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PROACTIVE GIVING GUIDE
PROACTIVE GIVING IS PRACTICAL
- Create a flexible plan for the rest of the year or for the rest of your life.
- CONTROL when you make gifts and what you give away instead of deciding whether to write a check in response to various requests!
- Reduce your “out-of-pocket” costs of giving.
SHARE YOUR LIFE STORY
- Promote the VALUES most important to you: Faith and family, education, service, environment, etc.
- Model Generosity and Stewardship by involving family members and friends in your giving decisions: leave a legacy as a message to your community.
COMMON TOOLS & TECHNIQUES IN PROACTIVE GIVING
There is no “one-size fits all” gift plan …. review the tools and techniques below to see which might be helpful for you!
Give Today for Immediate Impact:
- Donate assets “loaded” with taxes to save most tax…
- Appreciated Securities … stocks, bonds or mutual funds you have owned for one year or more. Transfer the security directly to Blessman International.
- IRA “Rollover” to Charity … If you are age 70 ½ or greater. A direct transfer from your IRA to Blessman International.
- Other Assets …
- Unproductive Assets … something you no longer need or that is not producing income or growing to your liking. Examples: CD’s, life insurance policies, securities, etc.
- Personal Property … Examples: automobiles, collections, jewelry, etc.
- Real Estate … Give a deed to Blessman International today and continue all incidents of ownership … you get an immediate and significant income tax deduction.
- Idle Cash … make a loan of idle cash to Blessman International for as long as you like, and be relieved of the tax you would have paid on the interest income.
- Alternative TECHNIQUES for giving cash or other assets ……..
- Bargain Sale … sell an asset to Blessman International for an amount less than its fair market value and take a charitable income tax deduction for the difference.
- Donor Advised Fund … give when it is best for you and support Blessman International and others when it is best for them.
- Endow Iowa Fund … A few dear friends have initiated an “Endow Iowa Fund” for Blessman International. Please consider following their example:
- Your impact in South Africa will be significant
- Your tax benefits will be “as good as it gets”
Give Tomorrow and Leave a Legacy:
1) A FLEXIBLE GIFT at the END of YOUR LIFETIME
Your plan can be designed to leave something to Blessman International and other organizations IF sufficient assets remain at the end of your lifetime. Some or all of these “tools” might be used to create your plan:
a. Your Last Will and Testament or Revocable Living Trust
b. Your IRA or other qualified retirement plan account
c. Your life insurance policy
d. Any bank or investment account using a “transfer on death” or “payable on death” provision
Each of these tools provides significant FLEXIBILITY, because the provision(s) you create are REVOCABLE. You can change your mind as often as necessary and face little or no cost to update your plans and gift.
2) A CHARITABLE ACCOUNT
Set funds aside in a separate account that you own and control. Make Blessman International or other charitable organizations the beneficiary (ies) of this account. Your intention is to leave funds in this account so they pass to Blessman International (or others) upon your death. However, if you need these funds at any tome during your lifetime, you can access the funds without having to discuss with Blessman or the other organizations. Blessman International and other organizations want you to have the security of knowing your own needs will be met.
Retirement accounts, other investment accounts, and most bank accounts can be used to accomplish this type of arrangement.
3) A GIFT that can INCREASE YOUR INCOME
Two popular giving tools fall in a category called “life income gifts.” In both cases you make a contribution of cash or other assets today, and receive income for your life (or a term of years you choose). It is very common for the income you receive from this charitable plan to far exceed the amount of income your cash or other asset was previously providing. A charitable income tax deduction for a large portion of your gift is possible; and the income you receive each year can be very favorably taxed. Other powerful applications of these tools are possible if you would rather make charitable contributions than pay federal estate tax.