What'sHappening

 
Consider a gift to the United Way of Davie County 
 
To give via text:  Text DAVIE to 41444
 

 

Planned Giving

Make a gift that gives back to you, your family, and your community!

Thank you for your interest in continuing your giving to United Way of Davie County.  Our hope is to serve you and your family with helpful information.  Thank you for taking the time to explore the benefits of gift giving and the many ways your legacy can continue on for generations to come.

Planned gifts are "win-win" arrangements that can satisfy your estate planning objectives, reduce your tax liabilities, and support high-quality human services in Davie County well into the future.

A planned gift differs from an outright gift in several ways:

  • A planned gift usually consists of a gift of assets rather than a gift from income.
  • The asset may be conveyed either immediately or at a future time.
  • Many types of planned gifts entitle you to immediate or future tax benefits.
  • Many types of planned gifts entitle you or someone else whom you name to receive income, either for life or for a specified period of time.
  • A planned gift often requires a legal instrument and the services of a professional.

Here are some examples of planned gifts: 

A Bequest to a charity through your will, which can reduce various estate tax liabilities.  You can leave your legacy by making a gift in your will to United Way.  This is the simplest way to remember a charity that you care about.

You can make an unrestricted charitable bequest that provides funds that United Way can decide to direct where it is needed most.  This type of bequest is extremely useful to United Way because it can put the assets to use in areas of greatest need.

You can also make a restricted charitable bequest that specifies the manner in which the bequest may be used.  Ideally, restricted bequests are defined as broadly as possible.  By avoiding narrowly restricted bequests, both you and United Way are assured that the gift's effectiveness will not be reduced due to changing circumstances. 

Through a bequest you can give: 

  • a percentage of your estate to United Way
  • a specific asset or collection of assets (cash, securities, other designated property)
  • all or a percentage of what remains in your estate after all specific bequests have been satisfied and debts and expenses have been paid (residuary charitable bequest)
  • all or a portion of your estate to United Way when a named individual beneficiary dies before you do

Be sure to consult your attorney when you consider making a will or codicil (amendment to an existing will).  It is important that you and your attorney feel confident that your overall estate plan is the best one possible for you and your family and that the will carries out your plan. 

We hope you will tell us when you name United Way of Davie County in your will.  We would like the opportunity to thank you for your generosity. If you prefer to remain anonymous, your gift will be kept completely confidential.  Please consider though, that recognition of your gift can encourage others to do the same.

Life-Income Gifts, such as:  A Charitable Gift Annuity, funded with cash or securities, paying partially tax-free income to you and/or another person whom you name, at a fixed rate for life, according to the age(s) of income beneficiary(ies) at the time of the gift.  Part of the amount of funding an annuity can be taken as an income tax deduction in the year of the gift.  An annuity funded with appreciated securities receives favorable capital gains treatment.  Deferred annuities delay payments until a desired date at higher rates.  Annuities can also be made through your will.

A Charitable Remainder Trust can be formed either during your lifetime or at death through a will.  It provides income to you and/or to others whom you name either for life or for a stated period of years at a rate that you select.  It also provides favorable capital gains treatment with regard to the funding asset and a significant charitable deduction for income tax purposes.  Income payments can be either fixed (Annuity Trust) or variable (Unitrust).

A Charitable Lead Trust pays income to one or more charities that you name for a specified term of up to 20 years, resulting in an immediate tax deduction.  At the conclusion of the term, the value of the trust is distributed to persons you have named.  As with the Charitable Remainder Trust, income payments to charity may be either fixed or variable.  Such trusts can be formed during your lifetime or through your will.

Gifts of Life Insurance.  You can donate a life insurance policy to us or simply name us as the beneficiary.  For the gift of a paid-up policy, you will receive an income tax deduction equal to the lesser of the cash value of the policy or the total premiums paid.  To qualify for the federal charitable contribution deduction on a gift of an existing policy, you must name us as owner and beneficiary.  

If you have a life insurance policy you no longer need, you could contribute it to a charitable cause in which you believe.  Purchasing a new policy and naming Davie County United Way as beneficiary is another possibility.  This often makes a significant future gift feasible and affordable, especially for younger donors.

Gifts of Retirement Plan Assets.  IRA's and other retirement plans used to fund Charitable Remainder Trusts when certain requirements are met, resulting in favorable tax treatment.

Gifts of Securities, which can also include stocks.  The best stocks to donate are those that have increased greatly in value, particularly those producing a low yield.  Even if it is stock you wish to keep in your portfolio, by giving us the stock and using cash to buy the same stock through your broker, you will have received the same income tax deduction but will have a new, higher basis in the stock.

Gifts of Cash.  The simplest way to give.  However, you can deduct a cash gift for income tax purposes only in the year in which you contribute it. Your cash gifts are deductible up to 50% of your adjusted gross income for the taxable year, but any excess is deductible over the next five years.

If you itemize deductions on your tax returns, the first tangible benefit of making a gift of cash to United Way of Davie County today is an income tax charitable deduction for the full value of the gift in most cases.  The resulting reduction in income taxes payable lowers the next cost of the gift. If you are subject to state and/or local income taxes as well as federal, the combined marginal rate (after the federal deduction for those income taxes paid) should be taken into consideration in determining the gift's net cost.

If you don't usually itemize deductions, you may want to consider it for any tax year in which you make a sizable charitable donation.  One technique used by people who have few itemized deductions is to alternate between years in which they take the standard deduction and make few charitable gifts, and the years in which they give double their desired annual philanthropic support and shift to itemizing.

If you predict that your estate will be subject to estate tax at your death, keep in mind that you receive a federal gift tax charitable deduction for the value of gifts of cash made during your lifetime.  Since the value also is removed from your future estate, it completely eliminates the federal estate tax.  This savings reduces the net cost of your charitable gifts.

 

The information on this site is not intended as legal tax or investment advice.  For such advice, please consult an attorney.

 

For additional information on Planned Giving, please visit United Way Worldwide website. Planned Giving.  Clicking the link will redirect you to the UWA web site. 

 

For more information or questions on Planned Giving through United Way of Davie County, please click to email Melinda Beauchamp, CPO or call at 336-751-0313.