Gifts That Reduce Your Taxes
You can help prevent and cure cancer. What’s more, you can also enjoy tax benefits from these gifts now, or you can establish a future gift that will pass tax benefits along to your loved ones.
Stocks and Securities
When you give stock or securities (stock, bonds, mutual funds), you may be eligible for a double tax benefit: 1) You receive an income tax deduction for the full, present, fair market value of the assets and 2) you may completely avoid capital gains tax on the appreciation of the assets. This is one of the easiest gifts to give and one of the most useful in accomplishing your philanthropic goals.
Retirement Assets
You can reduce or even eliminate tax liabilities on your retirement plan by naming Moffitt Cancer Center as direct beneficiary. The entire amount of your IRA, 401(k) or 403(b), profit-sharing or Keogh plan, or other retirement accounts will be taxed if you leave them to your heirs. Instead, consider giving your loved ones less-tax-burdened assets like real estate and stock, and use retirement assets to create your legacy gift for Moffitt.
Benefits to you:
- Eliminate potential estate tax on retirement assets.
- Eliminate income tax on retirement assets funded on a pre-tax basis.
- Receive potential savings from a donation tax credit.
To name Moffitt Cancer Center as a future beneficiary of your retirement plan, contact your bank or insurance company to see whether a change of beneficiary form must be completed.
Life Insurance
Transfer ownership now:
To make an impact on our mission today, irrevocably designate Moffitt as owner and beneficiary of an existing life insurance policy. If your policy is paid up, you will receive an immediate income tax deduction based on the policy value.
If your policy is not yet paid up, you will make contributions of cash to Moffitt to cover future premium payments. For any continuing premium payments you make, you will receive a charitable deduction in the year of the payment.
Name us as a beneficiary:
You can name Moffitt as a beneficiary of all or a portion of your life insurance policy. With this gift arrangement, Moffitt will receive the proceeds of your policy when you pass away. You can change your beneficiary at any time.
This gift is easy to arrange — simply request a beneficiary designation form from your plan administrator.
Real Estate
This kind of gift is ideal for someone who intends to continue living in their home or property through their lifetime, but still wants to make a charitable gift.
Please contact us if you are interested in making a gift of real estate to learn more.
Savings Bonds
When you redeem savings bonds, you or the person to whom you leave your bonds will owe income tax on the appreciation. But you can eliminate the income tax on bonds you own that have stopped earning interest and that you plan to redeem. Because the Moffitt Foundation is tax exempt, 100 percent of your gift of savings bonds will go to helping prevent, treat, and cure cancer … turning the fight of a lifetime into a courageous journey of victory.
Benefits to you:
- Reduce income tax for yourself.
- Reduce income tax and estate taxes for your loved ones.
- Create your lasting legacy by changing someone’s life forever.
Charitable Lead Trusts
A charitable lead trust, or CLT, is a way of making a gift to Moffitt Cancer Center that reduces your gift and estate taxes and also allows you to control the timing of when your loved ones receive your assets.
It works like this: you contribute securities or other appreciating assets to a CLT. The trust makes annual payments to Moffitt Cancer Center for a period of time. When the trust terminates, the remaining principal balance is paid out to your heirs.
By setting up a charitable lead trust, you can save on taxes, provide for your loved ones, and save lives at Moffitt Cancer Center! Contact us to learn more or to receive a customized illustration of your benefits.
Personal Property
A gift of artwork, coins, antiques, or other personal property can be an excellent way to support Moffitt. The tax benefits of the gift depend on whether Moffitt can use the property in a way that is related to its mission. Contact us to learn more about this type of gift — we would be happy to help you find the option that best fits your philanthropic goals.
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