How can you help your clients become philanthropists? Following are five simple, affordable ways to give through the LCF - and each provides tax benefits to the donor while living or for the donor's estate:
1. Make a gift at death.
Through a simple beneficiary designation on a retirement plan, annuity or life insurance contract, donors can make a sizeable gift that benefits charities upon death. The donor controls the asset while living, can change the beneficiary designation later, if desired, and can make the gift without hiring a lawyer. Bequests through a will or living trust can also be used to make a charitable gift. The gift minimum is $5,000 for each charity recommended by the donor.
2. Give assets that are no longer needed.
Your client may have an asset that he/she no longer needs - why not give it charity? Whether it's life insurance, stock, a CD, an annuity or real estate, these assets can be used to create a charitable legacy.
3. Need more income? Convert an asset to a gift annuity.
Gift annuities are one of the most popular giving options in the U.S. With a simple gift of cash or stock ($10,000 or more), the donor, in turn, receives guaranteed income for life. Bonds, CDs and commercial annuities all provide ideal sources for gifts, but assets must first be liquidated with resulting tax implications. At the end of the donor's life, the gift annuity remainder benefits the donor's recommended charity.
4. Share an inheritance or make a gift with memorials.
Many charitable funds at the Foundation are created in honor of a loved one using proceeds from an inheritance or memorials.
5. Leverage smaller gifts to make a significant gift at death
Through charitable life insurance, your clients can give more to charity than they ever dreamed possible. Donors decide on an affordable amount to give (via annual premium payments), and recommend the charities and causes to benefit.
By keeping minimums for gift annuities and charitable funds low, the Foundation opens up giving opportunities to donors with a variety of means.
Contact the LCF to discuss your client's gift options or check out the Giving Options tool for more details about giving options.