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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.
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