Planned Giving
One of the greatest ways you can impact the youth of this generation is to support YouthQuake Live’s endeavors beyond your lifetime. Planned gifts make that possible. There are many ways to include a generous future gift to YouthQuake Live in your plans, each with unique benefits to you, the donor. All forms of planned giving help us carry on our mission of reaching the hearts of today’s youth. Planned gifts are so named because such gifts must be carefully planned as part of the donor’s overall financial and estate planning. You may want to consult with a financial advisor or legal counsel when making a planned gift, as YouthQuake Live is not engaged in rendering legal or tax advisory services. YouthQuake Live needs a “War Chest” as we endeavor to reach young people. Some of the ways you can consider giving are:
Bequests & Estate Planning:
Bequests and estate planning are important to YouthqQuake Live and to you! As YouthQuake Live continues its work, a valuable source of funds will be the continued flow of bequests from friends like you. Bequests of all sizes and for a wide range of purposes are essential. If you have made a gift or a bequest, please let us know not just so that we can thank you but also to make your future gift part of the present. Knowing about your bequest helps us plan the future. If you have not yet made your will or estate plan we encourage you to do so. A well executed estate plan will provide guidance for the use of your assets to further your wishes and avoid unnecessary taxes. The benefits of completing you estate plan include:
• Peace of mind your affairs are in order
• Providing for those you leave behind
• Sharing your philanthropic goals with your family members and community
• Avoiding unnecessary fees and taxes .
Wills & Trusts:
The most common planned giving documents are wills and trusts. Through these documents you may specify the assets you would like to leave to YouthQuake Live by creating a bequest. Then, after your lifetime, your estate can take a charitable deduction for the full amount of your bequest. Depending on the size of your estate, this can result in substantial tax savings. YouthQuake Live accepts most assets through a bequest, including cash, security, real estate or retirement plans. A charitable bequest is deductible for federal estate tax purposes.
Charitable Remainder Trust:
What is a Charitable Remainder Trust (CRT)? A CRT is an irrevocable trust that allows you to make a differed charitable gift and receive an income tax deduction in the year in which the trust is established. A CRT provides for and maintains two sets of beneficiaries. The first are income beneficiaries for example you and, if married, your spouse. As an income beneficiary you may receive a set percentage of income for your lifetime from the trust. The second set of beneficiaries is the non-profit you name. If you name YouthQuake Live, we will receive the principal of the trust after the income beneficiaries pass away. What are the benefits of establishing a CRT with YouthQuake Live? A CRT may offer substantial tax benefits. Since their assets are destined for a non-profit, CRTs do not pay any capital gains taxes. Highly appreciated stock or real property are ideal assets to fund a CRT. In addition, a CRT is not considered part of your estate by the IRS for estate tax purposes. Moreover, because CRTs benefit a charity, you also qualify for an income tax deduction based on the present value of the remainder interest going to the charity. Most of all, your generosity assists YouthQuake Live in achieving God’s call.
Life Insurance Policies:
Consider gifting a life insurance policy to YouthQuake Live. If you no longer need all the life insurance coverage you purchased years ago, you may consider it as an asset you can give to us. This is an easy way to make a large gift with little cost to yourself.
Benefits:
• Save taxes this year if you transfer ownership of a policy that has a cash surrender value
• If you continue to pay the premiums, those payments are deductible as charitable gifts
• Remove the value of the life insurance from your taxable estate Bequests and Estate Planning
Also you may consider naming YouthQuake Live as the beneficiary of your policy, while maintaining ownership. No income tax deduction is allowed, but you retain the right to change your mind during your lifetime.
Retirement Funds:
Whether you participate in a company pension plan or a fund you have established yourself, such as an IRA or a 401(k), you may find accumulated funds beyond your needs. Retirement funds may be subject to two forms of taxation. Generally, the total undistributed balance of qualified retirement funds are included in your gross estate for estate tax purposes. Since the funds in retirement accounts usually represent deferred compensation that has not been subject to income tax, giving the accounts to individual heirs exposes the funds to income tax. Your retirement dollars can be seriously depleted by this double taxation. When YouthQuake Live is named as the beneficiary, you can avoid both forms of tax.
Benefits:
• You have the use of your retirement savings during your lifetime
• This form of gift is revocable and therefore, can be changed if your financial circumstances change
• The ability to leave loved ones other assets that carry less tax liability
• The funds you carefully saved over a lifetime will ultimately be used to save and empower lives