Planned Giving
1. Give now or give later?
A significant lifetime gift will allow us to meet our immediate objectives. In turn, it will give you maximum tax benefits, and is especially attractive if you are in high earnings years. It can also be the simplest gift to arrange.
You may, however, prefer to leave your assets and cash flow alone until your death, and instead make your gift through your estate. Even though the Foundation would not have access to this gift immediately, it will be critically important for long-term financial strength and will help ensure that we can meet the opportunities and challenges the future will present us.
You may a will or revocable trust to make a gift from your estate. You may also use life insurance or the balance remaining in your retirement plan. These gifts help you keep your lifetime financial planning flexible, although they provide only limited income tax benefits. You will need professional assistance to set up most complex estate-plan gifts. We will be glad to coordinate and assist your professional advisor in any way we can.
2. What assets to give?
Cash. It is, of course, the easiest transaction to make. You are limited only by your cash flow and your inclination to draw from your cash reserves. Gifts of cash maximize your charitable deduction and deliver immediate benefits to the Boys and Girls Club of Nassau County Foundation.
Appreciated Securities. Get the same tax deduction as if you had given cash, but use stocks or bonds that cost you less than they are currently worth. Your deduction is based on market value, but you incur no capital gains liability on the transfer to us. It is one of the best tax incentives left, and we can work with your broker to make a gift of securities simple.
Real Estate. Gifts of land, vacation homes, or income-producing properties can bring great benefits to us. We have to review each gift proposal carefully, and sometimes, it is not practical for us to accept. You can give real estate outright, transfer it in a part sale/part gift arrangement, or give your residence and reserve the right to continue to live there.
Retirement account. The balance remaining in your retirement account after your death is subject to double taxation if it passes to your heirs: it is taxed both as income and as an estate asset. Result: Over 75% of the account value may go to taxes. It is a better plan to designate the remainder of your account to the Boys and Girls Club of Nassau County Foundation, and then use other assets for gifts to your family. New regulations simplify the procedure to name the Boys and Girls Club of Nassau County Foundation as beneficiary; we are ready to assist you.
Appreciated property. You may be holding property like books, artwork or equipment that you no longer wish to maintain. Instead, these assets could bring real benefit to the Boys and Girls Club of Nassau County Foundation. There are particular IRS requirements to meet before you can deduct a gift of appreciated assets. We will review each gift proposal carefully to make sure that the Foundation can put the asset to good use.
Business interests. A partnership, an interest in a business, shares of closely held stock, or a limited partnership share may all hold value for us. We will review the proposed gift, and if we agree, we will work with you and your advisors to make the transfer simple.
Life Estate Agreement. As with gifts of appreciated securities, real estate that has increased in value can be an excellent “tax-wise” way to make a gift to the Boys and Girls Club of Nassau County Foundation. It may allow you to claim a charitable tax deduction as well as avoid any capital gains tax liability.
One way to make a gift of real estate is to give it outright to the Boys and Girls Club of Nassau County Foundation. Another way is to arrange to remain in your home and agree to have it come to the Boys and Girls Club of Nassau County Foundation at the end of your life, or upon the death of your spouse or children. This is called a Life Estate Agreement.
With a Life Estate Agreement, you, your spouse, and your children may retain the right to use the property for the rest of your lives, and it will ultimately be given to the Boys and Girls Club of Nassau County Foundation. You and/or your family will be responsible for paying taxes, insurance, and other maintenance expenses during your lives until the property transfers to the Boys and Girls Club of Nassau County Foundation. You would receive a charitable deduction in the year that the contribution is made and that asset would be effectively removed from your probate estate.
Gifts of real estate can be more complex than other gifts, and there are many factors to consider.
Please contact us if you are considering a gift of real estate, and we will be glad to discuss it with you personally.
A COPY OF THE OFFICIAL REGISTRATION (CH12662) AND FINANCIAL INFORMATION MAY BE OBTAINED FROM THE FLORIDA DIVISION OF CONSUMER SERVICES BY CALLING TOLL-FREE (1-800-435-7352) WITHIN THE STATE. REGISTRATION DOES NOT IMPLY ENDORSEMENT, APPROVAL, OR RECOMMENDATION BY THE STATE