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Clients can contribute cash, securities, retirement plan assets, bequests, life insurance, real estate or other tangible property. To discuss other gifts, please contact Sharon Reiss, Director of Development, at 203.834.9393. |
Usually given by check, a cash gift enables clients to claim current tax deductions of up to 50% of their adjusted gross income. If there is any excess, it can be carried forward for an additional five years. Actual savings from gifts of cash depend on your client's tax bracket—generally, the higher the tax bracket, the higher the deduction.
When clients make a gift of appreciated securities, their full fair market value is deductible as a charitable contribution up to 30% of their adjusted gross income. Deduction amounts that exceed the limit can be carried forward for up to five years. After the Foundation liquidates the securities, the full value of the gift is available to support their charitable goals.
For a gift through a client's estate, retirement plan assets are often the best to give because they are so heavily taxed when left to heirs. Income and estate taxes can easily consume over 65% of the account balance at death. By naming the Foundation as the remainder beneficiary of these assets, a client can leave a very efficient legacy.
A bequest permits clients to make a difference while retaining complete control over their assets during their lifetime. A charitable bequest can be a specific dollar amount, a percentage of the estate, or what remains after other bequests—including those to family members—are satisfied. Or, their will can specify that heirs receive lifetime income from their estate, with the remainder going to the Foundation for charitable purposes. If they choose, the bequest can flow into a Donor Advised fund for their children and grandchildren to carry on their family's philanthropy.
If your clients' need for life insurance has decreased, they can donate an unneeded policy to an existing fund or a fund they established at the Foundation. If the policy is fully paid, the tax deduction is either the replacement value or their cost, whichever is less. A gift of life insurance can also be a part of their estate planning.
The Foundation can accept a gift of a house or other personal residence, farm, commercial buildings, and income-producing or non-income producing land. A gift of real estate that a client has owned for more than a year entitles his or her to the same federal tax advantages as those for gifts of securities—a tax deduction for the fair market value of the property--while allowing your client to avoid paying capital gains tax.
We are skilled at evaluating tangible assets such as art, jewelry and classic automobiles. Please contact Sharon Reiss, Director of Development, at 203.834.9393 to discuss.
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