The Foundation accepts outright gifts of public stocks, bonds, retirement plans, insurance policies and mutual funds. Upon special review, the Foundation also accepts gifts of real estate, closely held stock and other personal property. Contributions may provide you with an income tax deduction.
Bequests by Will or Trust
Bequests of cash or property through a will or trust are usually fully deductible for federal estate tax and state inheritance tax purposes. A bequest to the Foundation is as simple as adding a codicil to your will.
This is one of the simplest ways to make a significant contribution. By naming the Foundation as the irrevocable beneficiary of a life insurance policy, the insurance premiums paid by the donor are deductible as charitable gifts.
Qualified retirement plan accounts are subject to layers of taxation (i.e. estate tax, federal income tax and state income tax). In some cases, the combination of these taxes can be as high as 75-85 percent. A bequest of retirement assets may provide significant estate and income tax savings.
Charitable Remainder Trusts
A donor can transfer cash or property to a trust and the trust makes annual payments of either a fixed amount or a percentage of trust principal for the donor’s life or a term of years. Upon the death of the income beneficiary or completion of the term of years, the remaining assets held by the trust are distributed to the Foundation.
Charitable Lead Trust
A donor places cash or assets in a trust either for the donor’s life or for a term of years and directs that a specific amount or percentage be paid from the trust each year to the Foundation. Upon the death of the donor or at the end of the specified term of years, the cash or assets in the trust return to the donor or donor’s beneficiary. The donor is allowed a tax deduction for the value of the contributions to the Foundation.
Additional information may be obtained through the Foundation regarding ways to implement your charitable contributions. The above information is intended to assist you in considering these options. However, the Foundation encourages you to consult with your tax and legal counsel to determine when and how gifts can be made to maximize your goals.