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| Life Insurance Real Estate Will Bequest |
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Give Retirement Plan Benefits
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R
etirement plan benefits make
up a large portion of many estates. Special tax considerations apply to
retirement plan benefits, which make them a good choice for funding a
charitable bequest.
If you plan to leave a gift to the Sunstone Education Foundation through
your will, you should consider a gift of retirement plan benefits. The
interest passing to the Sunstone Education Foundation is fully estate and income tax deductible
and as a tax-exempt entity, the Sunstone Education Foundation will not
have to pay income tax on it. If the benefits pass to your heirs or estate,
however, they will be liable for a 36% income tax bite.
The benefits of a gift of qualified retirement plan benefits include:
- Reduction of income tax liability on estate or beneficiary
- State tax deduction
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The potential for tax and income benefits
should be thoroughly discussed with a qualified tax professional and or
a certified financial planner. If you require assitance in locating such
a professional for advice, we can provide you a list of independent professionals
who specialize in this area.
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Give Life Insurance
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There
are many different ways to plan your gift and we would be happy to
answer any questions you may have. Contact us at (801) 355-5926.
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If you would like to make a substantial gift
to the Sunstone Education Foundation but don’t have the assets readily
available, you may consider a gift of life insurance. You may either name
the Sunstone Education Foundation as a primary beneficiary on a policy,
allowing you to retain ownership of the policy and have access to its cash
value, or irrevocably assign a policy to the Sunstone Education Foundation
and receive an immediate charitable income tax deduction. You may also purchase
a new policy specifically for Sunstone and receive an annual charitable
income tax deduction for payment of the policy premiums.
The benefits of a gift of life insurance include:
- A charitable income tax deduction
- Reduction of estate tax liability
- The ability to make a substantially larger charitable gift
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Give Real Estate
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Real estate is a great way to make
a gift to the Sunstone Education Foundation and still retain your cash
or liquid assets. Real estate appreciates over time, and a gift of real
estate can help to avoid or reduce a large capital gains tax.
You may make an outright gift that tranfers property to the Sunstone Education Foundation, with
a charitable income tax deduction for the appraised market value of the
property. Or, a sale of your property to the Sunstone Education Foundation for less than its
fair market value – known as a bargain sale – offers you immediate
payment for the property and the difference between the fair market value
and the sale price becomes a charitable income tax deduction. This type
of transfer allows you to avoid a portion of the capital gains tax liability.
A bequest of property may also be made, while a retained life estate program
offers you transfer of ownership of your property to the Sunstone Education
Foundation while you retain the right to live in and use the property
during your lifetime.
The benefits of a gift of real estate include:
- Capital gains tax relief
- Income tax charitable deduction
- Retain life use of your home
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Planned giving provides
the Sunstone Education Foundation with a basis of continuity into the
future. As an organization that firmly believes in proper planning and
budgeting, Sunstone's services are enabled by what resources are available
to it. Planned giving is one very important part of those resources.
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Simple Will Bequest
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There are many different ways
to plan your gift and we would be happy to answer any questions you may
have. Contact us at (801) 355-5926.
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One of the simplest ways to plan a gift is by making a bequest in your will.
We strongly recommend you meet with your attorney and financial adviser
to discuss your will and your estate planning. There are different ways
you can make a bequest:
Specific bequest--One of the most popular ways to make a charitable
gift by will, you simply leave a specified dollar amount or piece of property
to a designated charity.
Residuary bequest--This would leave whatever remains in an estate to
a charitable organization after all debts have been paid and all beneficiaries
have received their bequests.
Percentage bequest--This bequest is expressed as a percentage of
the estate or the residual estate.
Benefits of giving through your will include:
- Reduced estate taxes
- Support directed toward a specific program, scholarship or endowment
of your choice
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