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Give Give Now - Lifetime Gifts
Give Now - Lifetime Gifts
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| Dedicated donors lined up to give money supporting their favorite nonprofits on Match Day in May 2009 |
If you're ready, it's easy to give now. You may contribute any of the assets listed below to establish a fund or to add to one of the Foundation's 900+ funds. We are a qualified 501(c)(3) organization, so your gift is eligible for the maximum tax deduction. Contact a member of the Foundation's development staff if you have any questions.
Cash
A cash gift usually is the easiest to give: mail us a check, phone in a credit card donation, or give online. Gifts of $200 for a single person or $400 for a married couple filing jointly can provide maximum benefits through the Michigan Tax Credit for Community Foundations.
Securities
A gift of securities (stock, bonds, and most mutual funds) also provides tax advantages. If your securities have appreciated, you can generally avoid capital gains tax by giving them directly to the Foundation rather than selling them and contributing the proceeds. When making gifts of stock to the Foundation through your broker, it is important to notify us to insure that your gift is deposited and accounted for correctly and in a timely manner.
Closely Held Stock
Owners of closely held or family businesses are often very involved in the community. Many think about creating a family foundation—but discover that there are restrictions applying to private foundations and closely held business interests. A partnership with the Foundation is a cost-effective way to maximize and target your charitable intent while minimizing tax liability. The Foundation can be helpful in the following instances:
- Helping to pass ownership of the company to children or key employees while not straining available assets and liquidity.
- Selling the company and planning to minimize estate and capital gains taxes.
- Getting equity out of the company to provide income for you.
- Creating a family philanthropic program using the assets of your business.
Tangible Personal Property
A fund at the Foundation can be established by contributing tangible personal property such as works of art, jewelry, silver, antiques, and coin or stamp collections. This type of gift can be very attractive, as these items are often costly to insure and often times difficult or unprofitable to sell. There are special rules that govern the giving and acceptance of gifts of tangible property.
Real Estate
Gifts of real estate can include a home, apartment building, farm, vacation home, commercial buildings and income-producing and non-income-producing land. A donor can make an outright gift of all or a portion of real property now or through the estate—or use it to fund a charitable remainder trust that provides income to the donor or the donor's children.
Life Estates
Donors can benefit today from the future gift of a home, be it a primary residence or vacation home. The donor can deed the property to the Foundation, continue to live in the home for life and take an immediate income tax deduction. The Foundation will ultimately sell the property and use the proceeds to create a fund at the Foundation and ensure the donors legacy.
Life Insurance Policies
A life insurance policy can become an ideal tool for charitable giving. The procedure is simple—you start by assigning your insurance policy to the Foundation. The Foundation is also named beneficiary of the policy.You can make annual tax-deductible contributions to cover the policy's annual premium. Or, if the policy is paid up, you will receive an immediate tax deduction in an amount equal to the policy's cash surrender value. Any type of fund can be established with a gift of life insurance. This creative strategy can enable a donor to make a much larger gift than he/she might have thought possible.
IRA or Retirement Plan Assets
If you are like a growing number of Americans, an IRA may be your largest single asset—a nest egg to leave behind for the children's future. But you may not realize the massive tax bite the plan is subject to once it is passed on to the beneficiaries. That legacy intended for your children could amount to just 20 cents on the dollar as a result of combined estate tax and income taxes on the IRA.
If you already have created a sound estate plan that achieves all objectives and takes care of the family, one lingering challenge remains: What should you do with an IRA or qualified retirement plan? Leaving the children the IRA could result in a combined tax of up to 80%—and you have already provided well for both spouse and children through an existing estate plan. However, you may want to provide an incentive for the children to be involved in the community and participate in philanthropy. A good solution could be to name the Foundation as the beneficiary of the IRA or qualified retirement plan and create a family fund with this gift.
For example, donors who create a Donor Advised Fund for their children can help them learn philanthropy and carry on their families' tradition of generosity. And the children can take advantage of our philanthropic and grantmaking services to learn more about the charities serving our community. Alternatively, you could create a Field of Interest Fund, Scholarship Fund, or choose any other type of Fund at the Foundation.
Annual Report
Enjoy our 2009 Annual Report - cover to cover in under 3 minutes!
