Charitable giving can be rewarding on many levels, especially when donors combine it with their financial and estate planning. This process, known as planned giving, provides a way to support Queens while enjoying greater tax and financial benefits.
Below you'll find information on the wide variety of options for making a planned gift to Queens. To learn more or to make a planned gift, please contact Adelaide Davis '61, Associate Vice President of Alumni Relations and Planned Giving (email@example.com; 704-337-2329).
Bequests in a will are the simplest and most convenient way to support Queens through planned giving. A bequest may take the form of cash, securities, real estate, tangible personal property or other assets. Whatever form you choose, your estate receives an unlimited, dollar-for-dollar deduction on estate taxes due. There are different kinds of bequests - specific, percentage, residuary, contingent, and living trust - so that you can be sure of finding one that meets your plans for your estate.
Charitable Gift Annuities. A charitable gift annuity is a simple contract between you and Queens, whereby Queens agrees to pay you a lifetime annuity in exchange for a charitable gift. The amount of the annual fixed payment is generally determined by the amount of the gift and your age. Charitable gift annuities may also be structured to defer income until a future date.
Charitable Remainder Annuity Trusts enable you to retain a fixed income for your lifetime or a term of up to 20 years, claim a current income tax deduction, avoid tax on capital gains and make a future gift to Queens. Your income is based on the value of the initial contribution and a payout rate that you choose.
Charitable Remainder Unitrusts provide a variable income that may grow as the principal grows. It is custom designed with you, the donor, choosing the term (lifetime or up to 20 years), the beneficiaries, and the percentage of payout (the lower the payout rate, the larger the income tax deduction). This type of gift offers an excellent way to preserve your assets for yourself, your children, grandchildren or others, and to provide future support for Queens.
Gifts of Retirement Assets. When passed directly to heirs, assets from a tax-sheltered retirement plan are subject to both income and estate taxes. Naming an institution like Queens as the beneficiary of a traditional IRA or other retirement plan, while designating other assets for heirs, can enable you to leave more to loved ones while also making a charitable gift.
Retained Life Estates. In a life estate agreement, you transfer the title to a personal residence to Queens, while retaining the right to occupy and otherwise enjoy the full use of the property for either a term of years, or the lifetime of one or more individuals.
Gifts of Life Insurance may permit you to make a substantial gift for a relatively modest annual amount. A gift of a fully paid life insurance policy may also be a handsome gift without any immediate out-of-pocket cost. Naming Queens as owner and beneficiary of a paid-up life insurance policy entitles you to a deduction equal to the cost basis in the policy, or its replacement cost - whichever is less.
Charitable Lead Trusts keep assets within the family. With a lead trust, you make a gift of income for a term of years. After that term has expired, the principal may be passed on to your children or to your estate. Lead trusts may provide a means of directing assets to your children or other heirs in a cost-effective way.