Plan Your Legacy Other Giving Opportunities
A charitable gift annuity can provide you with annuity payments for the rest of your life and ultimately result in a gift to support the organization’s programs. Show more
Example: Mrs. L. donates $20,000 to the Truman Library Institute for a gift annuity. At her current age, she will receive a rate of 6.9% on her lifetime payments, i.e. $1,380 per year for that annuity. In addition, a portion of the funds she receives will be tax-free. She is also entitled to a charitable deduction in the year of her gift. At her death, the remaining funds will be used to benefit the Institute.
If you are over the age of 65 and have at least $10,000 to donate, please contact us so we can send you a gift annuity information packet. It will explain more fully the wonderful opportunities a gift annuity can offer.
One of the easiest ways to make a gift to the Truman Library Institute is by designating it the ultimate recipient of a bank account, certificate of deposit, or security. Show more
You can instruct any financial institution in which you have an account or the holder of a security to place your asset in a trust (often called a Totten Trust) to be transferred, upon death, directly to an organization or individual. This will allow you to use the asset during your lifetime and to give the remaining asset to the Institute upon your death. Most Totten Trusts can be created easily, using a form obtained from your financial institution or the holder of the account or security.
Gifts of Securities
While a gift of securities is not strictly an estate planning tool, there are advantages to this type of contribution that have allowed many donors to make gifts that will live on after they are gone. Show more
If you have owned stock for at least one year that has increased in value, you can donate that stock to a charitable organization without having to pay capital gains tax on the increase. Additionally there is an income tax charitable deduction equal to the full current market value of the securities (up to 30 percent of the donor’s adjusted gross income).
Another useful estate planning tool is donating appreciated securities for a gift annuity.
Example: Mr. M., now in his 70’s, bought stock in a computer company many years ago for $1,000. That stock is now worth $50,000. The stock pays dividends of only about 3 percent per year. Mr. M. decides to donate the stock to the Truman Library Institute for a gift annuity. Such a gift offers favorable capital gains tax treatment on the $49,000 of appreciation on the stock.
Presently, based on his age, the rate paid on his gift annuity will be 7.2%. This amount will never go down and payments will be made through his lifetime. In addition, he will receive a current income tax deduction and the asset will be removed from his estate, thereby helping to reduce his potential estate taxes. Upon his death, any funds remaining from the gift will be used to further the programs of the Truman Library Institute.
NOTE: In order to receive the most favorable tax treatment, you must donate the securities to the Truman Library Institute – you cannot sell the stock and donate the proceeds. If you would like more information on how to make this transfer, please call Judy Turner, (816) 268-8246.
With the increase in the variety of retirement plan assets, an important aspect of your estate planning should be making sure that these accounts go to the people or organizations you wish to receive them upon your passing. Show more
Certain retirement plans, such as IRAs, 401(k), 403(b), and Keoghs, allow individuals to defer paying taxes on a portion of their income until the assets are withdrawn during retirement years. However, after a person’s death, these accounts are often exposed to taxes of up to 70 percent of their value if proper planning is not done! Therefore, you might find it beneficial to contribute all or part of these funds to the Truman Library Institute while leaving other assets to your heirs.
Simply name the Harry S. Truman Library Institute a beneficiary of your retirement plan. You will retain complete control during your lifetime, and you can change your beneficiary at any time if your circumstances change.
NOTE: You also may be eligible to make annual charitable gifts using funds withdrawn from retirement accounts, eliminating the income tax that would otherwise be due on such withdrawals.