You have many additional choices relating to how the gift is made. There are three major types of gifts:
- Your first choice is to make an outright gift. An outright gift is made during your lifetime. The gift is irrevocable, and may be 100% income tax deductible, within limits that may be set by the Federal Government.
- Your second option is to use a life income agreement. Life income agreements allow you to make a gift during your lifetime and still retain the income from your gift for the remainder of your life. The Foundation offers several life income gift plans, and each can present many benefits. When properly drawn, they are partially tax deductible.
- Your third option is to make a bequest in your will. For many, a bequest is an ideal giving plan, because it allows a person to plan a gift to become effective at death. This gift is possibly more substantial than any gift made during the donor’s lifetime. Charitable bequests are generally deductible for estate tax purposes.
If you are contemplating a significant gift, or if you’re just curious about how these giving plans work, the Foundation would be pleased to provide additional information.