Leave a legacy to LC by making a gift in your Will. A bequest is one of the simplest ways to remember those you care about most. Assets such as cash, securities, or real estate are among those appropriate for bequests.
A valued possession, such as a home, farm, or vacation property, can become a valued gift to LC. The best part is that you or your loved ones can continue to live there and receive a current income tax deduction. If the gift is made on an irrevocable basis, the donor qualifies for an immediate tax deduction based on the present value of the remainder interest in the property.
Donate assets, usually cash, to LC in exchange for a contract to pay you an annuity for the remainder of your life, or for a certain period of years. In addition, you receive a current tax deduction and reduce the size of your estate at death. There are many variables to this important planning technique.
Lead Trusts are powerful vehicles to assist charities such as LC, gain a current tax benefit and then pass property along to future generations while minimizing estate or other transfer taxes. The donor can transfer the income interest in an income producing asset, such as a farm, timberland, or stock portfolio, to LC for a period of time and have the asset returned to them or passed along to heirs. LC would benefit from the income generated by the asset during the term of the Trust.
You can donate assets of various types to LC through a Charitable Remainder Trust and accomplish a number of your objectives. This is a highly flexible giving technique and, under the right circumstances, can increase your income, reduce your taxes, unlock appreciated assets, and rid you of investment worries about your property.
The Wealth Replacement Trust allows you to make a sizeable current gift to LC but not reduce the size of your estate that passes to your family at your death. How? This sort of plan uses life insurance, purchased by the donor, to replace the asset donated to LC. This is a technique frequently used by wealthy individuals to help both LC and their families.