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For almost sixty five years, the United Way-Thomas Jefferson Area has been helping individuals and families throughout the Thomas Jefferson area address basic needs such as food, shelter, medical treatment, child care assistance, and health insurance coverage. While there is no question we have made a considerable and meaningful impact on the community, we would not be in a position to do so if it were not for the many donors who annually support our efforts through generous contributions.
Every year we manage a multi-million dollar fundraising campaign and are often asked about giving opportunities by potential donors. This webpage is meant to provide some basic information about planned giving. If you are considering a gift of this nature, we would be delighted to discuss your options. However, we strongly encourage you to contact your attorney or financial advisor first to obtain information about how planned giving will affect your specific financial situation. |
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Planned Giving Categories
There are two categories of planned gifts: |
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Revocable Gifts
These are the most common form of planned gift. Donors can "revoke" the gift if charitable interests or personal circumstances change. Since donors have the right to withdraw the gift during their lifetime, there is no income tax deduction available.
Typical forms of revocable gifts include charitable bequests in a will or living trust; revocable trusts; and various bank accounts where the individual names United Way to receive what remains in their account at death.
Irrevocable Gifts
This gift cannot be revoked by the donor. Examples would include cash, securities and real estate. Irrevocable gifts may be made directly to the United Way or placed in a charitable remainder trust. Since the donor gives up the asset, an income tax deduction is provided for this type of gift. |
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Planned Giving Vehicles
There are various ways people can make planned gifts to United Way: |
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Outright Gifts
cash, stock, real estate, securities, and other property.
Bequests
gifts made through a will or living trust. In general, a bequest can name the United Way for a specific amount, a percentage of the estate, the residue left in the estate after completing the provisions for family and others, and a bequest contingent on specific circumstances named by the donor.
Life Income Gifts
These gifts provide donors or a beneficiary named by the donor with an income for a specified period.
Charitable Remainder Trusts (CRT)
The donor gifts an asset to a charitable remainder trust. The trust pays an annual income, typically to the donor, for a specified period. For example, the period may be for the life of the donor or a fixed number of years. When the term of the trust ends, what remains is given to the United Way, hence the name "charitable remainder trust.
Unitrust
A form of CRT which pays the beneficiary a fixed percent of the trust assets revalued each year.
Annuity Trust
A CRT which pays the beneficiary a fixed amount determined when the trust was established.
Charitable Gift Annuity
The donor makes a gift to the United Way in return for a guarantee to receive a life-time annuity payment from the United Way.
Charitable Lead Trust
The donor transfers a gift to a trust. The United Way receives an immediate benefit by receiving annual payments from the trust. At the end of the trust, what remains goes to the non- charitable beneficiary named by the donor, typically grandchildren.
Pooled Income Fund
Some call this a charitable remainder trust for multiple donors. A donor makes a gift to the fund which is pooled with other donors. The donor receives an annual income based upon their "share" of the fund. When the donor dies, their "share" is severed from the fund and given to the United Way. The fund continues to pay out an income to the remaining donors and is able to accept additional contributions.
Life Estate Agreement
Under this plan, a donor transfers the ownership of their home or family farm to the United Way. However, the donor retains the right to live on the property, receive all income and control the property for the remainder of their lifetime. |
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If you would like to speak with us about giving options or if you desire more information about the activities of the United Way, please contact us at:
United Way-Thomas Jefferson Area
806 East High Street
Charlottesville, VA 22902
Phone: (434) 972-1701
Fax: (434) 972-1719
Email: unitedwaytja@unitedwaytja.org |
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All rights reserved.
© United Way-Thomas Jefferson Area
Last updated: Ocotober 31, 2007
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