Planned Giving

Gifts By Will

When you decide to include Bootstraps, Inc. in your Will, you make the ultimate gift. Your legacy will help ensure that Bootstraps can continue to provide scholarships and loans for local students far into the future.

A gift by Will or bequest is totally deductible for estate tax purposes.

Here are different ways to support Bootstraps through a charitable bequest, along with commonly used language:

• A residual bequest grants the residue, or portion of the residue, of your estate to Bootstraps after explicit bequests have been made;

           "I give to BOOTSTRAPS, a non-profit organization located in Evergreen, Colorado, all           (or ____ %) of the rest, residue and remainder of my estate, both real and personal property of whatever kind and wheresoever situated."

• A specific bequest of a stated dollar amount or specific securities;

"I give to BOOTSTRAPS, a non-profit organization located in Evergreen, Colorado, the sum of ____ dollars (or describe the specific property or security you intend to give)."

• A contingent bequest in case one or more of your bequests cannot be fulfilled;

"If any of the above-named beneficiaries should predecease me, I hereby give his/her share of my estate to BOOTSTRAPS, a non-profit organization located in Evergreen, Colorado."

• A life income bequest which gives income to someone close to you with the principal reverting to Bootstraps after his/her lifetime.

You should always consult your attorney when drawing up or revising your Will to ensure your intentions are carried out properly.

Bootstraps is a nonprofit organization under section 501(c)(3) of the Internal Revenue Code.
Our tax identification number is 84-0800861. The name and address to include in your Will is:
Bootstraps, Inc.
P.O. Box 253
Evergreen, Colorado 80437-0253

If you have any questions or need additional information, please call BOOTSTRAPS at 303 838-7082 or contact us online.

Gifts by Revocable Living Trust

Revocable Living Trusts, popular estate planning documents that resemble Wills, contain instructions for managing your personal assets during your life and distributing those assets after your death.

Setting up a Living Trust is more difficult than a Will, but there are some advantages. Perhaps most significantly, a Living Trust allows you to designate a trustee to manage your assets in the event you become disabled or incapacitated.

Other differences between a Living Trust and a Will are:

• A Will must be probated to be verified and enforced, resulting in attorney/executor fees and delays. A Living Trust does not go through probate, allowing assets to be distributed according to the owner's instructions by the designated trustee.
• If real estate is transferred to a Living Trust, estate administration can be avoided in multiple states. Without a trust, estate settlement proceedings have to be conducted upon your death in all states where you own real property.
• A Living Trust is more difficult to contest than a Will. When an estate is "in probate," assets are usually frozen for a period to enable relatives and creditors to make their claims. With a Trust, assets are not frozen. Instead, depending upon circumstances, they are immediately and privately distributed to the beneficiaries.

As the trustee of your own Revocable Living Trust, you grant yourself broad powers to manage your assets during your lifetime. Nothing changes about the way you run your household, your business, or any of your financial affairs. You determine what's in the trust, and you can easily amend it.

In order to take full advantage of the benefits of a Revocable Living Trust, you must change the titles on all real estate, securities, and other assets from your name to the name of your trust. It may be necessary to have a Will in addition to a trust to properly distribute any property you wish to exclude.

You can include a current or deferred charitable gift to Bootstraps in your Living Trust – a gift that reduces estate taxes and supports the work of Bootstraps for students.

If you have any questions or need additional information, please call Bootstraps at 303-838-7082 or contact us online.

We recommend that you consult with your attorney or tax advisor for the various tax benefits and restrictions that may apply to your specific situation. We are available to you and your advisors to answer questions or help arrange a planned gift to Bootstraps.  Future programs of Bootstraps depend on the partnerships we form today.

Gifts of Retirement Plan Assets

The Emergency Economic Stabilization Act of 2008 provided an excellent charitable planning opportunity.  The act permitted donors age 70 ½ or older to make a direct transfer (up to $100,000) to a charity, such as Bootstraps, Inc., without increasing the donor’s taxable income base and also providing a tax deduction.  

The provision expired December 31, 2009 and has not yet been extended through 2010.  Please check back here for updates.

IRA distributions can still be used for charitable gifts but are currently subject to standard income tax rules.

If you have any questions or need additional information, please call Bootstraps at 303 838-7082 or Contact us online.

We recommend consulting with your attorney or tax advisor about the various tax benefits and restrictions that may apply to your specific situation. We are available to you and your advisors to answer questions or help arrange a planned gift to Bootstraps.  Bootstraps future programs depend on the partnerships we form today.

Gifts of Stock and Securities

Donating stock or securities offers a number of benefits:

• A federal income charitable contribution tax deduction based on the stock's fair market value on the date of the gift (up to 30% of your adjusted gross income) if the stock was owned for more than one year;
• Carry over of the deduction for up to five additional years if the fair market value of the gift is more than 30% of your adjusted gross income; and
• Avoidance of capital gains tax that is due when you sell appreciated stock.

 
Note: Stock owned for one year or less is considered a short-term asset and usually won't produce attractive tax benefits.  Also, if stock has decreased in value, selling it and making a cash gift to Bootstraps is probably more beneficial. You can take a capital loss on federal taxes and still enjoy a charitable deduction up to 50% of your adjusted gross income.

How to Donate Stock
Each of the stock gifts Bootstraps handles each year strengthens our programmatic work while providing tax benefits for supporters. Here are step-by-step instructions to help you take advantage of this gift planning opportunity.

Stock held by a broker

• Have your Broker contact us and we will give them our account registration and number to facilitate the transfer of stock to Bootstraps:
• In addition, please contact us online or call with the name of the stock and the number of shares being transferred. This ensures the gift is properly credited and acknowledged.

Stock certificate held by a supporter

• Contact us to inform Bootstraps you are making a gift of stock.
• Using registered mail, send the unendorsed securities to:

BOOTSTRAPS
P.O. Box 253
Evergreen, Colorado 80437-0253

• In a separate envelope to the same address, send:
• A letter stating you wish to contribute the securities to Bootstraps, including the name and number of shares of each stock;
• a signed, but otherwise blank, stock power form. (Contact us if you need a blank form.)

Other Securities

To donate mutual fund shares or other securities, please contact Bootstraps at 303-838-7082 for details.