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Ways to Give
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Give a Gift through your Estate Plans
Gifts through your will or bequest
One of the simplest ways to make a gift to CCT is through your will. You can designate a gift or portion of your estate and, in some cases, receive a substantial reduction in federal gift and estate taxes.
Life Income Gifts
Funded by appreciated stocks, bonds or real estate, you can save taxes twice through the charitable deduction and the avoidance of the capital gains tax. A life income gift, commonly in the form of a Charitable Remainder Trust or a Charitable Lead Trust, allows you to transfer assets to CCT now, yet still receive annual income from the assets for your lifetime or the lifetime of a named beneficiary.
Benefits to You
- increase your income for life
- possible income for life to a spouse or other beneficiary
- immediate charitable contribution deduction
- avoidance of capital gains tax on the appreciation of the asset
- possible reduction estate taxes
- possible reduction of income taxes
- provision of meaningful support to CCT
Types of Life Income Gifts
Gifts of retirement plan assets
You can name CCT as a beneficiary of all or part of your Individual Retirement Plan (IRA), Keogh plan, 401(k), 403(b), or other qualified pension plan. Oftentimes, these assets will result in tremendous tax costs – up to 70% or more – due to estate taxes, income taxes, and in some cases, excise taxes. The proceeds of these plans are entirely free from federal estate tax.
Gifts of life insurance policies
You can name CCT as both the owner and beneficiary of a life insurance policy. This type of gift often requires only a modest out-of-pocket cost for the donor and frequently is appealing to younger donors. These gifts often include paid-up policies that are no longer needed for the original purpose.
If the policy has a cash value, you can take a charitable deduction equal to its cash value at the time of the gift. In addition, if annual premiums are still to be made and you continue to pay them, those premiums will become tax deductible next year.
If you have questions or would like further information on any of these types of gifts, please call Holly Garrison, Director of External Affairs, at (720) 565-8289.
Type of Life Income Gifts
Charitable Remainder Trusts
A charitable remainder trust (CRT) enables a donor to transfer assets into a trust and receive a guaranteed income for life or for a designated term of years. Alternatively, the donor has the option of selecting beneficiaries that would receive the income generated by the trust. The income the donor receives is a percentage of the fair market value of the trust assets. The transfer of appreciated assets into the trust can provide substantial tax savings. Upon termination of the trust, the trust assets are transferred to CCT.
Benefits to You
- lifetime income for you, your spouse or other designated beneficiary
- immediate income tax deduction
- avoidance of capital gains taxes on sale of appreciated assets transferred to the trust
- possible reduction of estate taxes
- provision of meaningful support to CCT
Charitable Lead Trusts
A charitable lead trust (CLT) enables a donor to transfer income-producing assets into a trust for the benefit of CCT for a fixed amount of time. When the time expires, the assets are transferred back to the donor or heirs. The income earned during the time the asset is in the trust is given to CCT. This type of trust enables a donor to have ultimate control of the asset and the ability to transfer property within his or her family at a substantial gift and tax savings.
Benefits to You
- immediate income tax deduction for payments made to CCT
- possible reduction of estate taxes
- ultimate control of the asset
- ability to transfer property within his or her family at a substantial gift and tax savings.
- provision of meaningful support to CCT
Charitable Gift Annuities
A charitable gift annuity is an agreement in which you make a gift to CCT that, in turn, provides annual income payments for life to you or your designated beneficiaries. The income you receive is a fixed percentage of the donation’s initial value.
Benefits to You
- secured fixed annual payments for life
- initial income tax deduction
- delayed capital gains tax
- provision of meaningful support to CCT
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