Options to think about…
Wills are by far the most popular planned gift, and are convenient ways to perpetuate your generosity. You may designate that a specific amount, specific asset or a percentage of your estate. In many cases, arrangements can be made that will reduce estate taxes.
A charitable gift annuity is a guaranteed income plan, which also provides lasting benefits to the Folsom Zoo Sanctuary. Assets are transferred with the agreement that a fixed rate of return will be paid to the named beneficiaries for life. There is usually a significant tax benefit the year the gift is made and a portion of the annuity income in subsequent years may be tax-free!
A deferred gift annuity is a contract between you and the Friends in which you donate cash, stock, real estate, or another asset in exchange for a steady stream of income. A deferred gift annuity allows you to make a generous donation now and receive income payouts in the future.
Charitable Remainder Trusts (CRTs) can be a very powerful planning tool for retirement and estate planning. CRTs provide payments to the donor or other designated beneficiary for the term of the trust. At the end of the term, the remaining principal is distributed to the Friends. CRTs offer four favorable tax outcomes: capital gains tax avoidance, income tax deduction, tax-free compounding, and estate tax reduction.
You can designate the Friends of the Folsom Zoo Sanctuary, Inc. as a primary or contingent beneficiary of your IRA, TSA or retirement plan. In addition, Retirement Plans and IRAs may be “rolled over” into charitable life-income gifts.
Insurance policies initiated in the past may no longer be needed for family security, so the gift of a paid up policy may result in substantial tax savings. If you name the Friends of the Folsom Zoo Sanctuary, Inc. as the beneficiary and owner, future premium payments may be tax deductible. Life insurance is a magnificent way for younger individuals to make a significant commitment with a lower up-front impact.
Gifts of appreciated real estate may provide ideal tax savings and a sizable gift to the Friends of the Folsom Zoo Sanctuary, Inc. When you donate real estate to the Friends, either outright or in exchange for a gift annuity or CRT, you can avoid capital gains while an arrangement can be made so that you may retain use of the property for the rest of your life!
A gift of stock or mutual funds before December 31st could be your best way to maximize tax savings and meet your charitable giving goals this year. Even if your stocks have lost value since you purchased them you can receive tremendous tax advantages. The key is in how you give the securities.