Planned Gifts

Life Estate Gifts

Donor can obtain income and tax benefits by making an irrevocable charitable gift of his personal residence or farm even though he or she retains the right to use the property for life. A life estate may be retained for one or more lives, or may be retained for a term of years. Tax benefits include capital gains avoidance, charitable income tax deduction, and estate tax reduction.

Bequests

The most common type of planned gift. A bequest is a gift through your will that can be either a fixed amount or a percentage of testamentary assets. It can be directed to family, friends, charitable organizations, etc.

Testamentary charitable bequests can be made outright or structured using any of the gifting methods discussed above.

  • A specific bequest of a dollar amount.
  • A specific bequest of a percentage amount.
  • A bequest of the “residue” of the estate (what’s left after specific bequests).
  • A bequest of income to charity for a term of years via a trust that ultimately is distributed to heirs (such as grandchildren, etc.)
  • A bequest of income to family via a trust with the trust remainder ultimately going to charity.
  • A bequest to family of the right to use property (such as house or farm) with the property ultimately going to charity.