The Society encourages planned gifts, which may include not only bequests as part of an estate, but also gifts of appreciated assets such as stocks, or a gift of life insurance.
The Bishop Benjamin Moore Circle was established to recognize those who have provided for the Society in their wills or through other planned gifts.
1. BEQUEST: The simplest option to support the society’s future is to provide for the society in your will, as a lump sum or as a percentage of your estate.
• Receive an estate tax charitable deduction.
• Lessen the tax burden on your family.
2. LIFE INSURANCE BASED STRATEGIES: Donate the annual premium for a newly-issued life insurance policy or donate an existing life insurance policy that is no longer needed.
• You can make a gift that is far greater than the annual premiums required to support it.
3. GIFT OF REAL ESTATE, RETIREMENT ASSETS OR STOCKS AND BONDS: A gift of your appreciated property or land can avoid capital gains tax and you would receive a charitable income tax deduction. A gift of an IRA, 401K or 403B, pension, or other deferred plan is a good way to help the Society and as a Charity, the Society would not be taxed upon receiving the gift. Appreciated securities given as a gift means the avoidance of capital gains tax and the charitable income tax deduction.
4. CHARITABLE GIFT ANNUITY: This is a contract between you and the Society, whereby you transfer property, cash or securities and in exchange, you receive a fixed income for life.
• A portion of your income stream may be tax free.
• You will receive a charitable deduction for your gift.
• The income could be high, depending on your age.
5. CHARITABLE REMAINDER ANNUITY TRUST: Based on the value of the property being gifted, you will receive fixed income for life.
• Fixed income for life, lives, or a set term.
• Avoid capital gains tax on the sale of the asset.
• Charitable income tax deduction.
6. CHARITABLE LEAD TRUST: A strategy for passing some of your assets while reducing or eliminating gift or estate taxes.
• Gift or estate tax deduction at the time of your gift.
• After a period of time, your family receives the trust assets but any additional growth in value.
7. LIFE ESTATE RESERVE: You can deed your home or farm to the Society but use the property for the rest of your life.
• You would receive a current income tax deduction for the present value of the remainder interest in the home or farm.
8. GIVE IT TWICE TRUST: This allows for the transfer of your IRA at death to a term of years unitrust. The unitrust will pay income to your family for a number of years and then distribute the balance to the Society.
• Full value of IRA invested to produce income.
• Estate tax deduction and savings for your gift.
9. BARGAIN SALE: The Society purchases your property for less than market value. You receive the cash and a charitable deduction for the difference between the market value and purchase price.
• Avoid capital gains tax on your charitable gift.
• The deduction will give tax savings that may reduce your annual tax bill.
10. SALE AND UNITRUST: You give a portion of your assets (little or no income producing stocks for example) and receive cash while the remaining amount goes to fund your charitable trust.
• You get cash out.
• The unitrust provides you with income for the rest of your life.
• You will get a unitrust tax deduction.
11. POOLED INCOME FUND: As a donor, you would contribute to a common fund. This operates like a mutual fund. Please note that these are simple explanations only and you should consult with your estate attorney and/or tax advisor. Also note that the main benefit of any of these strategies is the help given to further the St. George’s Society of New York’s mission.
Please note that these are simple explanations only and you should consult with your estate attorney and/or tax advisor. Also note that the main benefit of any of these strategies is the help given to further the St. George’s Society of New York’s mission.