Planned Giving
There are a variety of ways to give to the Tompkins the American Red Cross using Estate Planning tools. Depending on how your gift is structured a donor could realize significant tax advantages.
Fund Development Director, Jacqueline Corbin is available to discuss these options with you and your Financial Advisor. Jacqueline Corbin has over 15 years of experience in Banking and as a Financial Advisor to better help you understand all the options available to you.
Giving Through Your Will
Many of our supporters make charitable gifts by naming the Tompkins County American Red Cross as a beneficiary in their wills. The federal government encourages these bequests by allowing unlimited estate tax charitable deductions.
A Life Income Gift
Family obligations and the need to provide for retirement can make it impossible for individuals to consider substantial charitable gifts now. But there is a way to have the satisfaction of making a meaningful lifetime gift without the sacrifice. You can even get current income tax and financial benefits along with the income necessary to enjoy your life.
Charitable Lead Trusts
Individuals with large estates can use a Charitable Lead Trust to benefit the Tompkins County American Red Cross and pass principal to family members with little or no tax penalty. You transfer assets to a trust that provides payments to The Tompkins County American Red Cross for a term of years. Then the trust principal goes to your beneficiaries free of or with a reduced federal gift and estate tax.
Life Insurance and Retirement Plans
Many individuals as they age no longer have use for their life insurance policies. These policies can be donated to the Red Cross and you can receive a tax deduction for the amount of the Cash Value of the policy and it will be removed from your estate. Retirements plans can be an excellent source of funds for making a gift to the Red Cross. One way to do this is to transfer your 401K assets into a charitable remainder trust. The trust will provide income to your beneficiary with an eventual gift to the Red Cross. Your estate will receive an estate tax charitable deduction for the value for the Red Cross’ right to eventually receive the trust’s assets.
