When thinking of your future, think about Jazz Night School. There are many ways to remember us in your estate planning.
Consult your financial advisor for expertise and advice.
Gift opportunities include, but are not limited to:
Remember Us In Your Will
A charitable bequest is usually a set dollar amount or percentage of an estate that goes to a nonprofit after the donor’s death. It’s the most popular planned gift; the easiest to make; and costs nothing during a donor’s lifetime. A bequest can be included in a new will, or added to an existing will or living trust through a simple amendment called a codicil — often without the expense of hiring a lawyer.
Qualified Charitable Distributions
A QCD (also referred to as an IRA Rollover) allows donors 70½ or older to make tax-free IRA charitable rollover gifts of up to $100,000 per year directly from their Individual Retirement Accounts to eligible nonprofits. The funds must be transferred directly to the charity; withdrawing them first will result in a tax penalty.
The 70½ number should not be confused with the old Required Minimum Distribution (RMD), which is now at 72.
Publicly traded Appreciated Securities that a donor has owned for more than one year can be transferred to a nonprofit organization. The nonprofit then sells the securities and keeps the proceeds, which can be applied to whatever purpose the donor designates. The donor gets an income tax charitable deduction based on the fair market value of the securities while also avoiding capital gains tax.
Charitable Gift Annuities
A donor agrees to give an irrevocable gift to a nonprofit now. In return, the donor will receive a fixed income payment for a set term or for life.
A Charitable Gift Annuity allows the donor to transfer an irrevocable gift of cash or securities to a nonprofit in exchange for a fixed income payment for life. What’s more, this gift plan entitles the donor to an immediate charitable income tax deduction. At the end of its term, the Charitable Gift Annuity balance goes to the nonprofit to support its mission.
Retirement Plans and Life Insurance
Unused retirement assets or life insurance policies are often donated as planned gifts to nonprofits.
A donor can make a Gift of Real Estate to a nonprofit, removing a large taxable asset from their estate and benefiting by receiving an income tax deduction equal to the appraised fair market value of the property, with no capital gains tax due on the transfer.