Outright gifts generate a full income-tax charitable deduction. Outright gifts of appreciated securities are deductible at fair market value, with no recognition of capital gains -- a great tax benefit!
•Gifts of personal property, like art, books and collectibles, are fully deductible so long as they are relevant to the Mayan Families mission. We can advise you on this point.
•Bequests do not generate a lifetime income tax deduction. They are exempt from estate tax.
•Similarly, life insurance distributions are not income-tax deductible, but are exempt from estate tax. If you have made us the irrevocable owner and beneficiary of a policy during your lifetime, you may deduct annual gifts that offset premium payments
•The charitable deduction for a gift that returns income to you, such as a charitable gift annuity or a charitable remainder trust, is the fair market value of the gift asset minus the present value of the income interest you retain.
4. I want to set up a life insurance policy, naming Mayan Families as the beneficiary, but retain ownership of the policy. Can I deduct the premium payments I make?
No. The IRS would not consider that a "completed gift" – they'd say that, as the owner of the policy, you could change the beneficiary designation to a friend or family member. We must be made the irrevocable owner of the policy for gifts offsetting premium payments to be deductible.
5. I’ve heard that transferring gifts of IRA assets to charity are advantageous. Why?
Qualified retirement plans such as IRAs, 401(k), 403(b), and Keoghs allow individuals to defer paying taxes on a portion of their income until the assets are withdrawn during retirement years. However, after a person's death, these accounts are often exposed to income and estate taxes, at a combined rate that could rise to 75% or even higher on large taxable estates. The tax will be paid at some point—by your estate and your heirs unless contributed to charity. In other words, by giving retirement assets to charity you receive double benefits. Your estate and heirs will not be taxed on the portion that goes to charity and you will support Mayan Families!
6. I'd like to donate a painting. Will you determine its value for my income tax deduction?
The IRS requires that donors of artwork and collectibles secure an independent appraisal of the items to establish fair market value. The appraisal has to be related to the gift, too – an insurance appraisal won't suffice. We can assist you on this point.
7. I'm interested in establishing a charitable gift annuity. What financial provisions will you make for the income payments to me and my spouse?
Your charitable gift annuity will be treated as a general obligation of Mayan Families, backed by all of our assets. We have an unbroken record in making timely payments to our annuitants, and that ongoing responsibility is a key element in our financial policies.
8. If I create a bequest or life-income gift, will you continue to ask me for annual contributions?
Your planned gift is a significant addition to our long-term financial strength and our ability to meet the challenges and opportunities the future will bring. However, today's efforts are supported through annual gifts and we greatly appreciate and encourage any annual support you may want to consider.
Here is some information you may need.
TAX ID NUMBER 20-8433997
If you simply would like a to have a Mayan Families Gift Plans representative contact you about options available, please contact us:
2609 Hartford St.
San Diego, CA. 92110-2315