Bequests
Bequests are provisions in your will or estate plan that designates how your estate will be distributed after your lifetime. Charitable Bequests can eliminate or reduce federal estate tax and are one of the most flexible ways of giving: you have the option of changing your mind at any time. You may also be pleasantly surprised at the peace of mind that comes with completing your estate plan.
Name a Beneficiary
Simply designating the North Canton Medical Foundation as a beneficiary of your retirement plan, life insurance policy or financial account is one of the easiest ways to realize your charitable goals while continuing to enjoy the benefits of your asset during your lifetime. In addition, you may benefit from income tax savings and reduce or eliminate federal estate tax. As with bequests, you may change your mind at any time.
Charitable Gift Annuity
If you would like to support the North Canton Medical Foundation but still need a source of income for yourself or loved ones, a Charitable Gift Annuity may be an attractive solution. Individuals over the age of 50 are eligible, but it is most common for those over 70 who want fixed income payments. You may avoid capital gains tax, receive an income tax deduction and reduce or eliminate federal estate tax
Deferred Gift Annuity
Deferred gift annuities allow you to make a gift and defer your fixed income payments until a future date. Individuals over the age of 30 are eligible to create a deferred gift annuity, and over 50 to receive payments. This annuity is best for those looking to meet future financial objectives. In addition to future fixed income payments, these annuities qualify for charitable income tax deductions and there is no capital gain tax on the transfer of assets.
Charitable Remainder Trusts
Charitable Remainder Trusts are irrevocable trusts that pay a specified annual amount to one of more people for a fixed period of years (often the life of the individual). At the end of the term of the trust, the remaining trust assets are distributed to the charity. Two types of charitable remainder trusts are the Charitable Remainder Annuity Trust and the Charitable Remainder Unitrust.
Charitable Remainder Annuity Trust
Charitable Remainder Annuity Trusts provide fixed incomes for life or a specified term of years. There is no capital gain tax on the transfer of assets and also possible estate tax savings. To qualify, individuals must be at least 50 years of age.
Charitable Remainder Unitrust
Charitable Remainder Unitrusts pay a variable income for life or a specified term of years. This gift is right for donors who wish to make a substantial gift with significant tax advantages. There is no capital gains tax on the transfer of assets. These gifts are the preferred vehicle for gifts of real estate. To qualify, individuals must be at least 50 years of age.
Charitable Lead Trust
This trust provides income to the North Canton Medical Foundation and then returns the principal to the donor or his or her heirs at the end of the trust term. If the principal reverts to the donor, he or she gets a charitable income tax deduction; if an heir, that person gets a charitable gift tax deduction. The Charitable Lead Trust is beneficial for donors seeking to pass assets to others while reducing the transfer of taxes. There is no capital gain tax on the transfer of assets, and it allows for a gift and estate tax deduction.
Growth & Income Fund
This is a pooled fund, similar to a mutual fund, where the amount of the contribution and the earnings of the fund determine the rate of income. This fund is best for individuals looking for income growth over time. It offers a variable income for life, where the initial income is low but it increases over time. Donors pay no capital gains on the transfer of appreciated property. When the donor dies, the shares will transfer to the North Canton Medical Foundation.
Donor Advised Fund
A donor advised fund is an outright gift that allows you to recommend an allocation of funds over time to the North Canton Medical Foundation and to other charities. This type of fund is suited best for donors seeking to make a charitable gift without creating a foundation. This fund provides substantial charitable income tax deductions, estate tax savings, and there is no capital gain tax on the transfer of assets.
Retained Life Estate
This gift allows a donor to donate real estate while retaining the right to live there for their lifetime or a term of years. This is best for individuals who have decided to leave their property to the North Canton Medical Foundation in their wills. They can make the gift now, while retaining the right to live there and receiving immediate income tax benefits. In this gift, the asset is removed from the taxable estate and all capital gains taxes are avoided on the transfer of property. North Canton Medical Foundation may sell the property upon the donor's death.
Revocable Gifts