PLANNED AND LEGACY GIVING
There are many ways to support the Steven M Gootter Foundation. Planned and legacy giving can ensure that your gifts will continue to support the research, prevention and treatment of sudden cardiac arrest. Please consider one of the planned and legacy giving options described below.
WILLS AND BEQUESTS
Gifts by bequest in one’s Will or Trust can be made outright to the Steven M. Gootter Foundation, with great benefit to your beneficiaries and the Foundation. Such bequests are tax deductible and reduce your estate for estate tax purposes. This reduces the value of the remainder interest in your estate plan, leaving less assets subject to estate taxes.
Making a bequest to the Steven M. Gootter Foundation also allows you to enjoy the benefit of your estate during your lifetime, while sharing something with the Foundation and its important work upon your passing. You have the flexibility to name a fraction, percentage, a specific amount, or even specific assets as a bequest to the Foundation.
Those interested in making a bequest to the Steven M. Gootter Foundation should contact their tax and legal advisors for help in doing so.
Many retirement plans, including IRAs, 401(k)s, Keogh, 403(b) annuities, and other qualified pension plans and retirement plans, as well as life insurance policies, will allow participants or insurance plan owners to designate the Steven M. Gootter Foundation as a beneficiary.
Retirement plans are great vehicles to make charitable gifts because their proceeds are taxable at ordinary income rates to individuals, while distributions made to charities are not taxed to the charity.
Naming the Steven M. Gootter Foundation as a designated beneficiary of either a retirement plan or a life insurance policy gives the donor the right to benefit from the plan or policy during life, while reducing their potential estate and their beneficiary’s tax liabilities.
Contributing a life insurance policy to the Steven M. Gootter Foundation, while continuing to pay the premiums may entitle a donor to a charitable income tax deduction.
Those interested in naming the Steven M. Gootter Foundation as a designated beneficiary should contact their tax and legal advisors for help in doing so.
You can make a donation to the Steven M. Gootter Foundation by creating a charitable trust with split interests. These trusts are either Charitable Lead Trusts or Charitable Remainder Trusts. Because a portion of the trust assets are going to charity, you may enjoy a gift and estate tax deduction for the full value of the amount designated for the Steven M. Gootter Foundation. With a Charitable Trust, you may also qualify for an income tax deduction.
Those interested in naming the Steven M. Gootter Foundation as a beneficiary of a Charitable Trust should contact their tax and legal advisors for help in doing so.
Charitable Lead Trusts
A Charitable Lead Trust provides an annuity payment to the Steven M. Gootter Foundation for a term of years, and the remainder of the trust assets pass on to your beneficiaries after that term. The annuity can be a set amount paid to the Foundation each year or a unitrust annuity. A unitrust annuity is a fixed percentage of the trust assets’ value each year. Thus, as the trust assets’ value fluctuates, the annuity amount also fluctuates.
Charitable Remainder Trusts
A Charitable Remainder Trust provides an annuity to you or someone you designate for a term of years or a lifetime and then the remainder of the trust assets pass on to the Steven M. Gootter Foundation. Your annuity can be a fixed amount each year or a unitrust annuity, as with Charitable Lead Trusts. Thus, you can plan to receive an amount of income for your use during a term of years and give to the Foundation after you no longer need the income.
DONOR ADVISED FUNDS
Donor Advised Funds are funds created by charitable organizations, community foundations, and some commercial entities, that hold and invest charitable contributions. You may then give advice or recommendations as to the distribution of those funds to charities. But, your recommendations are non-binding.
A contribution to a Donor Advised Fund is typically income tax deductible. They are also typically gift and estate tax deductible. A Donor Advised Fund allows you a simple way to receive a tax deduction in the year of the contribution while recommending payments for the Steven M. Gootter Foundation. You may also leave a legacy of giving by naming your beneficiaries as successor account holders.
Those interested in recommending the Steven M. Gootter Foundation as a beneficiary of a Donor Advised Fund should contact their tax and legal advisors for help in doing so.
A charitable gift annuity is an annuity purchased from a charitable organization, like the Steven M. Gootter Foundation. You pay an amount to the Foundation in exchange for an annuity that may last for your life or the joint lives of you and another person alive at the time of the contribution. The value of the amount paid less the annuity is allowed as an income tax charitable deduction.
Gift annuities allow you to preserve a set amount of income for your life, while enjoying an income tax deduction and leaving a great benefit to the Steven M. Gootter Foundation.
Those interested in purchasing a gift annuity from the Steven M. Gootter Foundation should contact their tax and legal advisors for help in doing so.
A bargain sale is what it sounds like: you sell an asset(s) to a charitable organization, like the Steven M. Gootter Foundation, at a bargain price. You get an income tax deduction equal to the amount that the actual fair market value of the asset(s) is greater than the actual sales price.
Bargain sales provide you with the ability to enjoy favorable tax deductions, reduce your estate, and preserve a certain amount of money for your own use.
Those interested in executing a bargain sale with the Steven M. Gootter Foundation should contact their tax and legal advisors for help in doing so.