Planned Giving

Appreciated Stocks or Bonds:
You can transfer ownership of appreciated securities owned for at least one year to a charity and receive a deduction for the average value of the security on the day of the transfer. When the security is sold by the charity, neither you nor the charity will have to pay capital gains tax. You receive the benefit of having your gift valued at fair market value, including the appreciation, for the purpose of determining your charitable deduction. For these long-term capital assets, you may claim an income tax charitable gift deduction for the year in which the gift is made. If you can’t deduct the full fair market value of the gift in the first year, you may carry the balance forward for the next five years. If the securities have been owned less than one year, the charitable deduction is based on your cost basis in the security.

Bequests:

The donor designates a charity to receive a specific, general, percentage or residuary bequest from his or her will or revocable living trust, or names a charity to receive part or all of life insurance proceeds or remaining principal in his or her retirement, brokerage or financial accounts.

Life Insurance Plan Beneficiary:
By designating a charity as the beneficiary of a new or existing life insurance contract, you can make a significantly larger charitable gift than may be possible out of your current assets. And, if you make a charity the owner of the contract, you can deduct the premiums as you pay them. Or, if you would rather retain the right to change beneficiaries on the contract and don’t care if you can’t deduct the premium, you can remain owner of the contract and simply name the charity as partial, sole or contingent beneficiary.

Partnership Interest Transfer:
For an individual holding an interest in a business or investment entity taxed as a partnership, a charitable transfer can create an attractive planning opportunity while providing welcome support to a favored charity.

Real Estate:

You can make outright gifts of real estate to a charity. If you have owned the donated property for at least one year, both you and the charity can avoid paying capital gains taxes on the appreciation in the value of the property. Outright gifts of real estate will often result in an income tax deduction equal to the fair market value of the property, as determined by appraisal, but there are some situations where this may be reduced.

It’s possible to make a gift of your personal residence, vacation home, or farm to a charity and retain a "life estate" in the property, allowing you to retain rights to use or rent out the property until your death. You deed the property directly to the charity subject to your retained life estate, receive an immediate income tax deduction for a portion of the appraised fair market value, and have the comfort of knowing that the property will be excluded from probate.

If the donated real estate is a long-term capital asset, you may claim an income tax charitable gift deduction for the donation. If you can’t deduct the full fair market value of the gift in the first year, you may carry the balance forward for the next five years.

Retirement Plan Beneficiary:
Distributions from certain kinds of retirement assets — such as individual retirement accounts (IRAs), tax-sheltered annuities, and 401(k) and 403(b) plans — are subject to income tax and may be subject to generation-skipping taxes and estate taxes. However, gifts of these assets will not be taxed if they are paid directly to a charity as beneficiary. You can designate all or a certain percentage of your retirement assets to go to charity. It is important that you seek professional advice to determine how your retirement asset distributions will be affected by naming a charity as a beneficiary.

If you are interested in planned giving options, please contact A Kid's Place of Tampa Bay, Inc at 813-843-1833.

  A COPY OF THE OFFICIAL REGISTRATION (CH 31191) AND FINANCIAL INFORMATION MAY BE OBTAINED FROM THE DIVISION OF CONSUMER SERVICES BY CALLING TOLL-FREE 1-800-435-7352 WITHIN THE STATE. REGISTRATION DOES NOT IMPLY ENDORSEMENT, APPROVAL OR RECOMMENDATION BY THE STATE.

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