Consider making a life income gift or a deferred gift from your estate.
Charitable Gift Annuity
If you want to make a gift of significance now but still need the income generated by your assets, an annuity makes both possible. If you use appreciated securities to fund your annuity, you will also reduce your exposure to capital gains tax.
Rates of return vary depending on factors such as your age and whether the annuity includes a spouse. Annuity income can be deferred or directed to a third party such as a child or grandchild. Annuity donors who itemize receive a partial charitable tax deduction for the gift. Also, payments are guaranteed for the life of the annuitant(s) and a portion of the annuity income is tax-free for several years.
Bequest by Will or Living Trust
You can give any portion of your estate in your will or living trust. If you already have a will, you can add a bequest by drafting a codicil. Bequests can be for a specified dollar amount or percentage of the estate. They may also be contingent to ensure that your assets are available to your spouse or dependents if they outlive you.
Financial Account Beneficiary Designation
You can direct that holdings in retirement savings and bank accounts such as 401(k)s, IRAs and CDs be transferred or paid to us upon your death without going through probate. You do not need to change your will. Simply file an updated beneficiary designation form with your financial institution. Many financial institutions make beneficiary designation forms available on their website.
If you make us the alternate (contingent) beneficiary designation, the assets would only transfer to us if the primary beneficiary is deceased or chooses to disclaim.
If your family no longer needs your life insurance policy, you can make us the owner and beneficiary. You may be able to deduct the cash value of the policy as well as the cost of the premiums in years to come.
Other Special Gifts
Depending on your situation, other deferred gift instruments such as Charitable Lead Trusts, Charitable Remainder Trusts or gifts of closely held stock, real estate, fine art or other items of value may be advantageous for you and us. To maximize the benefits to you and us, gift agreements can be structured as deferred, temporary or contingent.
For More Information or to Get STarted
If you are considering any of these giving options, please contact Mark Cotleur, senior vice president of fund development, at 216-696-8401 or email@example.com. We would love to discuss the way that your gift will be used, how to structure the gift for maximum advantage to you and your heirs, and how you would like to be recognized.
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