If you are considering a bequest, you may wish to consider the benefits of a life income trust and discuss them with a financial advisor. Donors often realize significant advantages by using a major portion of a planned bequest for the establishment of such a trust.
Generally, a life income gift pays income to you or a beneficiary you choose for a set term of years or for a lifetime. After the conclusion of the term, or upon the death of the last income beneficiary, the remainder left in the life income gift is distributed to the Sea Turtle Restoration Project.
Life income gifts can be funded with cash, securities, or real estate, and may be made during the donor's lifetime or at death, with the income benefiting the donor's heirs. Life income gifts may offer tax, financial, and/or estate planning advantages. Donors who contribute highly appreciated but low yielding stock may find that they are able to increase their annual income while making a gift to the sea turtles and the oceans.
Life income gifts offer many potential benefits:
Income during your lifetime (or a term of years) or for other designated beneficiaries
Immediate tax savings
Reduction of capital gains taxes
Reduced probate expenses