A gift to Smith Center for Healing and the Arts can be part of a comprehensive financial plan. A properly planned gift may help you reduce or eliminate capital gains, gift, and estate taxes. You may realize immediate income tax savings as well.
Bequests
A bequest is a common planned giving vehicle that gives you the opportunity to make an important gift to Smith Center while preserving assets during your lifetime and reducing federal taxes on your estate. A bequest can be made through a will or revocable trust, or by designating Smith Center for Healing and the Arts as a beneficiary of your insurance policy or retirement plan. There are several types of bequests, which can be made in specific amounts, in tangible assets, or as a percentage of your total estate.
If you are considering including Smith Center for Healing and the Arts in your will, we recommend you discuss options and sample language with your attorney and/or financial advisor.
Life Income Gifts
Many donors elect to make arrangements during their lifetimes that aid Smith Center while enabling them to receive ongoing income, plus:
1. Get a generous charitable income tax deduction
2. Reduce or eliminate the capital gains tax
3. Reduce estate tax and probate costs
Charitable Gift Annuities
Of all the gifts that pay you back with a life income, the charitable gift annuity may be the simplest and most affordable. You contribute a gift directly to Smith Center for Healing and the Arts, which agrees to pay you a fixed income for life. The annual annuity rate is determined by the age of the annuitant(s) at the time payments begin. Gift annuities are simple (most agreements are one page or fewer) and secure (your income is based on Smith Center’s overall assets, not just by the principal amount of your gift). Best of all, they can be created for as little as $10,000.
Charitable Remainder Trusts
Charitable remainder trusts have a higher minimum requirement but can be structured to maximize your benefits. A unitrust aims to provide the greatest possible annual income. An annuity trust enables you to lock in the amount of money that will be paid to you.
IRA (Individual Retirement Account) Charitable Gifts
Thanks to new legislation, American seniors can make the gift of a lifetime by giving their IRAs to charity without federal tax penalty. So your retirement funds can go further than ever before.
Through 2013, retirement assets may become a preferred charitable gift for seniors. IRA distributions to charity can now receive new tax advantages. Americans age 70 1/2 and up can make tax-free IRA contributions to public charities such as Smith Center for Healing and the Arts.
We strongly encourage you to contact your attorney and/or financial advisor to discuss your planned giving intentions with Smith Center for Healing and the Arts and determine what works best for your particular circumstances before finalizing your planned gift.
If you have already included Smith Center in your financial or estate plans, please let us know by contacting our Development team at 202.483.8600 or give@smithcenter.org. Thank you!
