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The sun sets peacefully behind Kicker Rock off the coast of San Cristobal Island. (Photo by G. Breit)

Legacy Society: Planned Giving

While important strides are being made to protect the unique biodiversity and landscapes of Galapagos, the future of the archipelago will depend on the generosity and commitment of forward-looking individuals who understand what is at stake. Success in protecting Galapagos means preserving in perpetuity an example of how nature existed before humans.

The Galapagos Legacy Society is comprised of special friends of Galapagos who have demonstrated their commitment to the long-term conservation of the archipelago by making a planned gift through Galapagos Conservancy.

Members of the Galapagos Legacy Society receive:

Recognition in Galapagos Conservancy publications and at the Charles Darwin Research Station in Galapagos (with donor’s permission)
An exclusive Galapagos tortoise silver pin, designed by renown Galapagos artist, Jacqueline de Roy
Galapagos Conservancy’s Annual Report and other special mailings
Invitations to special events

You can join the Galapagos Legacy Society by:

Making a bequest to Galapagos Conservancy through your will, living trust, or other charitable trusts
Naming Galapagos Conservancy as a beneficiary of a charitable remainder trust or charitable lead trust
Naming Galapagos Conservancy as owner and beneficiary of a life insurance policy
Naming Galapagos Conservancy as beneficiary of all or part of a retirement plan

We welcome your membership in this special group and thank you for including Galapagos conservation and Galapagos Conservancy among your philanthropic priorities.

For additional information please contact: Richard Knab at (703) 383 -0077 or legacy@galapagos.org

Examples of common types of planned gifts

This chart summarizes some of the common types of planned gifts. There are many options with different features and benefits. We are happy to answer any questions you might have, but we recommend that you consult your financial advisor and/or attorney to ensure that you find a strategy that fits your needs.

	What is it?	What are the tax benefits?	Are there any other benefits?
Bequest in Will	A gift you make by naming Galapagos Conservancy in your will	Estate tax deduction for the value of the bequest	Gives you flexibility in providing for family needs first
Life Insurance	A gift made by naming Galapagos Conservancy as beneficiary of an insurance policy	Immediate income tax deduction for gift’s value, plus possible estate tax savings	Provides a way to make a significant gift with little expenditure
Retirement Plan	A gift made by naming Galapagos Conservancy as remainder beneficiary after your death	Avoids income tax on the plan, and possible estate tax	Preserves your plan’s value and allows you to leave heirs less costly bequests
Living Trust	A trust you establish to take effect during your lifetime	Possible savings in estate taxes	Terms of the trust can be changed at any time
Charitable Remainder Annuity Trust	A trust that pays you or those you name a set income, where Galapagos Conservancy receives remainder	Income tax savings from deduction, no capital gains tax liability, possible estate tax savings	Provides fixed annual income for you and/or those you name
Charitable Remainder Trust	A trust that pays variable income to you or those you name, where Galapagos Conservancy receives remainder	Income tax savings from deduction, no capital gains tax liability, possible estate tax savings	Provides annual income that could increase if trust value increases
Charitable Lead Trust	A trust that pays an income to Galapagos Conservancy for a period of years before you or your heirs receive remainder	Gift or estate tax savings for value of payments made to Galapagos Conservancy	Allows you to pass assets to heirs intact at a reduced cost
Charitable Gift Annuity	A contract in which Galapagos Conservancy pays you a percentage of your gift annually for your lifetime	Immediate income tax deduction for part of gift’s value, with capital gains spread out over life expectancy	Gives you and/or your beneficiary a set income for life

Frequently Asked Questions

Do I need to draw up a new will in order to add a bequest to Galapagos Conservancy?

No, this is not necessary. A document called a “codicil” can be used to add a bequest to an existing will. Please consult your legal advisor for more details.

Is there specific wording that I need to use to make a bequest to Galapagos Conservancy?

There is no specific wording per se, but please make sure we are identified clearly in the document. Here are two examples:

I bequeath $_________ to Galapagos Conservancy, Inc., a nonprofit corporation (Tax ID#, 13-3281486) organized and existing under the laws of the State of Delaware, with principal business address of 11150 Fairfax Boulevard, Suite 408, Fairfax, VA 22030.

