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Adjust Your Plans for Every Stage of Life

Smart Giving and Planning at Any Age

As your life situation changes, your plans for the future should also adjust. Review the list below to find helpful planning tips at every age.

In Your 40s: Think Long Term

  • Create a will.
  • Take advantage of employer-matched 401(k) retirement plans.
  • Meet with a financial planning professional to begin mapping your retirement strategy.

In Your 50s: Take Stock

  • Step up your retirement savings, and participate in a catch-up plan if necessary.
  • Look at your current spending and see how you’ll be able to adjust once you’re in full retirement.
  • Consider shifting to a more conservative investment strategy.

In Your 60s: Set the Stage

  • Meet with a financial planner to make sure you meet your desired retirement date.
  • Continue to pay down outstanding debts to rid yourself of monthly payments.
  • Develop a budget to live within after you retire from full-time employment.
  • Update your will and estate planning documents to reflect your current wishes.

In Your 70s: Look Ahead

  • Live within your budget so you don’t outlive your assets.
  • Explore volunteer options at your favorite charitable organizations.
  • Meet with a financial planning professional or an attorney to discuss estate gifts that offer tax advantages to you and your heirs.

In Your 80s, 90s and Beyond: Enjoy the Moment

  • Inform close family members and loved ones of your final wishes and location of vital papers.
  • Create a health care power of attorney, which allows you to designate another person to make medical decisions if you are incapacitated, and a living will, which covers end-of-life situations.
  • Take pride in reaching these age milestones and enjoy your family and friends.

If charitable giving fits into your retirement and estate plans, we are happy to help you find a gift that works well for you and your family. Please contact Dana Padden Thomas at 415-800-5278 or Dana.Thomas@tpl.org.

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The information on this website is not intended as legal or tax advice. For such advice, please consult an attorney or tax advisor. Figures cited in examples are for hypothetical purposes only and are subject to change. References to estate and income taxes include federal taxes only. State income/estate taxes or state law may impact your results. Annuities are subject to regulation by the State of California. Payments under such agreements, however, are not protected or otherwise guaranteed by any government agency or the California Life and Health Insurance Guarantee Association. A charitable gift annuity is not regulated by the Oklahoma Insurance Department and is not protected by a guaranty association affiliated with the Oklahoma Insurance Department. Charitable gift annuities are not regulated by and are not under the jurisdiction of the South Dakota Division of Insurance.

Where we work

Working from more than 30 offices nationwide, The Trust for Public Land helps communities raise funds, conduct research and planning, acquire and protect land, and design and renovate parks, playgrounds, trails, and gardens.

The Trust for Public Land is an IRS approved 501(c)(3) tax-exempt organization. All donations are tax deductible to the extent provided by law. Our Federal Identification Number (EIN) is 23-7222333. ©2015 The Trust for Public Land

   

A charitable bequest is one or two sentences in your will or living trust that leave to The Trust for Public Land a specific item, an amount of money, a gift contingent upon certain events or a percentage of your estate.

an individual or organization designated to receive benefits or funds under a will or other contract, such as an insurance policy, trust or retirement plan

 Bequest Language

I hereby give to The Trust for Public Land, a nonprofit California public benefit corporation with business address of 101 Montgomery Street, Suite 900, San Francisco, California 94104, and with a tax identification number of 23-7222333, the sum of _________ dollars [or otherwise describe the gift or assets] for its general purposes and use at the discretion of The Trust for Public Land's Board of Directors.

able to be changed or cancelled

A revocable living trust is set up during your lifetime and can be revoked at any time before death. They allow assets held in the trust to pass directly to beneficiaries without probate court proceedings and can also reduce federal estate taxes.

cannot be changed or cancelled

tax on gifts generally paid by the person making the gift rather than the recipient

the original value of an asset, such as stock, before its appreciation or depreciation

the growth in value of an asset like stock or real estate since the original purchase

the price a willing buyer and willing seller can agree on

The person receiving the gift annuity payments.

the part of an estate left after debts, taxes and specific bequests have been paid

a written and properly witnessed legal change to a will

the person named in a will to manage the estate, collect the property, pay any debt, and distribute property according to the will

A donor advised fund is an account that you set up but which is managed by a nonprofit organization. You contribute to the account, which grows tax-free. You can recommend how much (and how often) you want to distribute money from that fund to The Trust for Public Land or other charities. You cannot direct the gifts.

An endowed gift can create a new endowment or add to an existing endowment. The principal of the endowment is invested and a portion of the principal’s earnings are used each year to support our mission.

Tax on the growth in value of an asset—such as real estate or stock—since its original purchase.

Securities, real estate or any other property having a fair market value greater than its original purchase price.

Real estate can be a personal residence, vacation home, timeshare property, farm, commercial property or undeveloped land.

A charitable remainder trust provides you or other named individuals income each year for life or a period not exceeding 20 years from assets you give to the trust you create.

You give assets to a trust that pays our organization set payments for a number of years, which you choose. The longer the length of time, the better the potential tax savings to you. When the term is up, the remaining trust assets go to you, your family or other beneficiaries you select. This is an excellent way to transfer property to family members at a minimal cost.

You fund this type of trust with cash or appreciated assets—and may qualify for a federal income tax charitable deduction when you itemize. You can also make additional gifts; each one also qualifies for a tax deduction. The trust pays you, each year, a variable amount based on a fixed percentage of the fair market value of the trust assets. When the trust terminates, the remaining principal goes to The Trust for Public Land as a lump sum.

You fund this trust with cash or appreciated assets—and may qualify for a federal income tax charitable deduction when you itemize. Each year the trust pays you or another named individual the same dollar amount you choose at the start. When the trust terminates, the remaining principal goes to The Trust for Public Land as a lump sum.

A beneficiary designation clearly identifies how specific assets will be distributed after your death.

A charitable gift annuity involves a simple contract between you and The Trust for Public Land where you agree to make a gift to The Trust for Public Land and we, in return, agree to pay you (and someone else, if you choose) a fixed amount each year for the rest of your life.
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