Planned Giving Suggestions
An easy way to make a planned gift to Racker is to “name” Racker as a beneficiary in your will. This bequest, or testamentary gift as it is sometimes called, is the simplest way for many donors to make a planned gift. This can allow you to provide for Racker’s future without affecting your family’s current financial security. You may designate a specific dollar amount or a percentage of your estate, or list Racker as the residual beneficiary after all other obligations are satisfied.
Retirement Plan Assets
These assets can be subject to significant income and taxes for your family. It might make better financial sense to leave cash to your loved ones and name Racker as all or a partial beneficiary on your retirement plan. Making a planned gift to Racker using your retirement plan is easy – all you need to do is update the plan’s beneficiary designation form.
Gifts of Life Insurance
Racker can accept life insurance policies as deferred gifts. The donor must name ‘Racker’ as a full/partial beneficiary of their life insurance policies, which they have purchased on their lives.
Gifts of appreciated securities or bonds may provide more advantages than a cash gift in the same amount. They often can help your estate avoid capital gains taxes. Your financial advisor can help you decide if this is a good option for you.
Charitable Remainder Trust
A Charitable Remainder Trust is a type of life income agreement that actually combines a gift and an investment. Funded by cash or appreciated properties, you establish a fund that will pay you either a fixed dollar amount or a fixed percentage of the fund’s assets, valued annually. When you establish the fund, you realize a tax deduction for the value of the gift, estate and gift tax deductions, and avoid capital gains tax. Racker can then be named as the beneficiary of the trust. Charitable Remainder Trusts can be set up through your financial institution.
With the ever-changing tax laws, be sure to confer with your financial
advisor to make sure your planned gift is the best for your particular situation.