Types of Planned Giving
Gifts of Cash
Gifts of cash to JRF can greatly reduce the amount of income taxes that you must pay if you itemize your deductions. Cash gifts are deductible up to 50% of your adjusted gross income. For example, if your adjusted gross income is $120,000, up to $60,000 of charitable gifts may be deducted on your taxes.
Gifts of Securities
Donating stocks, bonds, mutual funds and other securities contributes to the financial stability of the JRF, and it offers significant tax saving for you. By giving stock, you can avoid capital gains tax on the increased value of the stock plus receive an income tax charitable deduction for the full fair market value of the stock.
Bequests
One of the simplest ways to give to Jeannette Rankin Foundation is to include a bequest for JRF in your will. Depending on the current exemption amount and your assets, giving to charity may also decrease any estate taxes that would be due from your estate. There are several options for leaving a legacy through JRF:
- To leave a sum of money to JRF, include the following language:
“I give to Jeannette Rankin Foundation, a nonprofit corporation created under the laws of the State of Georgia, located in Athens, Georgia, the sum of $__________.” - To leave a certain percentage of your estate to JRF, include the following language:
“I give to Jeannette Rankin Foundation, a nonprofit corporation created under the laws of the State of Georgia, located in Athens, Georgia, ___________% of my estate.” - To leave your remaining assets to JRF (after other gifts have been granted), include the following language:
“All the remainder of my estate, including real and personal property, I give to Jeannette Rankin Foundation, a nonprofit corporation created under the laws of the State of Georgia, located in Athens, Georgia.”
Real Estate
A gift of real estate can be a current or deferred donation. A current gift, where the property goes directly to JRF, provides immediate tax savings - usually the fair market value of the property. You can also give real estate to JRF while continuing to occupy the residence throughout your lifetime. Making a deferred gift of property allows you to make a substantial contribution to JRF while still occupying your home. This deferred gift will allow you to take a current tax deduction for the property's discounted value.
Charitable Trusts
Charitable trusts provide very flexible and powerful tools that can allow you to reduce your tax burden, increase your current and/or future income, and provide vital support to advance Jeannette Rankin Foundation's mission. Charitable trusts are complex, so please consult your financial planner or CPA for current information on charitable remainder trusts, annuity trusts and lead trusts.
Life Insurance
You may name Jeannette Rankin Foundation as the beneficiary of a life insurance policy while remaining the owner of the policy. You will continue to have access to the cash value of the policy and you may choose to change the beneficiary in the future. Remaining the owner has one major disadvantage: you are not allowed to take a charitable deduction on your income taxes for the premiums that you pay.
The greatest tax benefit can be gained by making Jeannette Rankin Foundation the beneficiary of the policy and by irrevocably transferring the ownership of the policy to JRF. This allows you to save taxes two ways. First, you are allowed to take an immediate federal income tax charitable deduction for the lesser of the policy's fair market value or the net premiums paid. Second, you can make contributions to Jeannette Rankin Foundation that will allow JRF to pay the premiums. You can take a charitable federal income tax deduction for these contributions.
To either make JRF the beneficiary or the owner of your life insurance policy, please contact your life insurance representative for assistance.
