Special Olympics South Carolina

More than three decades ago, Special Olympics invited the world to let go of limiting views, prejudices and misconceptions about people with intellectual disabilities and embrace the idea that they can be respected, valued, contributing members of society. Today, Special Olympics South Carolina embraces almost 15,500 athletes who train and compete in 22 Olympic-type sports. While it has been able to improve the lives of those many athletes, Special Olympics South Carolina has touched less than sixteen percent of the estimated 125,000 people in South Carolina with intellectual disabilities.

A thoughtfully planned estate gift can help us reach those who haven't had the opportunity to develop physical fitness, demonstrate courage and experience joy through participation in our program. The effect of your gift will go well beyond the ball fields and playing courts, however. Your influence will extend into classrooms, family rooms and work environments, where our athletes — because of their participation in Special Olympics — have become more effective and productive family members, employees and students. Your contribution can significantly advance our mission around the globe.

Making charitable contributions is an art — a creative process that adapts to the changing needs and wishes of the donor. Planned or legacy giving is an increasingly popular way for individuals of all financial circumstances to make charitable gifts, enabling a donor to arrange charitable contributions in ways that maximize his or her personal objectives. Indeed, there are a variety of plans designed to ensure a gift will be put to the best possible use and fit the donor's financial needs and objectives. We are pleased to outline several opportunities you may wish to consider as you plan your own charitable gifts.

Donor Benefits
Private philanthropy is the foundation of almost every nonprofit organization, including Special Olympics. To preserve the memory of a loved one, to fulfill a moral obligation, to express gratitude for a service well-performed, to demonstrate deep-felt humanitarian concerns — these are some of the reasons hundreds of thousands of people each year contribute to charitable organizations.

Depending on the country, the asset given and the gift arrangement selected, a donor can generally expect to obtain some or all of the following benefits:

Kinds of Gifts
There are many ways to make a planned gift. The most popular gifts include naming Special Olympics South Carolina as a beneficiary in a will, making Special Olympics South Carolina the owner and beneficiary of a life insurance policy, making a gift of tangible personal property (such as a work of art) or real estate. One very popular gift vehicle, the charitable gift annuity, provides lifetime income payments to the donor in return for a gift of cash or marketable securities.

Generally, gifts fall into two categories: outright gifts and deferred gifts.

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Outright Gifts
Outright gifts are available immediately for use by Special Olympics South Carolina. The gift can be used or sold for cash. Examples of such gifts include cash, securities, real estate, tangible personal property and paid up life insurance policies.

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Cash
Cash is the simplest, most direct, and most popular type of charitable gift to Special Olympics South Carolina. In the United States, a gift of cash is tax deductible and because of that fact, the net cost of the gift to the donor can be much less than the actual amount of the gift. To make a gift of cash, please donate online now, (SOSC URL) or mail your check, payable to Special Olympics South Carolina, to this address:

Securities and Real Estate
Popular alternatives to cash are gifts of appreciated property, such as securities and real estate. Such gifts generate a double tax benefit. In addition to receiving an income-tax charitable deduction for the full fair-market value of the property, the donor escapes any potential tax on the capital-gain element in the gifted property. To qualify for this double tax benefit, the property must have been held for more than one year.

Sometimes family considerations do not permit the making of an outright gift. This is often the case when the gift is a personal residence or farm. Instead, the donor may consider a gift of a remainder interest in the property. In that situation, the donor retains the right to possess and enjoy the property while obtaining a current income-tax deduction for the present value of the charity's remainder interest.

Tangible Personal Property
As with gifts of securities or real estate, a donor is entitled to a charitable deduction for gifts of tangible personal property, such as works of art, rare books, or stamp or coin collections. If the use of the contributed property is related to the exempt purpose of Special Olympics (e.g. sports equipment), the donor is entitled to a charitable deduction for the full fair-market value of the property (subject to the 30% ceiling and carryover rules).

Deferred Gifts
Deferred gifts are not available for use by Special Olympics immediately. Usually, they become available only after the death of the donor, or for certain trusts, after a period of years. Examples of such gifts include bequests, life income arrangements (gift annuities, charitable remainder trusts, charitable lead trusts, etc.) and life insurance. Deferred gift vehicles provide donors the opportunity to help ensure the future of our movement.

Bequests
A bequest is the most common form of planned gift. A bequest is actually the element of a person's will that speaks to the making of a charitable gift. Bequests enable individuals to make significant gifts that they may not have been able to make during life. Bequests can take many forms and specific language requirements do exist.

Many people have found the bequest to be an excellent way to make a meaningful charitable gift. Effective planning permits virtually anyone to realize the personal satisfaction that comes from making a bequest gift, a gift that can be made without jeopardizing the financial security of the donor's family.

To memorialize their philanthropic interests, individuals may use different kinds of bequests. The choice depends on each person's unique circumstances and personal and financial objectives.

A specific bequest identifies particular assets to be gifted, while a general bequest provides a sum certain as the subject of the gift. A percentage bequest expresses the gift as a percentage of the total estate, regardless of size. This bequest provides more flexibility in a volatile market.

It is also possible to make a gift of what is left after taxes, debts, expenses and other bequests have been satisfied (a residual bequest), or the gift may be conditioned on the occurrence of some event, such as an intended beneficiary predeceasing the donor (a contingent bequest). In addition to the personal satisfaction of making a philanthropic bequest, there are definite federal estate-tax benefits. An estate-tax charitable deduction is allowed for the full value of the gift.

If you would like your gift to be used to benefit athletes in South Carolina, please use the following language to ensure that your gift will be distributed as you intend:

I give, devise, and bequeath_____% of the rest, residue, and remainder of my estate (or the sum of dollars $____) to Special Olympics South Carolina, Inc., in Columbia, SC, to be used for its general purposes.
Our address:

Life Income Arrangements
A life income arrangement can allow a donor to make a substantial gift to Special Olympics while still providing for the individual's financial needs. There are several types of such plans, all of which combine lifetime payments for one or more beneficiaries designated by the donor with a gift to Special Olympics. These plans are attractive to many donors because they offer substantial tax benefits and may increase cash flow to the donor or other beneficiary, depending on the asset contributed. Life Income Arrangements include charitable gift annuities, charitable remainder trusts, and charitable lead trusts.

Charitable Gift Annuity
The charitable gift annuity is among the oldest, simplest and most popular of the charitable life income arrangements. In exchange for a transfer of cash or marketable securities, Special Olympics contractually guarantees to make specified annuity payments to the donor and/or another beneficiary. The payment rate depends on the age and the number of beneficiaries. Some state restrictions may apply to gift annuities.