Join the LegaSea Circle
You can help ensure the ocean’s splendor and abundance will be there for generations to come by designating Oceana as a beneficiary in your will, trust, retirement account or life insurance.
When you designate Oceana as a beneficiary in your estate plan, you become a LegaSea Circle member. Your membership helps ensure Oceana can continue its science-based and innovative campaigns well into the future. You can become a LegaSea Circle member at any stage in your life, and you can alter your bequest as your circumstances change.
Ways to Give
There are many ways to support Oceana in which you, your loved ones, and Oceana can mutually benefit. Through planned gifts you can create win-win solutions for you and Oceana. Many of these planned gifts are alterable, offering you peace of mind if your situation changes. Here are some of the ways you can leave a legacy for the oceans.
Bequest by Will or Revocable Trust
You may identify Oceana as the beneficiary of a certain amount, specific asset, or percentage of your estate under your Will or Revocable Trust. Although you will not receive any tax benefits during your lifetime, following your passing, your estate may be eligible to take income and estate tax charitable deductions for the testamentary bequest to Oceana. Contact our office for more options. Sample language to bring to your attorney:
I give and devise to Oceana, Inc. (Tax ID #51-0401308), located in Washington, D.C., the sum of $______ (or asset) to be used for its general support (or for the support of a specific fund or program).
IRA Assets or Other Qualified Retirement Benefits
You can designate Oceana as a partial, contingent or sole beneficiary of your IRA or other qualified retirement plans, such as your 401(k), 403(b), Keogh or profit-sharing pension. Designating Oceana as a beneficiary of your retirement accounts is a tax-efficient way to maximize support for Oceana, as the amount distributed to Oceana will not be subject to income tax and will qualify for the estate tax charitable deduction.
In addition, if you are over 70½ years old, you may make a Qualified Charitable Distribution of up to $100,000 per year from your IRA directly to Oceana without having to include the amount distributed as income for federal income tax purposes. No charitable deduction may be taken, but such distributions will qualify for all or part of the IRA’s required minimum distributions. Be sure to share this gift plan with your financial advisor.
You can designate Oceana as the beneficiary of all or a percentage of your life insurance policy proceeds, which will be deductible for estate tax purposes following your passing. You may also irrevocably transfer ownership of a paid-up life insurance policy to Oceana during your lifetime and may take an income tax charitable deduction for the current value of the policy.
Certificates of Deposit, Savings or Brokerage Accounts
A simple way to provide for the future of our oceans is by making Oceana the “pay on death” beneficiary of the account. Charitable contributions made in this manner are treated the same as testamentary bequests for tax purposes.
Final distribution of contributions remaining in a donor advised fund is usually governed by the terms of the agreement at the time the fund was created. You can name Oceana as a successor beneficiary or designate Oceana to receive a portion of the remaining account value, leaving the balance for your family or friends to continue your legacy of philanthropy.
Split-Interest Charitable Trusts
If you would like to benefit Oceana while obtaining an up front income tax charitable deduction, and also potentially benefitting family members, you may consider a lifetime gift to an irrevocable charitable lead or charitable remainder trust. These trusts are structured to make distributions to charity either during or at the end of the trust term and also may support individual beneficiaries at certain times. You should discuss these and other more advanced planned giving opportunities with your tax advisors.
Benefits of LegaSea Circle Membership
- Certificate of Membership and special recognition
- Early invitations to Oceana events
- Inclusion in Oceana informational opportunities
- Knowing your commitment to ocean health has a lasting impact
Important information when including Oceana in your estate plan:
Legal Name: Oceana, Inc.
Address: 1025 Connecticut Ave., NW
Suite 200 Washington, DC 20036
Phone: (202) 833-3900
Tax ID #: 51-0401308
Relatonship: Non-profit organization
For more information please contact us at firstname.lastname@example.org
The information on this page is not legal or tax advice. Please consult your legal and/or tax advisor for advice regarding your specific situation and potential tax benefits.