The thriving Lithuanian cultural and community experience we enjoy today didn’t come about by accident. It is a tremendous gift from those that came before us. Ensuring thecontinuity of this rich cultural life is a responsibility we’ve all chosen to accept.
We all share the dream that future generations will enjoy the fruits of our efforts. The Lithuanian Foundation, unique in its dedication to the principle of preserving capital, has passed the test of time and demonstrated the ability to provide substantial financial support to various Lithuanian endeavors far into the future.
Your goal of making a difference and leaving a legacy is the Foundation’s goal. To help achieve this goal, the Foundation offers many options for charitable giving.
PLANNED GIVING DURING YOUR LIFETIME
(CHARITABLE ORDINARY GIFTS)
BY OUTRIGHT GIFT
Make an outright gift by giving a specific dollar amount of your choice to the Lithuanian Foundation.
Any contribution amount is appreciated. Those who contribute at least $100, in one sum or in increments, become voting members of the Lithuanian Foundation.
If the amount is $10,000 or more, you can instruct the Lithuanian Foundation to use the income derived from your gift for a specific purpose, such as scholarships, or the like. The purpose must qualify under the United States Revenue Code for 501(c)(3) non-profit organizations for charitable purposes and be within the stated Lithuanian Foundation purposes of supporting the preservation and continuity of the Lithuanian heritage.
BY CHARITABLE REMAINDER UNITRUST
Enter into an agreement with the Foundation and earn a variable percentage on your non-refundable donation.
The Lithuanian Foundation pays an annual amount of interest on your donation, based on the average percentage annually earned by the Lithuanian Foundation on its investments. The donor receives an income tax deduction, spread over several years, in accordance with a schedule established by the Internal Revenue Code. The interest is taxable income to the donor and may be payable for an agreed time period. When the donor dies, or the time agreed for payment of interest expires, the donated amount becomes part of the capital of the Lithuanian Foundation.
The donor may receive additional tax deductions, to the extent allowed by law, by donating the interest received back to the Foundation. They can also opt to have it paid out to a third party as long as it qualifies under the Internal Revenue Code and meets the stated purposes of the Foundation.
BY CHARITABLE REMAINDER ANNUITY
Enter into an agreement with the Foundation and earn a fixed percentage on your non-refundable donation.
Similar in most respects to the Charitable Remainder Unitrust, except that the interest paid to the donor is based on an agreed upon fixed percentage rate, not on the annual average percentage realized by Lithuanian Foundation on its investments.
PLANNED GIVING AS PART OF YOUR ESTATE
(CHARITABLE TESTIMENTARY GIFTS)
There’s more than one way to ensure that undertakings you support in your lifetime continue to receive your support even after your death. The charitable testamentary gifts made to the Lithuanian Foundation, Inc., a not for profit corporation of Illinois, are tax deductible to the extent allowed by law and become effective after the death of the donor.
Name the Lithuanian Foundation as a legatee.
It is easy and simple to make a gift by will. All you have to do is name the Lithuanian Foundation as a legatee in your will and state whether you wish to leave a specific Dollar amount or a percentage of your estate to Lithuanian Foundation.
Provide for the Lithuanian Foundation in your Declaration of Trust.
You can provide in your Declaration of Trust that, following your death, a specific Dollar amount or a percentage of your trust property is to be given to the Lithuanian Foundation.
BY SAVINGS ACCOUNT
Name the Lithuanian Foundation as a beneficiary.
You open a savings account at a financial institution of your choice and name the Lithuanian Foundation as a beneficiary of your account. The funds in the account are your property and you can use them during your lifetime as you wish. Upon your death, the balance remaining in the account is given to the Lithuanian Foundation as the named beneficiary.
BY SAVINGS TRUST ACCOUNT
Serve as Trustee of the Lithuanian Foundation.
This is similar to a savings account, except that you serve as trustee of the account. You open a savings account at a financial institution of your choice as a Trustee of the Lithuanian Foundation. During your lifetime you retain control of the account. Upon your death, the remaining balance in the account passes to the Lithuanian Foundation.
Any of these options will ensure that the legacy of our Lithuanian heritage which we all cherish is preserved and protected. We invite everyone to join us in making certain that all that we enjoy today is there for future generations.
If you would like additional information regarding planned giving, please contact the Lithuanian Foundation offices.