Lifetime gifts and bequests may be subject to federal gift and estate taxes. But charitable gifts both large and small are completely exempt from federal taxation. To learn more about planned giving, contact Russ Link, firstname.lastname@example.org or phone 218-363-2207.
Life Insurance: Your insurance company can give you information on how to make a gift of life insurance. For pennies on the dollar, you can endow Camp Olson YMCA with a substantial gift and at the same time enjoy tax benefits and income. You may decide to assign your annual dividends to the camp, donate a paid-up policy, or donate a policy on which you are still paying premiums and deduct each premium as a charitable gift.
Gifts of Real Estate: Receive a charitable income tax deduction equal to the full fair market value of the property and save capital gains taxes.
Appreciated Securities and Real Estate: Donors who contribute appreciated securities or real property held for more than one year (long term) get a double income tax benefit:
- A deduction for the asset’s full fair market value instead of the lower cost basis.
- Complete avoidance of capital gains tax on the asset’s appreciation
For gifts of appreciated securities or real estate held for one year or less (short term), the charitable deduction is limited to the property’s cost basis. There is no tax on the appreciation.
Remembering Camp Olson in your Will: This is a special way to ensure that our work will continue for a long time to come. Any charitable gift by a Will is deductible for estate tax purposes, so no tax will be due on assets given. Types of Bequests:
- Unrestricted: allows Camp Olson to direct your gift where it is needed the most.
- Restricted: permits Camp Olson to use your gift in the manner you designate, such as a specific area of interest (sailing, your cabin, the nature center etc.).
- Specific Bequest: gives a specific asset to Camp Olson, such as cash or securities.
- Residuary Bequest: gives all, or a percentage, of what remains in your estate after all other specific bequests have been satisfied and all debts and expenses have been paid
- Contingent Bequest: gives all or a portion of your estate to Camp Olson when a named individual beneficiary dies before you.
Camp Olson YMCA works with the Rochester (MN) Area Foundation to manage the following sophisticated gift giving programs. To discuss a planned gift to Camp Olson YMCA please contact Russ Link at 218-363-2207 or email@example.com.
- Pooled Income Fund: A giving-plan for people who want to receive a life-long income which may grow through the years. The gift is combined with other donations so that the principal can be invested as a lump sum for the benefit of each giver and the future good of Camp Olson. The donor can eliminate capital gains taxes on the appreciated assets that are donated.
- Life Income Gifts: Family obligations and the need to provide for retirement, coupled with the high cost of living, make it difficult for many people to consider substantial charitable gifts, so they wait to make gifts by will. But there is a way to have the satisfaction of making a meaningful lifetime gift without sacrifice. In fact, you get current tax and financial benefits. It’s called a life income gift.
- Charitable Gift Annuity: If your stock has appreciated, there are some great tax advantages. You would receive the full current value of the stock at the time of donation (in the form of a fixed regular payment for your life and/or that of your spouse or friend) as a tax deduction plus you do not have to pay any capital gains taxes. You benefit from an immediate tax deduction and part of each payment is tax-free for a number of years.
- Charitable Remainder Trusts: These provide lifetime income. They also afford Camp Olson a remainder following the beneficiary’s death.
- The Charitable Lead Trust: Individuals with very large estates can use a charitable lead trust to benefit Camp Olson YMCA and pass the principal to family members with little or no tax penalty. It works like this: you transfer assets to a trust fund that provides payments to the Foundation for a term of years. Then the trust principal goes to your children, grandchildren, or others free of, or at greatly reduced, federal gift and estate taxes.
There are other ways to give that may be better suited to your needs. Camp Olson will be happy to work with you and your financial adviser to accomplish your philanthropic goals, and put you in touch with an expert if you are not already working with one. Contributions to Camp Olson YMCA, a tax-exempt organization under Section 501 (c) (3) of the Internal Revenue Code, are deductible for computing income and estate taxes
Donors who wished to be listed publicly as anonymous should contact Camp Olson YMCA at 218-363-2207 or send an email to firstname.lastname@example.org.