Current News
"Making a Difference for La Jolla’s Heritage" Annual Appeal 2006 Dear Friends, I am honored to join the La Jolla Historical Society as your new Executive Director at such an exciting time in the Society’s history! We look forward to an ambitious future, indeed, and I am asking for your help to make our aspirations a reality. There is much to be excited about for 2007, with a few goals including: Expansion of public research hours from two to five days per week Preservation of the Society’s extensive Archives collection Additional opportunities for volunteer participation Enhancements to the Society’s quarterly newsletter Continued development of our website as an informative resource Creation of education and community outreach programs Development of an exciting master plan for public exhibitions Promotion of the Society grounds as a premier venue for events Renovation of Wisteria Cottage to become the Society’s new home Establishment of an endowment to sustain the Society in perpetuity Our theme for this year’s Annual Appeal is "Making a Difference for La Jolla’s Heritage" and our goal is to raise $25,000 by December 31. More importantly, we hope for 100% participation from our supporters. The La Jolla Historical Society is your resource for the community’s heritage… and you have a stake in its success. We can accomplish so much with your help! Your tax-deductible contribution to Annual Appeal 2006 will help the Society reach its true potential. All donors receive recognition in the newsletter and contributions of $250 or more will be listed prominently on our new Donor Wall at the Society. Also, many businesses match employee donations, doubling your own contribution, so please ask your employer to join your efforts of support. On behalf of the volunteers, Board of Trustees and staff of the La Jolla Historical Society, thank you for your continued support. Enjoy your holidays and have a happy and prosperous New Year! Warmest regards, John H. Bolthouse, III Executive Director Please send your contributions to: La Jolla Historical Society P.O. Box 2085 La Jolla, CA 92038 New Tax Incentive for Charitable IRA Rollover Effective August 17, 2006 If you are age 70˝ or older, new legislation now allows you to make cash gifts totaling up to $100,000 a year from your traditional or Roth IRA to qualified charities without incurring income tax on the withdrawal. This is good news for people who want to make a charitable gift during their lifetime from their retirement assets, but have been discouraged from doing so because of the income tax penalty. The provision is effective for tax years 2006 and 2007 only, so you must act by December 31 to take full advantage. Contact the Society for more information. Details Charitable IRA Rollover Provision On August 17, 2006, President Bush signed H.R. 4, the Pension Protection Act of 2006, into law. This bill contains a two-year IRA Charitable Rollover provision that allows people age 70˝ or older to exclude up to $100,000 from their gross income in tax years 2006 and 2007 for cash gifts made directly to a qualified charity. The new provision permits distributions from traditional IRAs or Roth IRAs to qualified public charities and private operating foundations as described in IRC 170 (b)(1)(A). Whereas such distributions were previously income taxable, they are now excludable from gross income, eliminating the income tax penalty for such charitable gifts. The following limitations and restrictions apply: The individual for whose benefit the plan is maintained must have attained the age of 70˝ or older at the time of gift. Qualified charitable distributions may not exceed $100,000 in the aggregate in any taxable year. The provision applies to tax years 2006 and 2007 only. Qualified distributions must be made by December 31 of each year. Qualified distributions must be made directly to the charity by the plan trustee. Contact your plan trustee for information on how to initiate a transfer. Qualified charitable distributions may be excluded from gross income for Federal Income tax purposes. However, no federal income tax deduction is available. Certain states may not exclude gift amounts withdrawn from an IRA for state income tax purposes. Only outright gifts are eligible. Distributions to charitable gift annuities, charitable remainder trusts, pooled income funds and other split-interest arrangements do not qualify for special tax treatment. Qualified contributions may be counted toward the Minimum Required Distribution (MRD) for a donor’s IRA accounts. Qualified contributions are not subject to the deductibility ceiling (50% of AGI) or the 2% rule that requires that itemized deductions be reduced by 2% of AGI in excess of $150,500 for tax year 2006. Gifts from retirement accounts other than IRAs—such as 401k, 403b, and SEP accounts—are not eligible. Donors may be able to make qualified transfers of money from other accounts to their IRA, and then make a charitable gift from their IRA. Check with your tax adviser. Distributions to Supporting Organizations as described in IRC 503(a)(3) and Donor Advised Funds as described in IRC 4966(d)(2) are specifically excluded. Donors who do not itemize their Federal income tax returns may make qualified IRA gifts and exclude such gifts from their reportable income. Who is most likely to benefit? Individuals who take mandatory minimum withdrawals, but don’t need additional income. Individuals who wish to give more than the deductibility ceiling (50% of AGI). Individuals who are subject to the 2% rule that reduces their itemized deductions. Individuals whose major assets reside in their IRAs and who wish to make a charitable gift during their lifetime. Individuals who intend to leave the balance of their IRA to charity at death anyway. PLEASE NOTE: This summary was prepared as an educational service to its clients and others and is not intended as legal or tax advice. Consult your own legal or tax advisor before making any decision based on this information Making a Difference How Your Support Helps the Society The La Jolla Historical Society relies on private funds to endure and thrive, and your generous contribution allows the Society to enrich existing programs and pursue new ventures. Examples of current and future efforts funded with your support include: Archives and Artifact Collections Preservation (ongoing) The Society holds thousands of photographs, documents, books, and artifacts highlighting La Jolla’s rich history, available to researchers, students and enthusiasts. Restoration of Historic Wisteria Cottage (future) One of La Jolla’s most treasured and historic landmarks, Wisteria Cottage (known for decades as John Cole’s Bookstore) requires restoration and preservation. Upon