Outright gifts also include marketable securities, which are listed on an exchange. There are three financial benefits to the giving of long-term appreciated securities:
- No tax needs to be paid on the gain if the stock is transferred directly to the Foundation
- The average fair market value of the securities on the date of the gift is deductible as an itemized charitable contribution for federal income tax.
- Gifts of stock may qualify in your state as a tax credit.
The highest compliment you could ever give us is to remember the American Legion Child Welfare Foundation in your will. This means you are equating us with family and close friends. You not only believe we should continue doing what we are doing to help our nation's children today - but that we should also continue to do so in the future - and that you are supporting this belief with a bequest.
A bequest is the most traditional way to provide important help for worthwhile causes. With a gift through your will or living trust you retain full use of your gift property during your life. It's also possible to make a gift at death, but reserve lifetime income to a spouse or other family member. Ask us for details, or consult with your financial advisor. We will be happy to provide you or your attorney with sample language for any bequest.
You can name the American Legion Child Welfare Foundation as the beneficiary of your life insurance -- just contact the company. A better idea may be to transfer actual ownership of the policy to the Foundation, or buy and contribute a new policy. Such a gift will entitle you to an income tax deduction, and future premium payments will be tax deductible.
Most accounts at financial institutions can be made payable at death to a person or a charitable organization. Ask the manager of your financial institution how you can arrange to designate a death beneficiary for your CD, savings account, share account, etc. These gifts are completely revocable during life.
Benefits from IRAs and Pension Funds
Your estate can save both income taxes and estate taxes if you make a charity the death beneficiary of your individual retirement account or other retirement savings plan. You can also arrange for lifetime income to be paid to a family member after your death, with the charity's benefit coming later.