Planned gifts are the ultimate expression of your commitment and caring—an opportunity to invest in the shared vision of a world without epilepsy, where no one suffers seizures and everyone enjoys the freedom to participate fully in life.
The goal of planned giving is to combine your philanthropic goals with your estate planning objectives and attain both. It is a win-win plan to help others as you achieve your financial goals!
A variety of assets and investment vehicles qualify as planned gifts, each offering unique benefits for you. Key benefits and tax advantages are summarized below.
Many of us have more than one life insurance policy. Because so many varieties of life insurance are available, it can be a very flexible financial tool to meet a wide variety of needs. It can also be a wonderful way to remember the Epilepsy Foundation of Florida.
There are several ways to support the Epilepsy Foundation of Florida using life insurance:
* Name the Epilepsy Foundation as the beneficiary of an existing life insurance policy. You can name the Foundation as a primary, secondary or partial beneficiary.
* Purchase a new policy and name the Epilepsy Foundation as beneficiary.
* Give a paid-up whole life policy that you already own to the Epilepsy Foundation.
* Purchase a policy benefiting your heirs to replace money or property you have given (or plan to give) to the Epilepsy Foundation.
* Assign policy dividends to the Epilepsy Foundation.
Donate Retirement Assets
You can help ensure a better world for people living with epilepsy (and reduce tax liability for loved ones) by naming the Epilepsy Foundation of Florida as a beneficiary of your 401(k), Individual Retirement Account (IRA) or other qualified retirement plan.
Tax-deferred retirement plan assets can be subject to estate and income taxes, thereby reducing the value of these assets left to your children or someone other than your spouse by as much as 75 percent. Your heirs avoid this double-taxation when your gift benefits the Epilepsy Foundation.
Simply ask your retirement plan administrator to designate the Epilepsy Foundation of Florida as sole or partial beneficiary:
The Epilepsy Foundation of Florida, Tax ID # 59-2164525, 1200 NW 78 Avenue, Suite 400, Miami, FL 33126
Or transfer the balance of your retirement plan to a charitable remainder trust. This allows you to make a significant contribution towards a cure for epilepsy, while providing ongoing income for a loved one after your lifetime.
Be sure to consult your financial advisor and always consider your family's needs first. If you choose to make a gift to the Epilepsy Foundation of Florida, please know your generosity will make a positive difference for people with epilepsy, and bring us one step closer to a cure.
Charitable Remainder Trusts
A charitable remainder trust (CRT) offers a way to arrange a gift to the Epilepsy Foundation of Florida, while providing income for yourself, or your loved ones. To create a CRT, you would transfer cash or other assets to a trust. The trustee would then manage the assets and each year income from the trust would be paid to the beneficiaries. When establishing the trust, you must elect that regular payments be made in either a fixed dollar amount or a fixed percentage of the principal to the beneficiaries. At the end of the trust term, the principal balance of the trust would pass to the Epilepsy Foundation of Florida.
Cash or property may be used to fund a Charitable Remainder Trust. Provided the trust meets all the necessary requirements, you would be allowed a charitable income tax deduction for a portion of the assets contributed to the trust in the year that the transfer is made. Like a gift annuity, a charitable trust offers the opportunity to avoid or reduce capital gains when you contribute appreciated property. The unique advantage of a trust is that the payments can be either variable or fixed, depending on your personal financial situation. In addition, you would also have the option of continuing the income to provide for additional beneficiaries. The amount of the deduction and the portion of income that is taxable would depend on the specific terms of the trust. Although trusts offer tremendous flexibility, they can be expensive to maintain. Therefore, it is generally not worthwhile to create a trust in an amount below $250,000.
Because of the complexity of CRTs and because your personal financial situation is unique, you should talk to your financial advisor before making this or any planned or deferred gift.