I bequeath ____% of my estate to Galapagos Conservancy, Inc., a nonprofit corporation (Tax ID#, 13-3281486) organized and existing under the laws of the State of Delaware, with principal business address of Fairfax Boulevard, Suite 408, Fairfax, VA 22030 .

Am I required to inform Galapagos Conservancy of my bequest?

This is completely optional, and we respect the fact that some people prefer to keep these arrangements private. There is no requirement that you share your plans with us. However, if you do intend to benefit Galapagos Conservancy in your will we would like to know so that we can recognize your generosity and honor you during your lifetime as a member of the Galapagos Legacy Society.

Can I specify how my gift will be used?

Absolutely. Some issues may be very close to your heart, and you are certainly welcome to identify the areas that you would like to support directly. You can use the attached intention form to designate specific projects and priorities. However, if you would like to restrict the ultimate use of your gift, we do encourage you to consult us. We want to be sure that Galapagos Conservancy is truly in a position to carry out your wishes.

Do you accept bequests of property?

Yes, in many cases this is possible. However, please note that we may not be able to accept all gifts of property. Please contact us directly to discuss this on a case-by-case basis.

What tax benefits are available through bequests?

Galapagos Conservancy is a tax-exempt organization. All bequests we receive qualify for federal estate tax charitable deductions, which will help reduce estate taxes that might be payable at your death.

Besides a bequest, what other types of gifts can I make?

You can name Galapagos Conservancy as a beneficiary of an insurance policy or retirement plan. You can also explore the possibility of creating a charitable trust either through your will or during your lifetime. Here are a couple of examples of how trusts work:

Charitable Remainder Trust: Optimize Appreciated Assets

A charitable remainder trust involves two types of beneficiaries: you or someone you name, and Galapagos Conservancy. The trust pays an annuity to you or your beneficiary for a fixed period of time, and Galapagos Conservancy receives the remaining assets. Charitable remainder trusts allow you to diversify your assets without capital gains tax liability because, if set up correctly, the trust is tax exempt.

Example: Mr. and Mrs. Hernandez established a trust with an appreciated asset worth $250,000 that they originally purchased for $40,000. They will receive an immediate income tax deduction for part of the asset’s fair market value. Because the trust is tax exempt, capital gains tax will not be deducted from the sale proceeds of the asset. The couple sets the payout at 6%, meaning that each year they will receive 6% of the trust’s current value, supplementing their retirement income.

Charitable Lead Trust: Keep Assets in the Family

This is basically the reverse of a remainder trust. Through a lead trust you provide income to Galapagos Conservancy for a pre-determined period. During this time you receive tax savings for the value of payments made to us. Assets then transfer back to you (or your beneficiary) often with reduced gift and estate taxes. This can allow you to pass significant assets to family members with little or no gift or estate tax.

Example: Nathan wants to make a significant gift to support Galapagos conservation during his lifetime, but he also wants to transfer the bulk of his assets to his son. He contributes $500,000 in appreciated stock to a 10-year charitable lead trust. Galapagos Conservancy receives 5% of the initial value of the trust each year. The $25,000 annual payment funds key projects in Galapagos and at the end of the 10-year term, Nathan’s son receives the principal.
For more information about trusts we urge you to consult your legal and financial advisors. For additional questions not covered here, please contact: Richard Knab at (703) 383 -0077 or legacy@galapagos.org.

A note to Legacy Society members

Charles Darwin Foundation, Inc. changed its name to Galapagos Conservancy, Inc. effective January 1, 2006. The name change does not affect our tax status or our federal tax identification number. We remain a 501©(3) organization, and gifts are tax deductible as charitable contributions to the extent permitted by law.

However, if you have made a decision to support us by a gift under your will, trust, insurance policy, retirement plan designation, or some other method that matures in the future, we recommend you revise your bequest or designation to reflect our new name, Galapagos Conservancy, Inc. The purpose of this change is to avoid confusion or uncertainty about identifying the intended beneficiary when the time comes. Such a change can be made easily through a codicil.

If it isn’t practical or possible to amend the bequest or designation, then a second-best alternative is to place a note with the original of the document that makes your gift, indicating that “Charles Darwin Foundation, Inc.” is now “Galapagos Conservancy, Inc.”

Please contact Richard Knab at (703) 383-0077 or legacy@galapagos.org with any questions or concerns.

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