|Ways to Give
Cash: The simplest way to make a gift to FUTURES Foundation is to send a check. In addition to assisting our educational programs, you may be entitled to an income tax charitable deduction.
Credit Card Gifts: If you wish to make a credit card gift to FUTURES Foundation, please contact the FUTURES office at (386) 255-6475 Ext. 50730.
Stocks, Bonds and Mutual Funds: There is usually a greater tax advantage by giving appreciated stocks, bonds, and mutual funds rather than cash. By donating gifts of appreciated property, that is, items that have increased in value over time, you eliminate capital gains tax and receive a charitable deduction based on the full market value of your gift.
Real Estate: Residential, vacation, or commercial property may be appropriate to use in making a gift to FUTURES Foundation. A gift of real estate that has appreciated in value can provide the same tax advantages as a gift of appreciated securities -- a deduction on your federal income tax return and avoidance of capital gains taxes on the increased value. A comprehensive written appraisal, arranged and paid for by the donor, is usually required to substantiate the value of the property for tax purposes.
Gifts Through Your Will: Making a bequest to FUTURES Foundation through your will is one of the easiest ways to show your commitment to our future. A charitable bequest is fully deductible for estate tax purposes and can be made in one of several ways:
* A specific dollar amount or asset.
* A percentage (or all) of your entire estate.
* A percentage (or all) of your residuary estate (the property remaining after all other terms of your will have been satisfied).
A bequest can be designated for a restricted purpose, for a specific campus, or may be unrestricted. If you are thinking about restricting your bequest, you may wish to discuss your intentions with our Development Associate. (For sample bequest wording, click here.) It is important for us to understand your desires and to have the opportunity to confirm the feasibility of your proposal.
Life Insurance: If you own life insurance that is no longer needed to protect your family members or business, consider transferring ownership of the policy to FUTURES Foundation and naming FUTURES as beneficiary. Whether or not all premiums are paid, you may be entitled to an income tax deduction (and possibly an estate tax deduction) for such a gift.
You can also name FUTURES Foundation as the primary or contingent beneficiary of a new or existing policy, without transferring ownership of the policy. During your lifetime, you retain ownership and have access to the policy's cash value, but realize no tax benefits. After your passing, if the proceeds of the policy are paid to FUTURES Foundation, your estate is entitled to an estate tax charitable deduction.
Retirement Plan Assets: Many individuals have accumulated substantial sums in tax-deferred retirement accounts, which include profit-sharing plans, IRAs, 401(k)s and 403(b)s. These accounts are popular because the contributions are made with pre-tax dollars and the assets in the accounts grow tax-deferred. However, funds withdrawn from these accounts are usually taxed at both high income and estate tax rates. It is possible that at your passing, less than $30 of every $100 in a retirement account will reach non-spouse beneficiaries.
Therefore, individuals planning to make charitable gifts at their passing should consider using retirement accounts to fulfill their wishes. By giving retirement account assets, donors avoid both income and estate taxes that would otherwise be due. Other less heavily taxed assets are then available to fulfill bequests to loved ones. As a result, loved ones receive more after tax.
Revocable Living Trust: For a charitably motivated individual who sets up a revocable living trust, giving to FUTURES Foundation through the trust can be convenient and can provide the same tax benefits as a direct, out-of-pocket gift. Gifts from the trust to FUTURES Foundation are often made on an annual basis or upon the trust's termination.
Charitable Gift Annuity: If you want to make a gift to FUTURES Foundation during your life, but are concerned about giving up income when transferring assets outright, a charitable gift annuity may offer a solution and may provide you with a stream of income for life.
A gift annuity is a simple contract between you and FUTURES Foundation that is part gift and part annuity. In return for a gift of cash or marketable securities, FUTURES Foundation promises to pay you and/or another person (up to two annuitants) a fixed payment for life, payable annually, semi-annually, quarterly, or monthly. A portion of this income stream may be tax-free and you may avoid immediate capital gains tax on securities that have increased in value. The donor also receives an income tax charitable deduction (in the year the gift annuity is funded) for the gift portion. For estate planning purposes, the amount transferred to FUTURES Foundation will no longer be in your estate.
The amount of payment depends on the age(s) of the annuitant(s) and the value of the funds given to FUTURES Foundation. The older your designated annuitant is at the time of gift, the greater the fixed income FUTURES Foundation can pay.
The minimum funding amount for a FUTURES Foundation gift annuity is $10,000.
There are two types of charitable gift annuities: Immediate and deferred.
Under an immediate payment gift annuity, FUTURES Foundation will begin making payments at the time the gift annuity is funded. With a deferred payment gift annuity, payments begin at a future date (or a range of dates) specified by the donor. By deferring payments, you allow for tax-deferred growth of your annuity payment.
Charitable Remainder Trust: A charitable remainder trust allows you to make a gift (usually of cash, appreciated stocks/bonds, or real estate) to FUTURES Foundation, but you retain the right to receive income payments either for life or for a designated period of years. Income payments may be made to one or more other individuals of your choice.
You will receive an income tax charitable deduction, reduce your estate and can bypass capital gains tax on the appreciated stocks, bonds, or property that you transfer into the trust. At the termination of the trust, the proceeds are distributed to FUTURES Foundation for either unrestricted use or for a specific purpose designated by you.
Charitable Lead Trust: A charitable lead trust is the "mirror image" of a charitable remainder trust. Income from the trust is paid to FUTURES Foundation for a certain number of years, after which the trust assets are either transferred back to the donor or, more typically, to younger family members. This type of trust enables you to make major annual gifts to FUTURES Foundation while passing assets on to your heirs in a way that minimizes or eliminates gift and estate tax exposure.