What Are My Options?
Following is a list of some estate planning options than can help you and your family achieve your goals while supporting the mission of the Cornerstone TeleVision Network. It is important to remember that the form your gift takes may be as important as the option you select. For instance, gifts of appreciated assets such as stock or real estate carry more tax benefits than gifts of cash, and can be used to fund most planned gifts.
- Outright Gifts: An outright gift to Cornerstone TeleVision Network is fully deductible, for federal income tax purposes for those who submit an itemized return, up to 50 percent of one's adjusted gross income, depending upon whether the gift is cash or an appreciated asset. Unused deductions can be carried forward up to five additional years.
- Bequest: The simplest way to make a major gift is to name Cornerstone TeleVision Network a beneficiary of your will or living trust. You can do this by directing a dollar amount or a percentage of your remaining estate to the ministry at your death.
- Life Insurance: When you make Cornerstone TeleVision Network the owner and beneficiary of a whole life insurance policy, you can receive significant tax benefits now for a gift Cornerstone TeleVision Network will receive later.
- IRA & Pension Plan Designations: By naming Cornerstone TeleVision Network a full or partial beneficiary of your IRA or pension plan, you can free up other more favorably taxed assets for heirs and loved ones and avoid hefty federal estate taxes.
- Immediate Gift Annuity: A contract between you and Cornerstone TeleVision Network where you and/or your spouse receive an immediate fixed income for life and significant tax benefits through your deferred gift to support our mission.
- Retained Life Estate: This gift is a current irrevocable commitment of a personal residence or farm that is not received by Cornerstone TeleVision Network until the death of the donor or after a period of years set by the donor. In return for the irrevocable current commitment for the future gift, the donor receives an immediate federal income tax deduction based on the present value of the property. The donor can continue to live there and receive any income generated by the property until the life interest has expired.
- Charitable Remainder Trust: An irrevocable gifting tool that permits a donor to receive an immediate income tax deduction, avoid capital gains tax, diversify a portfolio, and receive income for life or a period of up to 20 years. The annuity version makes fixed payments to the income beneficiaries. The unitrust version makes variable payments to the income beneficiaries based on a percentage of the value of the trust at the beginning of each year.
- Charitable Lead Trust: This type of trust permits a person to donate the income from an asset to Cornerstone TeleVision Network for a period of years, after which time the corpus or principal reverts back to the donors or a skipped generation.