A
Lasting Memory
You can make a lasting gift to Marengo-Union area students by including
a
charitable bequest to the Foundation in your will. There are various
ways you
can include MASEF in your will.
Everyone recognizes the need for a charitable organization to receive
gifts to
successfully perform its intended function. Most are aware that
outright gifts
to a not-for-profit organization may be tax deductible. What they may
not
beware of is that there are a variety of ways in which a gift can be
made which
provide additional benefits that may be awarded to the donor.
A bequest is a charitable gift left through a Will.
A Charitable Remainder Trust: a conveyance of assets to a trust which
allows
the income of an asset to be used during the donor’s life
with the balance
remaining after the death passing to the charitable institution.
A Charitable Lead Trust: allows a donor to pass immediate income to a
charity
while passing assets on to an heir at a reduced tax.
A Revocable Living Trust: Agreement: a trust that is created for the
purpose of
avoiding probate and perhaps avoiding the need for guardianship. A gift
can be
made part of the terms of a trust which becomes effective on death.
A Life Estate Agreement: allows for real property to be utilized by the
donor
during his or her lifetime, with the property passing to the charity or
death.
There are also numerous methods of making gifts which provide immediate
tax
benefits. One such method allows a donor to give assets such a stocks
or real
estate, with a deduction being allowed for the entire value of the
asset
without having to pay tax on the increase in the value of the asset.
For
example, if a stock was purchased for $1.00 and has increased in value
to
$10.00 and gifted, the donor would receive a charitable tax deduction
on the
$9.00 of increased value.
A charitable organization can only survive based on donations.
Fortunately,
there are numerous ways in which a donation can be beneficial to both
the
organization and the donor. If you have an interest in finding out how
to take
advantage of these rules, please contact your tax advisor, attorney, or
us for
further information.
"A mind once stretched by a new idea never regains it's original
dimensions"
(Anonymous)
Dinner Auction:
15th Annual Dinner (Block Party) / Auction
November 8, 2008 (5:30 PM)
Auction Donations are now being accepted.