Bequests & Planned Giving

List of 7 frequently asked questions.

• Q: How can I make an easy gift with immediate results?

  Answer: You may want to consider a cash gift to TMI either through a check, or credit card or on-line donation (insert link to on-line donation site here). If you are 72or older, you may also want to give some or all of your Required Minimum Distribution from an IRA. 

• Q: I have stock that has gone up in value. Can I use the stock as a gift?

  Answer: Gifts of appreciated stock make excellent gifts. You receive a tax deduction for the average of the high and low value of the stock on the day of the gift and avoid all the capital gains tax on the appreciation.

• Q: I no longer use my beach condo Does TMI accept gifts of real estate?

  Answer: Gifts of appreciated assets like real estate can make a wonderful gift. You receive a tax deduction for the full market value of the asset and pay no capital gains tax.

• Q: I would like to give to TMI but I might need all my investments when I retire. How can I make a significant commitment to TMI without cutting into my retirement savings?

  Answer: You can always make plans to benefit TMI by putting TMI in your estate plans in the following ways:
  

  • Make TMI a beneficiary of a life insurance policy
  • Make TMI a beneficiary of your IRA or 401(k) or 403(b) plan
  • Make TMI the beneficiary of a Transfer on Death designation.

• Q: How can I give a large gift now while ensuring an income stream for as long as I (or a loved one) live?

  Answer: A charitable remainder trust with TMI as the ultimate beneficiary can provide a lifetime of income and still benefit TMI. And you can use appreciated stick or real estate to fund the trust with no capital gains tax and generate a significant tax deduction as well.

• Q: How can I give my valuable investment to my children without gift or estate tax?

  Answer: A charitable lead trust with TMI as the income beneficiary can be an important tool in estate planning, especially if you have a valuable asset (such as commercial real estate or private business interests) that you would like to keep in the family and that you expect to increase in value in the future.

• Q: What can I do with a fully paid up whole life insurance policy that I no longer need?

  Answer: Many of us have old life insurance policies that we no longer need.  Making TMI the owner and beneficiary of an old paid up life insurance policy can generate a tax deduction from an asset you may have forgotten you own.