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GIFTS OF RETIREMENT PLANS - Estate and income taxes can significantly diminish the
value of a retirement account. When a donor names a charity as beneficiary, co-beneficiary or contingent
beneficiary of an individual retirement account, KEOGH plan, 401-K, 403-B or other qualified pension
plan, the donor's estate receives a charitable deduction, thus possibly increasing the amount ultimately
given to the heirs. Donors can also contribute money in their retirement accounts while living and
possibly reduce their tax burden at the same time. CASH AND SHARES OF STOCK BEQUESTS BY WILL LIFE INSURANCE - If you no longer need the money, the individual can convert an existing policy into a gift for the Church. ANNUITY - The donor receives a fixed amount of income each year while living. A charity can be named as a beneficiary and will receive the remaining principal upon death. REVOCABLE TRUSTS - These give you control over the assets you place in the trust while you are alive. Upon your death, you can direct your remaining trust assets to be given to your church. UNIT TRUST - The donor receives a percentage of the trust's value determined each year. A designated charity will receive remaining principal upon the donor's death. REAL ESTATE - An individual can give their personal residence to a charity, receive a tax deduction and continue to live in the residence during their lifetime. You can also place real estate in trust and receive a lifetime income from the proceeds of the sale, naming a charity as your beneficiary upon your death. We recommend that you consult with your financial advisor or attorney when making a charitable donation. |