completion of this work, the Cottage is slated to become the Society’s new home. Click here for more information about the Wisteria Cottage’s history. Quarterly Newsletter (current) Our quarterly newsletter, Timekeeper, is a great source of information for members. Featuring updates on the Society’s activities and La Jolla history features, the Society hopes to enhance and expand the publication in the future. Oral History Program (future) La Jollans have fascinating stories to tell. By capturing their individual testimonials on video, future generations will be able to discover what made La Jolla the unique beach community it is today. La Jolla Walking Tours (future) The Society is developing a walking tour of historic La Jolla for residents and visitors alike. The first phase of the tour’s development will be self-guided with future phases envisioned to feature knowledgeable docents and audio recordings. Education Outreach (future) To promote interest in local history amongst La Jolla youths, the Society will offer on-site staff presentations to children at local schools. Once restoration of Wisteria Cottage is complete, school groups will be granted free admission and guided tours. Lecture series (future) In an effort to bring unique topical discussion to the community, the Society is developing a regular lecture series featuring prominent local historians, artisans, authors, scientists, and leaders. Development of Public Exhibitions (future) During Wisteria Cottage’s restoration, the Society will be developing a series of new permanent and temporary exhibits focusing on a number of fascinating topics of La Jolla cultural heritage. Historical Structures Research (current and future) In an effort to record photographic and written documentation of La Jolla’s unique architectural structures, the Society will launch an initiative to expand its current efforts to create "snapshot" histories of our community. Volunteer Program (current) The Society’s outreach to the community includes numerous volunteer opportunities, including assistance in the Archives, fundraising, events, planning committees, photo documentation, docents (future), oral history interviewers, and numerous other engaging activities. Internship Program (current) As a strong advocate of learning and community involvement, the Society encourages young people with an interest in history, architecture and preservation to work at the Society through a school-credited internship. Your interest and support of this cultural and educational institution contributes to our continued growth and benefits our mission of preserving and documenting the great story of La Jolla’s rich heritage. Thank you! Planned Giving Leaving a Legacy to the Society Planned gifts create opportunities for both the Society and our donors. A planned gift to the La Jolla Historical Society can guarantee that you and your family leave a lasting legacy for the Society and the community. Through gift planning you can make charitable contributions to support your own personal objectives while minimizing after-tax costs to the extent allowable by law. Determining what gift is right for you is just as important as making the gift. The best plan for you will balance what you wish to accomplish for yourself, your family, and your charitable interests in your overall estate and financial plans. We offer numerous options to donors considering planned gifts to the Society: Bequests Deferred Gift Annuities This annuity appeals to younger donors in their peak earning periods. There is an immediate tax deduction for the gift, but the annuity payments do not start until a future date (usually upon retirement), thereby providing extra retirement income on a potentially tax-sheltered basis. Charitable Lead Trusts Charitable Remainder Trusts Life Insurance Retirement and Pension Plans Real Estate Thank You! Of course, everyone’s personal circumstances are different, so please consult your tax, financial and/or legal advisor concerning the use of all these tools. The Society is grateful for your support! If we can assist you in any way, please contact us at (858) 459-5335. The Art of Giving Unique Ways to Help the Society Your generous support allows the La Jolla Historical Society to pursue its mission and create an exciting future. There are many ways to make a meaningful short-term and long-term tax-deductible (where applicable) donation to the Society, and a variety of areas to which you may consider directing your gift. Membership As a member of the La Jolla Historical Society, you are an integral part of our heritage preservation and education efforts. At the same time, you receive access to the Society’s collections as well as discounts and exclusive benefits according to your membership level. Click here for more information on becoming a member of the Society. Corporate Membership The thriving La Jolla and San Diego business community are offered the opportunity to be directly associated with the successes and aspirations of the Society when they become a Corporate Partner. Various levels of membership are available to allow both large and small organizations to benefit from their association with the Society. Click here for more information on becoming a corporate member of the Society. Cash Your check, cash donation or gift by credit card can be deducted from your income tax for the full amount. The amount which may be deducted in any given year is limited to fifty percent of the donor’s gross income, with a five-year carry-over allowed for any excess, subject to the fifty percent limitation each year. Pledge Plan To create a convenient schedule for giving, you can choose to spread your donation over a period of up to five years. Pledge payments can then be conveniently made monthly, quarterly, semi-annually, or annually, based upon the schedule you select. Planned Giving There are numerous ways to leave a lasting contribution to the La Jolla Historical Society as part of your estate plans. Click here for more information on Planned Giving. Gifts In-kind Gifts of equipment, construction and landscaping materials, supplies, and printing will be considered on a case-by-case basis. Securities As individual tax situations will differ, please consult with your tax advisor regarding what makes sense for you. If making an electronic transfer, we ask that you or your broker contact the Society at (858) 459-5335 so the gift can be properly acknowledged. Closely-held or Restricted Securities Mutual Fund Shares Thank You! We want to help you help us! Please consult your tax, financial and/or legal advisor concerning the various benefits of these options. The Society is grateful for your support! If we can assist you in any way, please contact us at (858) 459-5335.
