As FCF continues to grow as a foundation, maximizing our effectiveness and range of services, we clearly understand that the generosity of our benefactors plays a major role in the process. And while we readily acknowledge this relationship and dependency upon you, our donors, we equally wish to see you be able to benefit from your giving to us as well.
How is this possible? Well the best gift plans also improve the donor's financial and tax situation, often right away. Let's take a moment then to explore the possibilities and opportunities for creative gift giving and see how your philanthropic giving can combine with your own financial needs and tax planning.
What are Your Giving Options?
Time honored ways of giving:
- A current gift of cash, securities, or other property.
- Installment payments over several years.
- Leaving a major bequest in your will.
An Alternative: Planned or deferred giving
Another well-informed option is "Planned giving". This could be better defined as 'deferred' giving. While 'planned giving' can simply mean outright gifts that require tax planning, 'deferred giving', means that you donate the asset today to receive income and tax benefits, while the actual receiving of the asset is deferred for a period of time, often your lifetime (and that of a surviving beneficiary, if you wish).
An example of this would be deeding to a charitable organization a remainder interest in your home or other real property, while you retain full use of the property for life. The key feature of a planned gift is that it allows the donor to benefit, as well as the charitable organization.
You donate the asset today to receive income and tax benefits, though the actual receiving of the asset is deferred for a period of time, often your lifetime and that of a surviving beneficiary, if you wish.
The Benefits of Planned or Deferred Giving
Some of the ways you can benefit financially through a planned gift.
- You receive a money-saving income tax deduction for a portion of the current value of your contribution. You'll also avoid the tax on long-term capital gains on gifts of appreciated property.
- You can actually increase your income when you give to a trust producing a higher yield than the property you donate. Some plans even enable you to receive part of the income tax-free
- You rid yourself of investment responsibilities and secure professional management on the assets you donate.
We will be happy to assist you, your attorney, and/or your tax advisor in finding the best plan for you. Please contact us today at:
1.800.992.2383. Ext. 10