|
You
can help ensure the future of Rainbow Network
through gift planning today. Depending on the
arrangements you choose, you may also:
- Reduce your income taxes
- Avoid capital gains tax
- Increase your spendable income
The following professionals may be
helpful to establish your planned giving:
- Accountant/CPA
- Attorney
- Estate Planner
- Financial Advisor
- Insurance Agent
Your Giving Options
Gifts of Assets
The simplest way to support Rainbow
Network is through cash gifts. But creative gifts of
assets can include stocks, bonds and property.
Gifts by Will or Trust
You can designate a gift to Rainbow Network by
making a bequest through your will or trust. You may
prefer to state in your will or trust a sum of
money, a percentage of your estate, or a specific
item that you wish to give to Rainbow Network.
This could include assets like stocks or mutual
funds which have increased in value, and income tax
on the profit when sold is thus avoided by the gift.
Whatever form of bequest you choose, it is not
subject to estate or inheritance taxes and so could
significantly reduce the tax burden of an estate.
Gifts of Real Estate with a Retained Life Interest
You can gift your home or real
estate to Rainbow Network, but retain use and
occupancy until your death. A gift of remainder
interest in a personal residence provides the donor
with a charitable deduction for the present value of
the remainder interest and permits the donor to
escape any potential capital gain tax on the
built-in appreciation.
Gifts of Life Insurance
You can designate Rainbow Network as
the beneficiary of your life insurance policy, or a
paid up life insurance plan can be gifted to
charity. This allows you to make a substantial gift
for a relatively modest outlay.
|
|
Gifts through IRAS
The Pension Protection Act was
passed in August 2006 and allows donors age 70 ½ and
older to transfer up to $100,000 from an Individual
Retirement Account to Rainbow Network. These
qualified charitable distributions are available for
tax year 2007 and satisfy your required minimum
distribution from your IRA for that year. Your
contributions are not tax deductible, but the money
that is transferred is not counted as taxable
income.
How does this work? Every year,
after age 70 ½ you are required to take income out
of your Individual Retirement Account that the
government taxes as income. With this new provision,
you can take the income from your retirement account
and not pay taxes on that money if you give it to a
qualifying charity. To qualify as a tax-free
withdrawal, IRA contributions must be made directly
from your retirement accounts to Rainbow Network,
without first going to you.
Thank you for considering a planned
gift to Rainbow Network.
For questions, please first contact
your preferred professional, and then contact the
Rainbow Network office at (417) 889-8088.
|
