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You can contribute cash, securities, retirement plan assets, bequests, life insurance, real estate or other tangible property. To discuss these options or other gifts, please contact Sharon Reiss, Director of Development at 203.834.9393 |
Usually given by check, a cash gift enables you to claim a current tax deduction of up to 50% of your adjusted gross income. If there is any excess, it can be carried forward for an additional five years. Actual savings from gifts of cash depend on your tax bracket—generally, the higher the tax bracket, the higher the deduction.
When you make a gift of appreciated securities, their full fair market value is deductible as a charitable contribution up to 30% of your adjusted gross income. Deduction amounts that exceed the limit can be carried forward for up to five years. After the Foundation liquidates the securities, the full value of the gift is available to support your charitable goals. Your professional advisor can advise you on using appreciated securities for charitable giving.
For a gift through your estate, retirement plan assets are often the best to give because they are so heavily taxed when left to your heirs. Income and estate taxes can easily consume over 65% of the account balance at death. By naming the Foundation as the remainder beneficiary of these assets, you can leave a very tax-efficient legacy.
A bequest permits you to make a difference while retaining complete control over your assets during your lifetime. A charitable bequest can be a specific dollar amount, a percentage of your estate, or what remains after other bequests—including those to family members—are satisfied. Or, your will can specify that your heirs receive lifetime income from your estate, with the remainder going to the Foundation for charitable purposes. If you choose, the bequest can flow into a Donor Advised fund for your children and grandchildren to carry on your family's philanthropy.
If your need for life insurance has decreased, you can donate an unneeded policy to an existing fund or a fund you've established at the Foundation. If the policy is fully paid, the tax deduction is either the replacement value or your cost, whichever is less. A gift of life insurance can also be a part of your estate planning.
The Foundation can accept a gift of a house or other personal residence, farm, commercial buildings, and income-producing or non-income producing land. A gift of real estate that you have owned for more than a year entitles you to the same federal tax advantages as those for gifts of securities--a tax deduction for the fair market value of the property--while allowing you to avoid paying capital gains tax.
We are skilled at evaluating tangible assets such as art, jewelry and classic automobiles. Please contact Sharon Reiss, Director of Development, at 203.834.9393 to discuss.
Check with your professional advisor to learn how contributions can affect your tax planning. |
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