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Planned Giving
A. Lead Trust
B. Charitable Remainder Trust
C. Charitable Gift Annuity
D. Outright Gifts
E. Gift of Life Insurance
Other Contributions
1. Cash
2. Stocks and Bonds
3. Wills
4. Volunteering
5. Endowment
6. Memorial/Tribute Program
Hendersonville Rescue Mission is supported by donations from individuals, churches, businesses, and community groups. The majority of our support comes from individuals like yourself.
Hendersonville Rescue Mission is a recognized 501(c)(3) tax deductible, non-profit charity.
Planned Giving for Hendersonville Rescue Mission
Enhance your legacy to your family and help Hendersonville Rescue Mission
in helping others help themselves. Through a planned gift to Hendersonville
Rescue Mission, you can do all this: increase your annual income, wipe
out capital gains tax on assets that have grown in value;
receive a significant income tax deduction; lower your estate tax bill;
assure the transfer of your fullest possible estate value to heirs; increase
possible gifts to grandchildren; make a meaningful gift that significantly
furthers the work of Hendersonville Rescue Mission.
Everyone wants to leave the world a little better than they found it. One way is to assure that the assets you have accumulated by hard work, creativity and energy are maintained so that they continue to serve the interests you care most about: those of your family and of institutions such as Hendersonville Rescue Mission, that will best continue your principles.
By making appropriate plans for your charitable gifts, you will not only obtain significant tax savings while benefiting yourself and your family, but also you will benefit Hendersonville Rescue Mission. But if you do not plan properly, a very large portion of your accumulated assets will be used to pay estate taxes (up to 55%), and your heirs will be left with a difficult burden. Careful planning should also be applied to the sale of appreciated assets during your lifetime. Without it, you may pay substantial amounts of capital gains tax that could have been avoided through a charitable gift.
The tax laws allow several kinds of planning gifts. They include gifts of property, which would give Hendersonville Rescue Mission current income from your investments to fund its present and long-term operating needs. Such gifts lower your estate tax liability. There are also gifts in trust which become available in the future, to increase Hendersonville Rescue Mission's endowment over a longer term. Planned properly, these gifts can increase your current income, give you a tax deduction, wipe out capital gains tax, and lower your estate tax liability. Your life insurance can be used for planned giving as well. A current contribution can fund premiums on a policy that benefits Hendersonville Rescue Mission, and the amount of the gift in trust to Hendersonville Rescue Mission need not disinherit your heirs. You can replace the gift at a discount using life insurance that pays the dollar value to your heirs, both income and estate tax free.
Following is a summary of several planned giving techniques. It emphasizes the tax benefits to donors and the benefits to Hendersonville Rescue Mission. These are illustrations only. Please consult your tax and legal advisors before implementing any of these techniques.
If you wish further information, please contact our Executive Director, Reverend Anthony McMinn at (828) 697- 1354, or write to Hendersonville Rescue Mission, P.O. Box 1512, Hendersonville, NC, 28793-1512
LEAD TRUST
A stream of current income to Hendersonville Rescue Mission for a specific
number of years; remainder goes to heirs. No tax deduction for the donor.
Reduces estate tax. Can replace for your family the dollar value of income
stream to Hendersonville Rescue Mission (at a discount). Can magnify impact
of the lead trust gift to Our Mission by using a portion of Hendersonville
Rescue Mission's trust income as a premium for insurance on the donor's
life.
CHARITABLE REMAINDER TRUST
A gift in trust generates an income stream to donor during life from
the full current value of the donated asset. Remainder at death goes to
Hendersonville Rescue Mission. Current income tax deduction. No capital
gains tax on the gift of appreciated asset. Pays a taxable stream of income
to donor. Reduces estate tax. Can replace dollar value of the donated asset
for heirs.
CHARITABLE GIFT ANNUITY
Pays an income stream to donor during life. Donor receives current
income tax deduction. Remainder at death goes to Hendersonville Rescue
Mission. Annuity payments are taxable income to donor. Reduces estate tax.
Can replace dollar value of the donated asset for heirs (at a discount).
OUTRIGHT GIFTS
Gifts of cash or other assets. Current cash flow for Hendersonville
Rescue Mission. Current income tax deduction. No capital gains tax on gift
of appreciated assets. Reduces taxable estate. Can replace dollar value
of the donated asset for heirs (at a discount).
GIFT OF LIFE INSURANCE
Gifts of cash for premiums. Leverages a small annual donation into
a significant gift. Current income tax deduction for donated premiums.
Reduces taxable estate by amount paid in premiums. Dramatically increases
the value of annual gifts to Hendersonville Rescue Mission when Our Mission
is the owner and beneficiary of the policy.
OTHER CONTRIBUTION METHODS
CASH
Hendersonville Rescue Mission will accept cash as a tax-deductible
charitable contribution, and will issue a receipt to the donor. Taxpayers
are permitted to deduct gifts to qualified charitable institutions such
as Hendersonville Rescue Mission, up to 50% of their adjusted gross income
each year. If a gift plan would result in a deduction of more than this
amount in a given year, the excess can be deducted over a five-year period.
See your advisors for special limitations and exceptions, which may apply to gifts of property other than cash.
You may also enjoy additional benefits from state income tax savings.
STOCKS AND BONDS
Stocks in a closely held corporation may make an attractive gift to
Hendersonville Rescue Mission. If you give closely held stock, you can
claim an income tax deduction (for its appraised fair market value), avoid
the capital gains tax liability, and remove this liquid asset from your
estate.
WILLS
Wills are the simplest ways to distribute an estate. They can also
be a creative method through which to make thoughtful gifts.
After providing for the needs of your loved ones, you may choose one of several ways to benefit Hendersonville Rescue Mission.
By having your attorney revise your will or add a simple amendment, you can make a gift of a dollar amount, specific property, a percentage of your estate, or the remainder after your loved ones have been provided for.
VOLUNTEERING
There are certain tax benefits for volunteer service. You can deduce
the cost of gas and oil that are directly related to getting to the organization
where you are a volunteer or you can simply deduct 12 cents for each mile.
HENDERSONVILLE RESCUE MISSION ENDOWMENT
An endowment fund is one where the donation itself is held in reserve,
not to be used except in the case of extreme emergency, while the charity
is able to use the interest generated from the fund. Thus, the charity
is
more likely to have long-term stability. One or two bad years with donations
won't hamper the service to the needy.
Your endowment gift is particularly appropriate for Memorial or Tribute remembrances since it is truly "a gift that keeps on giving."
Memorial/Tribute Program
When a person dies and the family asks that money be sent to Hendersonville
Rescue Mission in lieu of flowers. When someone requests such a memorial
or a tribute, a card is sent to the person or family designated, saying
that the donor has made a donation to Hendersonville Rescue Mission to
help feed the needy in memory of, or in honor of the person named. An acknowledgment
is also sent to the donor.