Joseph F. Shields Legacy Circle

A Charitable Remainder Trust is a tax-exempt irrevocable trust designed to reduce the taxable income of individuals by first dispersing income to the beneficiaries of the trust for a specified period of time and then donating the remainder of the trust to the designated charity.

A charitable gift annuity is a simple agreement between the donor and the Foundation that provides fixed payments to the donor for life. The payout rate is determined by the donor’s age and the age of any other person who is named to receive the payments at the time of the gift. The College and students will benefit from the remainder of your gift after your lifetime payments.

A gift of a life insurance policy provides a wonderful legacy to the College. Transfer actual ownership of a policy (perhaps one that is no longer needed for its original purpose) or buy a new policy for the College’s benefit. Consult with your insurance professional to learn of the types of insurance gifts that you can make.

A donor advised fund is like a personal charitable savings account. The donor creates an account and makes a contribution of cash, stock or other assets and can take an immediate tax deduction for the gift. These accounts are controlled by a sponsored organization that invests the assets and manages the donor’s account. Once a fund is established, donors tell the sponsored organization which charities they would like to donate to from their accounts.

A bequest is a gift that a donor leaves a charity in a will. The gift can be a specific asset or a portion of the donor’s estate.

Gifts of appreciated mutual funds, stocks and certain bonds may enable donors to contribute a larger gift at less cost. Transferring gifts of securities, stocks and bonds to the Foundation is easy and can provide significant tax benefits through income tax reduction, as well as elimination of capital gains taxes. Please instruct your broker to contact us to ensure that crediting of the gift is handled effectively and efficiently.

You may name the Foundation as beneficiary of a portion of your retirement savings. The transfer of retirement assets left to the Foundation are not subject to taxation.

The “Setting Every Community Up for Retirement Enhancement” Act, also known as the SECURE Act, was signed into law on December 20, 2019. The SECURE Act, which went into effect on January 1, 2020, changes many of the rules governing retirement plans, including several provisions relevant to making qualified charitable distributions (QCD).

Benefits of a Charitable IRA Rollover Gift (QCD)

The SECURE Act increased the age at which individuals must start taking required minimum distributions (RMDs) from 70½ to 72. (Note: Those who turned age 70½ on December 31, 2019 or earlier must continue taking RMDs.) Once a person reaches 72, one of the great benefits of a QCD is that it will count toward your RMD. However, even if you have not reached age 72, there are still good reasons to consider a QCD at 70½. First, a QCD offers all the benefits of an income tax charitable deduction, even if you don’t itemize your deductions. You can’t claim a deduction for your QCD, but your QCD is not included in your income. Your QCD is always a tax-free gift.

Your professional advisor can help guide you through the process.

A gift of appreciated and appraised real estate can provide a charitable tax deduction and elimination of capital gains tax.