There are many ways to make charitable gifts that offer significant tax benefits. From very simple options to more complex ways to require legal and tax advise. ARC Foundation members can meet with you to discuss giving options but always advise you to meet with your attorney and or tax advisor before developing your giving plan.
The simplest form of giving is in the form of cash. Such contributions are simple, immediate, and may be deductible for income tax purposes.
Ownership of certain investments such as stocks, bonds, and mutual funds, may be transferred to the ARC Foundation during your lifetime. This form of giving may provide you with an income tax deduction in the year of the gift. It will also all you to avoid altogether capital gains taxes which would otherwise be incurred on the sale of appreciated assets, thereby increasing the value of your gift.
A popular means of gifting is to convey ownership of land, a residence, or investment property. You may continue the use and possess the property, including receiving any income it may generate during your lifetime. This form of giving may also provide you substantial income tax benefits.
You can transfer cash investments or other properties to fund a Charitable Remainder Trust. The Trust would use the cash or proceeds from the sale of any trust assets to provide you with income during your lifetime. Upon your death, any assets remaining in the Trust would pass to the ARC Foundation. This form of giving may provide an income tax deduction to you.
Many forms of retirement assets, such as IRA's, 401(k) accounts, 403(b) accounts, deferred compensation accounts, profit-sharing plans, SEPs and annuities provide an opportunity for you to make a gift by designating the ARC Foundation as beneficiary of some, or all, of the balance left on hand in any such account as the time of your death. These funds are entirely controlled and available during your lifetime. This form of gift will allow you to avoid estate taxes on the entire amounts passing to the ARC Foundation, and will eliminate income taxes which could be incurred by a non-charitable beneficiary.
You may transfer ownership of an existing life insurance policy, or establish a new policy naming the ARC Foundation as owner and beneficiary of the proceeds upon your death. This may enable you to make a larger gift to the ARC Foundation, with a minimum cash outlay.
You may name the ARC Foundation as a beneficiary in your will or Trust of specific assets or cash. This form of giving will allow you to avoid estate taxes on the value of assets passing to the ARC Foundation.
The ARC Foundation exists to receive and administer funds for the purpose of enhancing the lives of the intellectually and developmentally disabled of Clinton County, New York.