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Other Types of Planned Giving |
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- Charitable Remainder Trusts
A charitable remainder trust is a specially designed trust that provides a payment stream to
the donor or another beneficiary for a fixed term up to 20 years or life, after which the trust terminates and trust assets are distributed to ISB. You will receive an income-tax deduction for the present value of the projected remainder of the trust that will go to ISB, and you avoid capital gains taxes when appreciated assets are transferred to the trust.
- Charitable Lead Trusts
A charitable lead trust enables a donor to make significant charitable gifts now while
providing for the eventual transfer of substantial assets to individual beneficiaries. A trust is
set up from which ISB receives annual payments for a period measured by one or more lives or by a certain number of years. When the trust terminates, its remaining assets are distributed to children or others the donor may designate. In the process, applicable gift and estate taxes are reduced or even eliminated.
- IRAs and Qualified Retirement Plans
Retirement plan assets are some of the most tax efficient assets to transfer to charity on a
testamentary basis. Distributions from IRAs and other qualified retirement plans at the end of your life can be subject to multiple taxes, including income, estate, inheritance and
generation-skipping transfer taxes. By transferring assets in your IRAs and certain qualified plans to ISB at death, you can avoid these taxes.To name ISB as beneficiary, contact your IRA or qualified retirement plan administrator and request a "change of beneficiary" form.
Exception: distributions from Roth IRAs are not subject to income tax.
- Gifts of Life Insurance
Life insurance has long played an important role in charitable giving. Whether you donate an older policy that you no longer need or take out a new policy to fund a major charitable project, life insurance offers a unique way to leverage relatively modest annual payments into a sizable charitable gift.
For more information about using bequests to make a gift to ISB, please contact Renee Duprel in the development department at (206) 732-1398 or .
Please note that the information contained herein is not intended to provide specific legal or financial advice and should not be relied upon as a substitute for such professional advice. ISB encourages you to seek professional legal, estate planning and financial advice before deciding on a course of action.
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