Tax on the growth in value of an asset-such as real estate or stock-since its original purchase. The principal of the endowment is invested and a portion of the principal’s earnings are used each year to support our mission. You cannot direct the gifts.Īn endowed gift can create a new endowment or add to an existing endowment. You can recommend how much (and how often) you want to distribute money from that fund to Drake or other charities.
You contribute to the account, which grows tax-free. The person named in a will to manage the estate, collect the property, pay any debt, and distribute property according to the willĪ donor advised fund is an account that you set up but which is managed by a nonprofit organization. The part of an estate left after debts, taxes and specific bequests have been paidĪ written and properly witnessed legal change to a will The person receiving the gift annuity payments. The price a willing buyer and willing seller can agree on The growth in value of an asset like stock or real estate since the original purchase The original value of an asset, such as stock, before its appreciation or depreciation Tax on gifts generally paid by the person making the gift rather than the recipient They allow assets held in the trust to pass directly to beneficiaries without probate court proceedings and can also reduce federal estate taxes. "I give to Drake University, a nonprofit corporation currently located at 2507 University Ave., Des Moines, IA 50311, or its successor thereto, _ for its unrestricted use and purpose."Ī revocable living trust is set up during your lifetime and can be revoked at any time before death. Privacy Policy | Cookie PolicyĪ charitable bequest is one or two sentences in your will or living trust that leave to Drake University a specific item, an amount of money, a gift contingent upon certain events or a percentage of your estate.Īn individual or organization designated to receive benefits or funds under a will or other contract, such as an insurance policy, trust or retirement plan South Dakota residents: Charitable gift annuities are not regulated by and are not under the jurisdiction of the South Dakota Division of Insurance. Oklahoma residents: A charitable gift annuity is not regulated by the Oklahoma Insurance Department and is not protected by a guaranty association affiliated with the Oklahoma Insurance Department. Payments under such agreements, however, are not protected or otherwise guaranteed by any government agency or the California Life and Health Insurance Guarantee Association. California residents: Annuities are subject to regulation by the State of California. State law may further impact your individual results. References to tax rates include federal taxes only and are subject to change.
Figures cited in any examples are for illustrative purposes only. For such advice, please consult an attorney or tax advisor. The information on this website is not intended as legal or tax advice. Information contained herein was accurate at the time of posting. Whether you make one single premium payment for the policy or pay annual premiums, each payment is tax deductible as a charitable gift when you itemize on your taxes. This method may be particularly attractive for the younger donor. You can take out a new policy and irrevocably name Drake as the owner and the beneficiary of the insurance contract. If you continue to pay premiums on the policy, each payment is tax deductible as a charitable gift if you itemize. You qualify for a federal income tax charitable deduction when you itemize on your taxes. You can name us as owner and beneficiary of an existing policy. Make an outright gift of an existing policy. You can also make us the contingent beneficiary so that we will receive the balance of your policy only if your primary beneficiary doesn't survive you. You can designate us as the primary beneficiary for a percentage or specific amount. This gift is as simple as updating your beneficiary designation form with the policy holder. There are three ways to give life insurance to Drake University: When the original purpose for a life insurance policy no longer applies-such as educating children now grown or providing financial security for a spouse-your policy can become a meaningful way to support our work. Gift of Life Insurance Powerful and Simple Way to Support Our Work
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