Planned Giving Options

Consult with your legal or financial professional to determine the best options for your individual situation and to stay up to date with current tax laws.



Bequests

The simplest way to make a planned gift is to include Good Karma Bikes in your will or living trust. There are several types of bequests to consider:

  • Percentage: A fixed percentage of the estate is given to Good Karma Bikes.
  • Dollar Sum: A specific dollar amount is given to Good Karma Bikes.
  • Residual: Gifts made after remembering relatives and friends, often in combination with a percentage bequest.

In addition to cash, you can give securities, real estate, and other forms of personal property. If you already have a will or trust, it’s easy to amend it to designate Good Karma Bikes as a beneficiary.

Charitable IRA Rollover

Donors aged 70½ or older can gift up to $100,000 directly from their IRAs to Good Karma Bikes without recognizing the income for federal tax purposes. While there is no charitable deduction, the transfer may count toward your required minimum distribution. To make a qualifying transfer, contact your IRA administrator and instruct them to transfer funds directly to Good Karma Bikes.



Real Estate

Real estate—such as a primary or vacation home, apartment or commercial building, farm, or land—may be contributed now as an outright gift or later as a testamentary gift.

With a retained life estate arrangement, you may contribute your personal residence now while continuing to live there for the rest of your life, taking an immediate charitable deduction for income-tax purposes.

Real estate can also be used to fund a charitable remainder trust, which provides income to you or others, with the remaining assets distributed to Good Karma Bikes after a specified period.

Charitable Remainder Trusts & Lead Trusts

  • A charitable remainder trust provides fixed or variable income to you and/or other beneficiaries for life or a specific time period, with the remaining assets eventually distributed to Good Karma Bikes.
  • A charitable lead trust allows you to pass assets with significantly reduced gift or estate taxes while supporting Good Karma Bikes during your lifetime or for a set period.

These options are individually tailored to your situation with the help of legal counsel.



Life Insurance

You can name Good Karma Bikes as a beneficiary of your life insurance policy. Any benefit received by Good Karma Bikes will be excluded from your taxable estate. By naming Good Karma Bikes as your beneficiary, you may qualify for an immediate income tax charitable deduction based on the policy’s cash surrender value or replacement value. If additional premiums are due, you may be able to deduct those payments as charitable contributions each year.



Retirement Plans

You can name Good Karma Bikes as the beneficiary of your retirement or pension plan, IRA, or 401(k) plan. Simply contact your plan administrator to complete the appropriate beneficiary designation forms.



Important Information
The information provided here does not constitute professional legal or tax advice and is for general informational purposes only. Please consult your legal or financial professional to explore your options.

Good Karma Bikes understands that estate plans are non-binding and do not constitute a legal promise of a future donation. All information will be held in confidence, and changes to your arrangements may be communicated by contacting Good Karma Bikes’ Development Office. Gifts can be made anonymously if desired.