Planned Giving or Gift Planning doesn’t need to be difficult or stressful to donors or to the Comstock Community Center. There are many ways to do it, but using your own financial advisor, lawyer, or tax preparer is the easiest. A strategic plan can be done that will provide all the benefits of a normal contribution to the Community Center. Below are some pathways to establish your potential route for setting up a Gift Plan.
Appreciated Securities or Other Assets
Common stock or mutual funds can be an Easy way to make a current gift. You and Your financial advisor will select the asset Or assets that carry the highest capital gains Tax liability, which can be gifted to the Comstock Community Center. By contacting The Community Center prior to making the gift We can provide instructions to make the Transfer simple.
Charitable IRA Rollover
This is a great giving opportunity for those 701/2 and over. Qualified Charitable Distributions (QDC) allows the donors to Gift up to $100,000 to the Center as all Or a portion of the Required Minimum Distribution. This can lower a donor’s Tax liability, protect other Social Security Benefits, as well as make their impact on The Center’s mission.
Life insurance can be used as the charitable Gift or to increase the amount of the gift being made to the Center. The policy can Name the Community Center as the Beneficiary and/or the owner and Beneficiary.
Gifts that Leave a Legacy
Bequest or Gifts under the Will
A gift or bequest can be made through the Will or even a revocable trust and allows the donor to maintain complete ownership of their assets during life. Bequests can be made as a percentage or an exact dollar amount, Informing the Center that a bequest has been made enables the donor(s) to become members of the Legacy Society.
Retirement Plan Assets
Even with the new tax laws, retirement assess can still be heavily taxed, detracting from what can be left to heirs. Naming the Community Center as the beneficiary of the retirement plan, in total or as a percentage beneficiary, can lessen the potential or estate tax liabilities while leaving a financial and philanthropic legacy.
Bank or Investment Accounts
Naming the Community Center as the beneficiary of a financial account can be simple and without the need of additional estate planning documents. This gifting strategy can be another method to lower the fair market value of the estate to lessen or eliminate an estate tax liability.
Gifts that Produce an Income Stream
Charitable Gift Annuity (CGA)
A CGA is the easiest of the irrevocable life income vehicles with a document provided free of charge. The CGA can be funded with cash or appreciated securities; it generates an immediate charitable income tax deduction along with a pre-established income percentage and dollar amount. The terms of the CGA contract are based upon the donor/annuitant(s) actuarial life expectancy.
Charitable Remainder Trust
The irrevocable agreement is drafted by your legal advisor. It can provide a fixed (Annuity Trust) or variable (Unitrust) income for life or a set term. The CRT is particularly useful for larger gifts of appreciated asset(s) because it shields the donor from capital gain liability. The income generated belongs to the donor/beneficiary to use personally or to make additional charitable contributions.
Charitable Lead Trust (CLT)
Rather than produce income for the donor or beneficiary, the income from this irrevocable gifting vehicle is distributed to the Community Center during the term of the trust, after which the trust corpus returns to the donor or their family. Any potential tax benefits are dependent upon the donor’s situation