A gift to the American Friends by will or revocable trust is deductible in full from your taxable estate. Such a gift may be for a specified amount of cash, specific property such as a vacation home or land that you own, a percentage of your estate or the residue (the property left after the payment of all other bequests, debts, and taxes). The bequest may be unrestricted or it may be limited to funding a particular project or program.
Here is an example of language that may be used to remember the American Friends in your estate plan: “I give (cash of $___) or (specific property) to the American Friends of Neve Shalom/Wahat al-Salam.” Language may be added designating a particular use for the funds, or designating the funds “in memory” of a loved one.
Another simple method of giving a future gift to the American Friends is to name the American Friends as the beneficiary of a life insurance policy. All that is required is naming the American Friends on the beneficiary designation form. When the policy matures, the American Friends will receive the proceeds and your estate will receive a “dollar for dollar” charitable estate tax deduction. In addition, you might consider naming the American Friends as the owner as well as the beneficiary, which will allow you to obtain a current income tax deduction, as well.
Other Planned Giving options include:
IRAs and Other IRD Retirement Plans. Since 100% of an IRD plan can be gifted to the American Friends without tax, it is a prime estate planning gift, leaving other estate assets (which are not taxed for income) to loved ones.
Charitable Remainder Unitrust. Creates donor income for life or term of years. Trust assets go to American Friends at termination of income interest.
Charitable Remainder Annuity Trust. A trust from which a specified sum is paid to the donor. At termination of the income interest, assets pass to the American Friends.
Life Estate. A donor deeds personal residential property to the American Friends, receiving an immediate income tax deduction for the present value of the remainder interest of the residence.
The American Friends of Neve Shalom/Wahat al-Salam is a not-for-profit organization with 501(c)(3) status under Internal Revenue Code. Our EIN is 13-3441742.
If you are looking for a tax write-off for that vehicle you no longer want to own, donate it to the American Friends of Neve Shalom/Wahat al-Salam through Car Program, a charity-friendly organization designed to facilitate such donations with ease. All you have to do is contact us. We will help you fill out a form to turn into Car Program, which will then take care of all towing, title processing, reconditioning, sale, and distribution of proceeds. Call us for more information (818) 662-8883.