A Gift with a Touch of Old Hollywood Glamour
Radio actress, singer, art consultant and philanthropist, Lorraine Allen was each of these. During her lifetime, she was also a Lighthouse friend and donor. Upon her passing, she left a lasting impression on our organization through a generous bequest in her testamentary trust; we received one-third of the remainder of her trust, which totaled more than $2.55 million.
Raised in California, Ms. Allen worked in the entertainment industry, which brought her into contact with well-known musicians, including the Catalan-born bandleader, Xavier Cugat, to whom she was married briefly. He was also a recording artist known as the “Rumba King,” who helped to make Latin music popular in the US in the ’40s and ’50s. They lived in a famous Hollywood estate, which has its own dramatic history.
Ms. Allen became interested in issues relating to low vision and blindness through her friend, Dr. Jules Stein, an ophthalmologist. He was also a musician and agent, who left medicine to build a small band booking agency into the billion-dollar entertainment producer, Music Corporation of America (MCA), which represented half of the movie industry’s stars by the late ’40s. He remained interested in eye health issues and later established an eye institute at UCLA. When Ms. Allen moved to New York City, she took her heightened awareness from Dr. Stein and interest in vision issues with her, becoming an avid supporter of the Lighthouse, and our research and services for older adults.
Through her bequest, Ms. Allen has provided sorely needed support past her lifetime for all our programs and services, for which we are most grateful.
If you would like to leave your own legacy of support to the Lighthouse, please contact Annette Dorsky, Director of Gift Planning, at (212) 821-9443 or adorsky@lighthouse.org.
Reap the Benefits of New Tax Laws
The Lighthouse is pleased to share information that can benefit you, your heirs — and our organization. At the end of last year, Congress passed a wide-ranging package of income and estate tax changes known as the “Tax Relief, Unemployment Insurance Reauthorization, and Job Creation Act of 2010.” The Act included provisions to:
- avoid income tax increases, which otherwise would have taken effect in 2011 reduce the number of estates that will owe federal estate tax
- encourage charitable contributions
The new law also continues favorable income tax rates, deductions and credits; and extends various tax breaks through 2012 — taxes on qualified dividends and most long-term capital gains remain capped at 15%. Additionally, this legislation temporarily repeals cutbacks in personal exemptions and itemized deductions for people in high-income tax brackets.
More changes were introduced at the beginning of 2011; the most notable being the reinstatement of estate taxes for people with more than $5 million.
Estate Planning: What You Can — and Should — Do
While most of us don’t have estates even as large as $5 million, we can ALL take advantage of the 2010 legislation.
The elements of basic estate planning include: having a will, a living will and revocable living trusts; as well as financial and health care powers of attorney, and coordinated beneficiary designations.
All of these components are designed to ensure that your wishes during, and after, your life are carried out.
For example, without a valid will, decisions about how to distribute your assets — and to whom — will fall to the State.
Having an estate plan will also enable you to reduce estate expenses such as probate, state death taxes and income taxes on retirement accounts.
The Lighthouse encourages you at this time — with the new and more advantageous laws in place — to make an estate plan, if you haven’t already. And if you have one, now is an ideal time to consult with your estate planning attorney about updating it to reap the maximum benefits.
You may find that the larger credit will allow your estate to pass totally estate tax-free, making it possible to include bequests that will continue your support of the Lighthouse long after your lifetime.
Ask Us About Naming Opportunities!
If you include a Lighthouse bequest, please let us know, so we can offer you a number of special naming opportunities in our headquarters, which will enable you to leave a proud legacy for future generations. And when you include a bequest for us in your will, you’ll join The Holt Society — named for the visionary sisters, Winifred and Edith Holt, who founded the Lighthouse — one of our most honored groups of supporters. To learn more, Annette Dorsky, Director of Gift Planning, at (212) 821-9443 or adorsky@lighthouse.org; or Hope Kessler, Senior Vice President of Individual Giving, at (212) 821-9426 or hkessler@lighthouse.org.
Make a Gift from Your IRA Before 2012
The federal government has extended the law allowing people age 70 1/2 and over to arrange direct charitable gifts from their traditional and Roth IRAs — up to a maximum of $100,000 — through the end of 2011. This law does not apply to gifts made from other retirement plans, such as pensions, 401(k) plans, etc.
To make an IRA gift to Lighthouse International, contact the custodian or trustee of your account. Please also call our office, so we can ensure the proper transfer and provide you with a receipt for your contribution. Please note: If you withdraw funds and then contribute them to the Lighthouse, the amount will be included in your gross income and, therefore, subject to tax. That’s why it’s vital that your IRA custodian or trustee make the transfer of funds directly to the Lighthouse and not to you. While this gift doesn’t provide you with a charitable deduction, it will save you more in taxes because it reduces the amount of your total income subject to tax.
To learn more about this win-win gift option, please contact Annette Dorsky, at (212) 821-9443 or adorsky@lighthouse.org.
Secure an Income for Life with a Lighthouse CGA!
If you’re seeking an antidote to the volatility of the stock market and/or low CD rates of return, charitable gift annuities (CGA) are ideal. They’re also great for retirees who want a stable “income they can’t outlive.” In return for your gift of securities or cash, the Lighthouse will pay you (or others you select) a fixed income for life. Payout rates depend on your age(s), and range from approximately 5-9.5%.
Now is an opportune time to establish a new CGA. When you do, you’ll receive an immediate charitable income tax deduction. To learn more, contact Annette Dorsky at (212) 821-9443 or adorsky@lighthouse.org.