La Jolla's Website Community » Current News » Page 1
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Through a simple provision in your will, you can make a gift to the La Jolla Historical Society which may offer reductions in your estate taxes. Gifts may be for a specific dollar amount, a percentage of the total estate or the residuum after debts, taxes, expenses, and other bequests have been paid. Specific bequests of property such as art objects, rare books, equipment or real estate (under certain circumstances) may also be made. The Society’s needs change over time, so unrestricted bequests are especially appreciated, although you may designate your contribution for a particular purpose.
Charitable Gift Annuities
With a gift annuity, you simultaneously make a charitable gift and provide guaranteed payments for life to you and/or another person. The fact that you are making a charitable gift may entitle you to deductions in income, gift and estate taxes.
Charitable lead trusts are good tools through which to make significant gifts of assets that generate an income for the La Jolla Historical Society. Income from these assets flows to the Society for a designated period of time (typically ten to twenty years or more). At the end of that time, the assets are returned to you, your heirs or any other persons designated. This method of giving allows you to direct a sizeable amount of annual income to the Society while guaranteeing that your heirs will ultimately benefit from the asset.
Charitable remainder trusts may provide you certain tax benefits and a return on the trust assets. After your lifetime, the remainder of the trust transfers to the Society for purposes that you have specifically designated.
The La Jolla Historical Society accepts gifts of life insurance, preferring that they be in the form of paid-in-full policies. You may choose to name the Society as the beneficiary (or a contingent beneficiary) of a life insurance policy, retaining lifetime ownership and control of the policy, which may create tax benefits for your estate; or you may wish to transfer ownership of a policy to the Society. If you make the Society the owner and beneficiary of a policy, you may be entitled to certain tax advantages.
You may make a charitable gift to the La Jolla Historical Society through your current retirement plan. Income and estate taxes may substantially reduce certain retirement plan assets but many of those taxes can be significantly reduced or eliminated through a properly planned contribution of the retirement plan assets to the Society. There are many options, depending on your personal circumstances. Tax law applicable to retirement/pension plans can be complex and subject to continued change, so be sure to consult your tax, legal or financial advisor before making any decisions.
Real property that has appreciated in value over the years may, if sold, incur a sizable capital gains tax. Under certain circumstances, it may be mutually beneficial to gift the property to the La Jolla Historical Society, eliminating capital gains taxes altogether. Please note that not all gifts of real estate can be accepted by the Society and those that are accepted will, under Society policies, be marketed for immediate sale.
Tangible Personal Property
Gifts of tangible personal property such as art, antiques, collections of rare items, and jewelry, are also welcome. The Society is available to assist with these transfers expeditiously.
Pooled Income Fund
The Society’s pooled income fund commingles gifts of irrevocable remainder interest from many donors in order to achieve the most favorable investment returns. Each donor is assigned "units of participation" in the fund that are based on the relationship of their contribution to the overall value of the fund at the time of contribution. The net income from the fund is distributed accordingly among the donors annually during their lifetime; after which, the portion of the fund assets attributable to the participant is severed and directed to the benefit of the La Jolla Historical Society.
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Gifts of marketable stocks, bonds or mutual funds to the La Jolla Historical Society can provide immediate benefit to the Society and, in many cases, beneficial tax deductions for the donor. Please note that, in order to receive a tax advantage, securities must be first transferred to the Society (not sold by the individual). In many cases, the fair market value of appreciated securities may be deducted. A gift of appreciated securities held longer than one year can result in greater tax benefits. First, you receive an income tax deduction for the fair market value of the appreciated asset, subject to your thirty percent limitation in any given year. Secondly, you avoid paying tax on capital gain.
Gifts of stock in a closely-held corporation usually offer donors the same benefits as the contribution of other securities. However, Internal Revenue Service and Securities and Exchange Commission rules must be strictly observed and the donor must obtain an appraisal in order to apply for a charitable income tax deduction. Such gifts take time to transact. Please contact the Society when you consider such a gift.
Mutual funds are subject to additional regulatory requirements and may take longer to transfer (up to ten weeks), so please allow sufficient time to make this gift.
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