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Through your prayers and charitable gifts, Connie Maxwell Children’s Home is ministering to children and families in need. Most charitable gifts are made in the form of cash and are fully deductible; however, other advantages are possible. One of the ways to avoid or delay capital gains tax is to make a charitable gift of appreciated property. The combined benefits of supporting children in need, avoiding tax on capital gains and receiving tax deductions make these forms of giving very gratifying.
Eric Taylor
Vice President for Development
P.O. Box 1178 Greenwood, SC 29648-1178
1-800-868-2624 or 1-864-942-1400
E-mail Eric Taylor
Cathy Heitzenrater
Director of Development
P.O. Box 1178 Greenwood, SC 29648-1178
1-800-868-2624 or 1-864-942-1400
E-mail Cathy
Joseph Mahon Jr.
Director of Gifts and Estates
P.O. Box 1178 Greenwood, SC 29648-1178
1-800-868-2624 or 1-864-942-1400
E-mail Joseph
There are ways to make a charitable gift and receive an income for life or other period of time. In fact, you may be able to increase your spendable income as a resultof making such a gift.
Click on the % sign at the left to calculate the benefits of a planned gift.
The following types of gifts are examples of life income gift plans:
Gift Annuity
A gift annuity can be funded with cash or other property. You (or others, if you desire) then receive fixed payments for life. This is a wonderful way to make a meaningful gift while enjoying income and generous tax benefits.
Charitable Remainder Trusts
The donor creates and transfers property (cash and/or other assets) into a trust. As with the gift annuity, you and/or your designates receive income for life or for a specific period of time up to 20 years. At the end of the trust period, the property remaining in the trust becomes the property of Connie Maxwell. Also like the gift annuity, trusts offer both income and generous tax benefits. The donor can also elect to receive a fixed dollar amount (Annuity Trust) or elect to receive a fixed percentage of the value of the assets (Unitrust).
Charitable Lead Trust
Often called the "gift that comes back", this type of gift operates on the same principle as the Charitable Remainder Trust; however, the charity receives the income produced by the trust. At the end of the trust period, assets used to fund the gift are returned to you or your loved ones. Because you made a definite gift commitment when the trust was created, you are entitled to a deduction for the value of the payments to Connie Maxwell Children’s Home in the year the plan was created.
Wealth Replacement Trust
This is a little-known but powerful tool that is used in connection with other life income plans such as gift annuities or charitable remainder trusts. Using this method, the donor is able to "replace" the assets given away via life insurance. The income and tax savings produced by the gift plan are used to purchase the insurance.
Giving Through Life Insurance
Gifts of life insurance are an excellent method of providing a gift you might otherwise not be able to make. The value of an ordinary policy is deductible at the time of the gift. In addition, the premiums you continue to pay are deductible as charitable contributions. Paid up policies receive a deduction equivalent to the cost of purchasing a new paid-up policy at your age. Gifts of life insurance can also reduce your estate tax.
Giving Through Retirement Plans
Many are finding their retirement plans to be an excellent source to make charitable gifts to Connie Maxwell. Individuals often find relief from taxes on appreciated stocks or other securities by making a charitable gift. Monies from retirement plans can also be used to fund other types of life income plans, thus offering life-long income while providing generous tax savings. Often, the income produced can be partially or completely tax free.
Giving Through Life Estate Agreements
Under a life estate agreement, you may transfer title to a residence or farm to the children’s home and retain the right to live there for life. In addition, you are entitled to any income it produces and are responsible for upkeep. A tax deduction is available in the year of the gift. At your death, Connie Maxwell receives the property.
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