Charitable Lead Trust:
The opposite of a charitable remainder trust is a charitable lead trust. This type of plan generates income to the college first and at the conclusion of the trust period, assets revert back to you the donor or to your designated heirs. The income paid to the college may be either a fixed amount (charitable lead annuity trust) or it can be a fixed percentage of the annual value of the trust (charitable lead unitrust). When the trust is established, you or your estate will receive a charitable gift or estate tax deduction for the percentage payable to Canisius College. A charitable lead trust can produce favorable estate and gift tax benefits to the donor while providing immediate income to the college.
Living Trust:
The revocable arrangement provides protection and asset management for the donor and his/her family. The principal remains under the control of the donor until catastrophic illness or death. The trust then becomes irrevocable and a gift can be made at that time.
Retirement Plans:
The growing popularity of qualified retirement plans has led to an increase in assets accumulating in these accounts and unfortunately, many individuals may not realize the potential tax liabilities that can occur through these plans.
An estate gift of a retirement plan can benefit both you and your heirs. You will retain control of the funds while you are living, should you want to use them. You will avoid paying estate tax on those funds. Additionally, by leaving estate assets other than the retirement funds to your heirs, they will not be required to pay income tax on the transfer of the retirement plan.
The opposite of a charitable remainder trust is a charitable lead trust. This type of plan generates income to the college first and at the conclusion of the trust period, assets revert back to you the donor or to your designated heirs. The income paid to the college may be either a fixed amount (charitable lead annuity trust) or it can be a fixed percentage of the annual value of the trust (charitable lead unitrust). When the trust is established, you or your estate will receive a charitable gift or estate tax deduction for the percentage payable to Canisius College. A charitable lead trust can produce favorable estate and gift tax benefits to the donor while providing immediate income to the college.
Living Trust:
The revocable arrangement provides protection and asset management for the donor and his/her family. The principal remains under the control of the donor until catastrophic illness or death. The trust then becomes irrevocable and a gift can be made at that time.
Retirement Plans:
The growing popularity of qualified retirement plans has led to an increase in assets accumulating in these accounts and unfortunately, many individuals may not realize the potential tax liabilities that can occur through these plans.
An estate gift of a retirement plan can benefit both you and your heirs. You will retain control of the funds while you are living, should you want to use them. You will avoid paying estate tax on those funds. Additionally, by leaving estate assets other than the retirement funds to your heirs, they will not be required to pay income tax on the transfer of the retirement plan.
To learn more about using your IRA to save on taxes and support Canisius, click here. (Adobe Acrobat .PDF)
Life Insurance:
Life insurance is a very flexible asset and can be donated in three different ways. A donor may contribute a paid-up policy, contribute an existing policy or purchase a new policy.
All three methods can provide tax benefits to the donor. Normally the charitable deduction is the cash value of the insurance policy at the time of the gift.
Real Estate:
Appreciated real estate offers tremendous advantages to a donor as a gift. Properly structured, a gift of real estate can provide income and capital gains tax relief and reduce estate tax liability substantially. There are several methods of gifting real estate, which include giving the property outright or through a trust, by will, as a life estate, or in portions.