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Donors have many options for contributing to the American Red Cross of East Central Wisconsin.
The Red Cross can help you reduce taxes by tailoring each gift to your financial situation.
Outright Gifts:
Donors who establish personal philanthropic funds in the American Red Cross of East Central Wisconsin during their lifetimes receive
one priceless benefit: the joy of watching their philanthropic dollars at work. An outright gift accomplishes two important
tax objectives: a charitable income tax deduction in the year of the gift and the reduction of gross estate for future
estate tax purposes.
Cash Gift:
These are simplest and may be fully deducted for federal income tax purposes up to 50% of your adjusted gross income.
Real Estate and Stock Gifts:
Gifts of stock are tax-deductible and can help you avoid the capital
gains tax you would pay if you sold them yourself. The actual impact
of such a gift on your personal taxes should be reviewed with your tax
advisor. The Red Cross welcomes gifts of real estate that are readily
marketable, free of environmental or other problems.
Bequests:
Consider supporting the community and your favorite charities by naming
them in your will. A bequest of just 1-10% of your estate can simplify
your estate for your heirs and significantly reduce the federal estate
tax and inheritance tax due at the donor's death. Your bequest can create
a named fund at the Red Cross that will forever support the community
of charities you choose. Alternatively, you can make the Red Cross a
contingent beneficiary in the event other beneficiaries die before you.
Life Insurance:
Take out an insurance policy on yourself, vesting all ownership rights
in the policy in the Red Cross and irrevocably naming the Red Cross
as the beneficiary. Each year, pay the tax-deductible annual premium.
On your death, the proceeds of the policy pass to the Red Cross, free
of estate taxes.
Charitable Remainder Trusts:
Create a separate trust and receive payments for yourself and/or another beneficiary for a set number of years or for life.
On the death of the name beneficiary, or the end of the proscribed number of years, the charitable remainder trust
terminates and the principal passes into a permanent charitable fund at the Red Cross.
That fund can bear your name. It is also a possible for another charity or charities to share in this final disposition.
Charitable Lead Trusts:
This method of Giving reverse the concept of the more frequently used charitable remainder trust.
Assets are transferred into a trust for a designated number of years. Annual payments are made to a charity or charities
of your choice for those years, and then upon death, the assets are paid to named beneficiaries.
Life Estates:
Donate your home, farm or vacation property to the Red Cross and your and your spouse can continue to live
there for life. You'll obtain a generous current income tax deduction and simplify your estate for your heirs.
On termination of your interest(s), the Red Cross will sell the property and establish a permanent charitable fund with
the proceeds. That fund can bear your name and support the community or charities you care about most.
Charitable Gifts Annuities:
A charitable gift annuity is the gift that gives back. It offers you a steady
payment for life while, at the same time, is a valuable asset to your community.
A charitable gift annuity is a contract between you and the Red Cross. You
make a gift to the Red Cross that promises to pay you and/or a beneficiary
you designate a fix annuity for life. Upon death, the remainder of your gift
will be invested and an annual distribution will be given to the charity/charities
you choose. The fund can bear your name and may be able to forever support
the cause you care about most. Annuity payments are based on age and interest
rates at the time of the gift. In addition, you may receive an initial tax
deduction and a portion of the annuity payments maybe tax free. |