The Center for Youth is graciously ready to receive many kinds of planned giving. By including The Center in your planned gifts, regardless of your income or age, you will make a difference in the lives of thousands of vulnerable youth for years to come. Not only will the donation help The Center, but it may also save you and your loved ones money in taxes. Below are some helpful definitions to begin having a conversation about planned giving with your financial advisor, lawyer, or tax professional.
Bequests: A bequest is a gift made through a will. One of the easiest ways to remember The Center for Youth in your will is through a bequest. This can be any amount and is arranged through an attorney. You may choose a portion of your estate, as a percentage or dollar amount, or gift the balance from your estate after other bequests have been made.
Life Insurance: You can name The Center for Youth as a primary life insurance beneficiary or as a contingent beneficiary should your other beneficiaries not survive you. After your lifetime, the benefits from your policy pass to The Center, free of federal estate tax. This allows a larger gift with a smaller cost. To make this gift, simply contact your insurance carrier and request a beneficiary form.
Retirement Plan Assets: Typically, retirement plan balances are subject to both income and estate taxes. As a nonprofit organization, The Center for Youth will not pay income tax on the distribution nor will the gift be subject to estate tax. You may use your IRA, 401(k), 403(b) and other retirement plan to name The Center as your survivor beneficiary, removing some highly taxed assets from your estate and allowing lesser-taxed assets to remain with your beneficiaries.
Life Estate: A gift of a house or other such real estate may provide an immediate tax deduction and remove a high-value asset from the estate. It is a generous and incredible meaningful donation, subject to approval by the Executive Director and board.
Charitable Gift Annuity: This is an annuity contract that pays one or two people (who must be 55 or older) a fixed annual income for the rest of their lives. After death, the remainder value is a charitable gift to The Center. This provides current income and a possible partial tax deduction. Payments are made quarterly and are a fixed percentage based on the donor’s age when established. Income is partially tax free.
The Center for Youth does not provide tax or financial advice. Learn more about planned giving options by talking to your financial advisor, attorney, and/or a tax professional to help you make the most informed decision based upon your personal circumstances and philanthropic goals.
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