Ways To Give
Charitable giving can be done through a number of vehicles, some during the donor’s lifetime where the individual may take advantage of income tax reductions and at the same time, gain satisfaction from watching the income from a grant being used for the intended purpose, or after the death of the donor, having the donor’s estate, or a portion of it, managed to continue to support specific, or general activities.
Charitable giving, through trusts, normally involves one of two types of trusts; the charitable remainder trust or the charitable lead trust. There are many variations of each, but the principals are the same; property is placed into a trust, income is generated for the duration of the trust, and at the end of the trust, the trust principal is distributed to the proper beneficiary. At the same time the trust is set up, a charitable income tax deduction is generated for the donor.
LIFE INSURANCE GIFTS
A gift of a life insurance policy with the Foundation named as owner and beneficiary of the policy can be a particularly effective way for a donor to make a gift. Many people own insurance, where the original purpose is no longer valid, and there is no reason to keep the policy active. A donor of insurance can obtain an income tax deduction in the year the gift is made. A new policy may also be written with the Foundation as the beneficiary, and a tax deduction can be obtained. See an insurance agent or financial planner for details.
WILLS AND BEQUESTS
Wills and bequests are used to assure the wishes of the donor are carried out specifically, and that activities supported by the donor during his lifetime, continue to be funded in the future.