In addition to spontaneous contributions which are needful and very much appreciated, we also encourage and assist our supporters in the development of planned gifting. With careful attention to provisions in both federal and state tax codes, there can be substantial benefits to donors, their loved ones, and Canterbury on both a current and a long-term basis. The most popular Planned Giving options used by Canterbury supporters are introduced below.
Gifts of Stock or Appreciable Assets
A popular option is the outright gift of appreciated securities (stocks, mutual funds, and bonds) or other tangible, marketable assets. Such gifts usually qualify for a charitable income tax deduction equal to the full market value of the securities at the time of transfer. Furthermore, as a qualified charity, Canterbury receives the full value of the asset since they are exempt from income taxes.
Gifts of Real Estate
For some donors, it is appropriate to make a gift of commercial or residential real estate. For gifting of a home through a will, it may be better to make the gift now and retain the lifetime right to live in the home. For income property, lifetime income could be retained. By giving now, a substantial charitable income tax deduction can be realized and the gifted property will be excluded from the estate, thus reducing estate tax liability and probate fees.
Gifts of Insurance, IRAs & Other Retirement Accounts
Donors may want to achieve philanthropic goals while also preserving estates for their families. A simple method is to name Canterbury as a beneficiary (total or partial) of a life insurance policy. Similar designations can be made in some retirement plans, IRA savings accounts, brokerage accounts, and other financial holdings where a beneficiary can be named.
Gifts through an Estate
For many donors, making a gift through their estate is the most realistic way to provide a substantial contribution to Canterbury, while reducing (or even eliminating) federal estate taxes. A donor may bequeath Canterbury a specific dollar amount, a specific piece of property, or a stated percentage of the estate. Or, a residuary bequest can be made whereby Canterbury receives all or a stated percentage of an estate after distribution of specific bequests and the payment of debts, taxes and expenses. A contingent bequest can also be made whereby Canterbury receives part or all of the estate under certain specified circumstances.
Some donors establish a trust, either during their lifetime or under their wills, which provides for income and support to other beneficiaries during that beneficiary's lifetime, or until a specific time, with Canterbury then receiving a part or all of the remaining estate at that future time.
Charitable Remainder Trusts
One of the most commonly used trusts is a Charitable Remainder Trust (CRT). These trusts can be structured in several different ways to benefit both Canterbury and the donor. CRTs provide a lifetime income to the donor or other beneficiaries, and a current charitable income tax deduction. Funding of the trust may be with cash, securities or real estate. Payments may be made for one or more lives, or may be for a fixed term up to 20 years.
A private attorney, accountant, or financial advisor can play an important role in developing a gifting plan. Whether you have an advisor or not, the Canterbury Development Committee stands ready with assistance – several loyal friends of the organization are qualified professionals.
To arrange for automatic withdrawal donations or for a personal consultation, please call Canterbury Crest at: 503-464-6740 or email us at: firstname.lastname@example.org
"He stood of old, the holy Christ,
Amid the suffering throng,
With whom his lightest touch sufficed
To make the weakest strong.
That healing gift God gives to them
Who use it in His name;
The power that filled the garment's hem
Is evermore the same."
Christian Science Hymnal, #96