Children’s Cancer Research Fund continues to fund leading-edge research in the quest to find a cure for childhood cancer. There are a variety of ways that anyone can support this effort – ways that will not impact your current standard of living. There are many options to consider, including gifts that provide you with a lifetime income, and then benefit your favorite charities at the end of your life. Some of these options are:
Some of these options are:
- Direct Gifts can be made using cash, publicly traded securities, real estate or closely held stock. You receive an immediate charitable tax deduction. For gifts of securities or real estate owned for more than one year, you bypass capital gain taxes on the appreciated value.
- Bequests can be made of the property and assets you own at the time of your death by naming Children’s Cancer Research Fund in your will or trust. You can leave a specific dollar amount, or a percentage of your estate or specific assets. You maintain flexibility and control of the gift asset while you are living. Your heirs avoid paying income and estate taxes on assets designated to Children’s Cancer Research Fund.
- Beneficiary Proceeds. Children’s Cancer Research Fund can be named as beneficiary, or partial beneficiary, of your life insurance contract, annuities, retirement assets and other financial accounts. You maintain flexibility and control of the gift asset while you are living. Your heirs avoid paying income and estate taxes on assets designated to Children’s Cancer Research Fund.
- Life Insurance. Through life insurance, you can make a significantly larger charitable gift than might be possible using current assets. You name Children’s Cancer Research Fund as the owner and you continue to pay premium payments. You receive an immediate charitable tax deduction for premium payments. You may use either cash or publicly traded securities for premium payments. You may also give a life insurance contract you presently own by transferring ownership to Children’s Cancer Research Fund.
- Life Income Gifts such as charitable gift annuities or charitable remainder trusts provide you income during your lifetime and at the end of your life, the remainder is distributed to the charities you indicate. These gifts provide an immediate charitable deduction. You may also provide income for surviving spouse or other named person with this type of gift. Charitable remainder trusts may be funded using securities or real estate and you may bypass the capital gain taxes on the appreciated value.
- Life Estate Reserved allows you to make a gift of property while retaining use and enjoyment of the property for as long as you live. You may gift a residence, vacation property or farm.
In considering most of these gift options, it is best to seek assistance from your financial advisor, CPA, or attorney to determine the best assets to use with respect to your overall financial and tax situation.
You might also wish to involve your family, children or others, in discussing family philanthropy and the legacy you and your family wish to leave.
If you have questions regarding general giving or planned giving, please contact Judy Hawkinson at 952-224-8485.