Planned giving through Central Carolina Community Foundation gives you two tax benefits - a charitable income tax deduction in the year of the gift and a reduction of future estate taxes. If you use appreciated property (publicly traded stocks and securities, mutual fund shares, real estate, and/or closely held company stock) to establish your fund, you can often avoid capital gains taxes on that property.
You can also receive the full, fair market value of the gift as your charitable deduction. Charitable gifts at death generally result only in a reduction of estate taxes, however, gifts of retirement plan assets, U.S. savings bonds and other untaxed assets will also result in income tax savings. Below are examples of your options for planned giving. If you are interested in any of these options, contact your professional advisor or JoAnn Turnquist at 803.254.5601 x323 or joann@yourfoundation.org.
Bequests are gifts left to the Community Foundation in your estate. Many donors who may be concerned about their future finances choose a bequest as a way to positively influence the future of their community after they are gone.
If the Community Foundation is named as the owner and beneficiary of an existing or new life insurance policy, you receive an immediate tax deduction, which usually approximates the cash surrender value of the policy. All premium payments made by you thereafter will be deductible as a charitable contribution.
You can name the Community Foundation as the beneficiary of individual retirement accounts, 401(k)s and other retirement programs. Many donors are using this option because people tend to work later in life and have saved more than enough in retirement benefits. At death, the assets transfer to the Community Foundation, avoiding estate and income taxes.
A Charitable Gift Annuity allows you to arrange a generous gift to your community, while providing yourself a new income source you can count on for the rest of your life. We set up a contract with you that combines immediate annuity payments to you with a deferred charitable gift for your community. You receive a tax deduction for the charitable portion of your gift.
Trusts can be very simple, or they can be as complex as necessary to meet your financial, charitable and personal goals. Charitable lead trusts provide income to the Community Foundation immediately and for a period of years, after which the property reverts to you or your heirs. A charitable remainder trust allows you to receive an income stream for life. Payments may vary from year to year or can be fixed at the time the gift is made.
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