Creating a Legacy Through Planned Giving
The term "planned giving" describes the many ways in which individuals make charitable gifts beyond what they can give on an outright basis. A variety of planned giving vehicles are available to those who wish to provide for the future benefit of our community and create a lasting legacy. Through the Nevada Community Foundation, you can make a lasting gift to the community while creating your personal philanthropic legacy.
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Charitable funds may be established during your lifetime or by bequest and can be tailored to your specific requirements and interests.
You may consider several planned giving "vehicles" that name the Nevada Community Foundation as beneficiary. These include:
The Nevada Community Foundation can assist you in determining an appropriate vehicle for your planned giving. However, we encourage you to seek the advice of your financial advisor or estate planner before making a final decision. Should you not currently have such counsel, we would be happy to recommend several reputable professionals to assist you.
Tax benefits that come from establishing a fund provide a winning situation for donors and the Nevada Community Foundation. Confusion over tax laws frequently makes potential philanthropists hesitate to follow their desire to donate. The Nevada Community Foundation provides straightforward explanations of tax strategies based on the type of gift you are considering.
The Internal Revenue Service supports your philanthropy in several ways, including the options to:
- Take immediate federal tax deductions
- Avoid capital gains
- Lessen or eliminate estate taxes
One of the simplest ways to provide for your community is to establish or add to a fund through a bequest in your will. To help you accomplish this, the Nevada Community Foundation can provide your attorney with sample language.
Through a gift of assets, you can establish a trust naming the Nevada Community Foundation as the ultimate beneficiary while providing an income stream for you or a named beneficiary for life. Upon the death of the named beneficiary, the principal of the trust is distributed to a charitable fund at the Nevada Community Foundation. By establishing a CRT, you will gain an immediate income tax deduction, reduce estate taxes, possibly increase income from you assets, provide for a spouse and/or heirs, and deter or eliminate capital gains taxes - all the while making a gift to the community that will continue in perpetuity. You can explore the tax implications and pay-out options of Charitable Remainder Trusts by using the Nevada Community Foundation's PhilanthroCalc for the Web.
With a CLT, a part of your estate is donated to the trust immediately, and the income goes to a charitable fund at the Nevada Community Foundation for a designated number of years. The trust can be created during your lifetime or at death and will reduce estate or gift taxes. When the period of the trust concludes (such as when children or grandchildren reach a certain age), the trust is terminated and the assets return to their benefit. To run sample calculations on the tax benefits of establishing a Charitable Lead Trust, visit the Nevada Community Foundation's PhilanthroCalc for the Web.
Individual Retirement Accounts (IRAs) left to heirs may be subject to taxes that could total over half of the IRA's value. Designating Nevada Community Foundation as the beneficiary of an IRA is an excellent way for you to make a gift to charity while reducing the impact of income, estate and generation-skipping taxes on a family's inheritance, by removing the asset from the donor's estate.
A paid-up, existing life insurance policy may be donated by designating the Nevada Community Foundation as owner and beneficiary. You also may donate a life insurance policy that is not fully paid up, by designating the Nevada Community Foundation as owner and beneficiary and by continuing to pay the annual premiums. These gifts provide you with a current charitable income tax deduction and also may reduce your estate tax. When the policy is redeemed, a permanent fund is created to support the charitable goals described by the donor.
Like many people, your major asset may be your home. You may irrevocably transfer the ownership of your residence to the Nevada Community Foundation and retain the right to occupy the premises throughout your lifetime while receiving a tax deduction based on the property's value. This gift also would lower estate taxes since the property is no longer a part of your estate. As with all gifts of real estate, the Nevada Community Foundation considers potential life estate gifts on a case-by-case basis. Learn more about how a Life Estate can impact your tax situation by using the Nevada Community Foundation's PhilanthroCalc for the Web. |
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