Planned Giving
A valued way of supporting IAM for the long-term future, without impacting a donor's immediate cash flow, is to include IAM in your will or to name IAM as a beneficiary on a life insurance policy that is no longer needed.
Other methods of Planned Giving include Charitable Gift Annuities such as Charitable Remainder Trusts and Charitable Lead Trusts.
Scroll down for descriptions of these and other options.
Consult your Attorney, Estate Planner or the Community Foundation of Henderson County regarding these and other related options.
IAM is not providing legal, accounting or other professional advice. Please consult your professional representative on these matters. All gifts are subject to approval according to the guiding principles of the gift acceptance policy and/or the IAM Executive Committee prior to acceptance.
Gifts Helping IAM Today
Charitable IRA Rollover
Also known as a Qualified Charitable Distribution, if you are aged 70 ½ or older you can make a direct transfer from your IRA to IAM. You can transfer up to $100,000 directly from your IRA to IAM without having to pay income tax on the money.
Securities
Securities that have appreciated are excellent assets for charitable gifts. These include shares of stocks, bonds or mutual fund units.
If you own securities that have appreciated in value, you can deduct the fair market value of your gift, avoid all capital gains taxes and remove them from your taxable estate for estate tax purposes.
Charitable Lead Trust
A lead trust makes payments to IAM for a designated period of time. When the trust ends, the remaining assets are paid to you or other beneficiaries designated by you.
Gifts Benefiting IAM in the Future
Bequests
You can include a gift to IAM in your will or revocable trust, to take effect upon your death. These gifts may be revoked during your lifetime.
Sample Language for a Charitable Bequest:
The following four types of bequests direct your gift to IAM.
Percentage:
“I give ______% of my estate to Interfaith Assistance Ministry, Inc., 310 Freeman St., Hendersonville, NC 28792.”
Specific:
“I give the sum of $___________ to Interfaith Assistance Ministry, Inc., 310 Freeman St., Hendersonville, NC 28792.”
Residual:
“I give all the residue of my estate to Interfaith Assistance Ministry, Inc., 310 Freeman St., Hendersonville, NC 28792.”
Contingent:
“In the event of the death of any of the beneficiaries, I give to Interfaith Assistance Ministry, Inc., 310 Freeman St., Hendersonville, NC 28792 (percentage, specific, or residual language as above).”
Retained Life Estates
You can contribute your residence, vacation home or farm now, while retaining the right to use and occupy the property for life. At your death, IAM will own the property in its entirety.
These gifts remove the property from your taxable estate for estate tax purposes.
Retirement Assets and Life Insurance
You can name IAM as the beneficiary of a life insurance policy, your retirement account or IRA.
These gifts qualify for the estate tax charitable deduction upon your death, thereby reducing your estate for estate tax purposes.
Bank or Brokerage Accounts
Make IAM a beneficiary of a bank or brokerage account. Upon your death, assets in these accounts are passed to beneficiaries without going through probate.
Payable-on-Death (POD) accounts allow you to name IAM as a beneficiary of your bank or credit union savings account, checking account, or CD. A similar arrangement called a Transfer-on-Death (TOD) account allows you to name IAM as a beneficiary of your stocks, bonds, and mutual funds.
These gifts qualify for the estate tax charitable deduction upon your death, thereby reducing your estate for estate tax purposes.
Gifts Providing Income or Benefits to You and Your Loved Ones
Charitable Gift Annuity
In exchange for a gift of cash, stocks or bonds, you or a loved one will be paid a fixed income for life.
The payments are based on the amount of the gift, whether one or two individuals will receive payments and those individuals’ ages when the annuity is created.
Charitable Remainder Unitrust
You enter into a trust agreement and contribute assets to the trust. A trustee (which may be you, with certain exceptions) manages the trust’s assets for your benefit and you receive a percentage payout from the trust each year for life or a term of years. When the trust ends, the remaining trust assets pass to IAM.
Charitable Remainder Annuity Trust
You enter into a trust agreement and contribute assets to the trust. A trustee (which may be you, with certain exceptions) manages the trust’s assets for your benefit and you receive an annuity payment from the trust each year for life or a term of years. When the trust ends, the remaining trust assets pass to IAM.
Contribute to the IAM Endowment Fund
Contributions to the IAM Endowment Fund can be made through the Community Foundation of Henderson County.
www.cfhcforever.org or call (828) 697-6224.
For more information on how your benevolence and vision can have a powerful impact on the health, safety, and success of the residents of Henderson County for years to come, please contact us.