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REVOCABLE GIFTS & TAXES

OPTIONS.

Revocable Gifts

As we all know, the future is uncertain. You can establish a planned gift today and while retaining control over these assets for the balance of your life. Such gifts are called revocable gifts.

Unless you are confident that you cannot outlive your assets, a revocable planned gift is almost always the best option. Most planned gifts are revocable by design and generally are one of the following:

  • Bequest in a Will or Living Trust

  • Beneficiary Designation in IRA or Retirement Plan

  • Beneficiary Designation in Life Insurance Policy

 

By naming Cancer League of Colorado Foundation in your will, living trust or as a beneficiary, you can protect yourself against an uncertain future. Should you need these assets, they are available. If not, your gift will come to Cancer League of Colorado Foundation as you desire.

Additional Gift Option Info

Charitable Bequest – By naming the Cancer League of Colorado Foundation in your Will or Living Trust, you create a gift today that Cancer League will receive when your estate is settled.

Retirement Plan – You can name Cancer League of Colorado Foundation as a beneficiary of your retirement plan. To include Cancer League, simply request a Beneficiary Change form from your retirement plan custodian, complete the form, and return it as instructed.

Life Insurance – You can name Cancer League of Colorado Foundation as the beneficiary of a new or existing life insurance policy.

Charitable Remainder Trust — In the right situation, a charitable remainder trust can provide powerful financial, tax, and estate planning benefits. Basically, you can donate assets into trust for the eventual benefit of Cancer League of Colorado Foundation. In the interim, the trust pays an income to you and/or your designated income beneficiaries.

 

Charitable Lead Trust –A charitable lead trust can provide support for Cancer League of Colorado Foundation, while transferring assets to your heirs with little or no tax.

 

Retained Life Estate – You can donate a residence to Cancer League of Colorado Foundation and still retain the right to live there for the rest of your life.

TAX  INCENTIVES.

The Internal Revenue Service provides important tax incentives to encourage support for charitable organizations. A gift typically must be irrevocable to qualify for a tax benefit. Stated another way, a gift must be complete and not subject to any revocation by the donor.

Clearly, an irrevocable planned gift should only be made after appropriate reflection and consultation with your legal and financial advisors. However, with proper planning, such gifts can provide important income and tax benefits for you and your heirs. Specifically, the following benefits may be attractive:

  • Increased current income

  • Increased future income, e.g. during retirement years

  • Current charitable income tax deduction

  • Future charitable estate tax deduction

  • Asset planning for heirs

  • Significant gift to support Cancer League of Colorado efforts

 

For more information, please contact us at info@cancerleague.org or 303-281-9864. 

Donations can be made by mail to Cancer League of Colorado, PO Box 5373, Englewood CO 80155.