Author: Janice Black, President & CEO

Charitable giving is all about matching your charitable goals with the appropriate giving option. That has been TFEC’s mission since the beginning, inspiring giving by partnering with donors to achieve their charitable goals. When working with a financial advisor, the option of planned gifts may meet your needs. In part one of this two-part series, we will discuss some of the planned gift options that can help you meet your goals.

Your Goal: Defer a gift until after your lifetime

If you are looking to defer a charitable donation until your passing, your fund could be a bequest in your will. Your will should name your charitable fund as the beneficiary. TFEC can work with you to create this estate gift now in order to assure that your needs will be met when the time comes.

Your Goal: Make a large gift with little cost to yourself

Those donors who wish to support their favorite nonprofits without incurring large personal expenses can make a gift through a life insurance policy. Simply list your charitable fund as the beneficiary of an old or new insurance policy. TFEC can work with you to set up your charitable fund that will accomplish your personal goals. This type of gift gives donors current federal income tax deduction with possible future deductions, all while minimizing costs to you.

Your Goal: Avoid the twofold taxation on retirement plan assets

Avoiding heavy federal and state taxed gifts to heirs can be achieved through making a retirement plan gift to your personal charitable fund at TFEC. Name your fund a beneficiary of all or part of the remaining assets after your lifetime to avoid twofold taxation.

Your Goal: Avoid capital gains tax on the sale of a home or other real estate

The sale of real estate can be a challenge when facing the implications of the capital gains tax. You can use a real estate gift as a charitable donation to your charitable fund at TFEC. TFEC does accept gifts of real estate (through TFEC Properties, Inc.). Donating the property to be sold by TFEC at the current market value can help you achieve your charitable goals without facing the capital gains tax.

TFEC would be happy to serve as a partner with you and your financial advisor if you are interested in pursuing a planned charitable gift. You can learn more about opportunities for giving with TFEC at https://www.tfec.org/donors/giving-with-tfec/

Interested in establishing a charitable fund at TFEC or making a planned gift to your existing charitable fund at TFEC? Contact our experts!

Jennifer Doyle, Vice President of Philanthropy and Community Investment

 

 

 

Janice Black, President & CEO