"There is endless goodness that comes from giving."- Austin Perez, scholarship recipient |  |
2023 may be the year:
- To give appreciated stock
- To name Central Piedmont as a beneficiary of your Donor Advised Fund
- To give tax-free through your IRA if you are 70 ½ or older
- To request information about ways to create a legacy in your name or someone important to you
Seniors can still get a tax break
Some seniors are finding that their taxes are going up despite a more generous standard deduction. This is true because of a tax provision that requires seniors 70 ½
and older to take money from their retirement accounts even if they don't need the cash. Many individuals who itemized in the past may...Read More
Outright Bequest in Will
By naming Central Piedmont as a beneficiary in your will, you may obtain a charitable estate-tax deduction for the value of the bequest. You will also know that your generosity will support the college for years into the future.
Contingent Trust Beneficiary in Will
Last Wills and Trusts usually provide for assets to be distributed to loved ones. However, you can name Central Piedmont as a contingent beneficiary should the primary beneficiary pre-decease you. Central Piedmont will receive the bequest only if the primary beneficiary is unable to take it.
Gifts That Pay You Income
Would you like to support Central Piedmont but you are worried about having enough income for yourself and your loved ones? Life-income gifts such as gift annuities and charitable trusts provide donors an income stream for life, significant tax savings, and the satisfaction of supplying Central Piedmont vital, long-term resources.
Gift Annuity
In establishing a gift annuity at Central Piedmont, you make an irrevocable gift in exchange for a guaranteed lifetime payment stream to you, your spouse or both. You will receive an immediate income tax deduction. Also, annuity payments may generate more usable income than current investments provide. This can be a way to increase retirement income. At the same time, you will help meet the needs of future generations of students.
Charitable Remainder Trust (CRT)
This gift allows donors to sell appreciated assets in a tax-favored manner. It pays an income to you, and assets remaining at the end of the trust arrangement pass to Central Piedmont. This provides and income tax deduction upon contribution and the avoidance of capital gains when the trust sells assets. It can also provide a potentially higher income that can last for one or more lives. Assets are removed from estate.
Retirement Plan/IRA
You may designate Central Piedmont as a beneficiary of your IRA while providing life income to you and your heirs. Donors can also make IRA rollover gifts to Central Piedmont. For individuals over 70 ½, this gift qualifies for the IRA minimum distribution and may lower taxes.
Life Insurance
You can choose to leave a legacy through a gift of life insurance. You may gift a policy you already own that is no longer needed for its original purpose. You will receive an immediate tax deduction for the value of the policy. A donor may also choose to give annual premiums to the college, and these out-of-pocket contributions are tax deductible. A gift of life insurance is an opportunity to perhaps make a larger deferred gift for a manageable cost.
Planned Giving MatrixEach stage of life presents different financial planning issues. Our Planned Giving Matrix will help you navigate those issues. It will help you develop long-term and short-term financial strategies and charitable giving solutions that will provide favorable tax treatment and help solve problems you may be facing. |
