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|
OF THE WAYS TO MAKE PLANNED GIFTS TO THE CONCORD HISTORICAL SOCIETY (CHS)
|
| Type of Gift |
Form of Gift |
Benefit to Donor |
Benefit to CHS |
| Gift during lifetime |
Anything owned |
Tax deduction when
gift is made |
Provides funds or other
property for immediate
use by CHS |
| Bequests through wills |
Anything owned at
time of death |
Fulfills donor’s wishes
and charitable intent.
Possible inheritance tax
reduction |
Provides funds at time
of death for future
programs of CHS |
Charitable Remainder
Trusts |
Cash, securities and
real estate worth $5000
or more |
Annual income at fixed
or variable amount; tax
deduction when gift is made;
capital gains tax may be
avoided |
Ensures substantial future
funding; principal payable
to CHS at death of donor |
| Charitable Gift Annuity |
Cash, securities and real
estate worth $5000 or
more |
Fixed income for life; tax
deduction in year of gift;
income can be deferred
until needed; no capital gains
tax due at time of funding |
Portion of funds available to
CHS for present use;
ensures future funding |
| Charitable Lead Trust |
Cash, securities, real estate |
Allows property to be
passed on to others at
reduced transfer costs |
Provides CHS with current
annual income for the length
of the trust |
Revocable
(living trust) |
Cash, securities, real estate |
All or part of amount
placed in the trust available
to donor when needed; can
give burden of managing
assets to professionals to
relieve individual; may be
revoked/changed at any time |
Current gifts may be made
annually from trust; CHS as
a charitable beneficiary
receives significant amount
at time of donor’s death |
| Insurance policies |
CHS as owner and beneficiary
of policy currently in force |
Tax deduction for value of
policy or premiums paid
(whichever is less); future
premiums may be deducted
as charitable gift; donor can
make large future gift at
small present cost |
CHS receives face value of
policy at donor’s death |
|
Paid-up policy given
to CHS |
Tax deduction based on
current value of policy or
premiums paid (whichever
is less) |
CHS receives face value of
policy at donor’s death |
|
CHS named as beneficiary
of policy, but not owner |
Donor enabled to make
large future gift at small
present cost; donor may later
change beneficiary; donor may
borrow on policy but receives
no tax deduction |
CHS receives face value of
policy at donor’s death |
| Retirement Plans |
Company pension or
profit-sharing plan , IRA,
Keogh, tax-sheltered annuity |
Donor over 59 may make
current gifts to CHS through
withdrawal of these funds
and receive tax deduction on
estate and for inheritors other
than spouse |
CHS receives current gifts
for present funding; CHS
named as beneficiary of
plan receives funds at donor’s
death; CHS as final beneficiary
receives funds at spouse’s
death |
Saving Accounts &
Certificates of Deposit |
Joint ownership with right
of survivorship only |
Donor retains complete
control of assets during
lifetime; can use assets, change
beneficiary or close account
at any time |
CHS receives assets at
time of donor’s death |
This table is for general information only and should not be relied upon in your specific situation. It is not a substitute for legal or professional advice from your own tax or legal advisor.
If you wish to make a gift to the Concord Historical Society, you may call the Society at (925) 827-3380, or if you wish to make other future arrangements or just have questions, you may write to me at 524 San Anselmo Avenue, Ste. 126, San Anselmo, CA 94960, telephone (415) 453-4999. I will respond to your written questions or requests. You should, however, always consult your own professional tax or legal advisor.
Lloyd R. Crenna, Esq.
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