Flo's Legacy Fund
A savings plan designed t receive contributions of money during one's working years to be invested until the date of retirment, at which time the plan provides for lifetime income payments.
DONOR PROFILE: Long-time employee or retired employee who worked with a company that offers 401(k) retirement plan or similar benefit.
ESTATE VALUE: All
ANNUAL INCOME: All
SUITABLE ASSETS: Any 401(k), 403(b), Keogh, SEP or other plan
ADVANTAGES TO DONOR: Estate assets retained for family. Income tax deduction in the year the gifts are made, estate tax deduction if benefits are received at demise.
DONOR CONTROL: Donor control until beneficiary gift is distributed
BENEFITS TO CHARITY: Charity is the owner of a beneficiary cash gift.
DISPOSITION OF INCOME: Charity is the owner of a beneficiary cash gift.
DISPOSITION OF PRINCIPAL: Charity receives cash gift as beneficiary.