Planned Giving
How Do I Make A Planned Gift?
There are many ways to make a planned gift. Some provide lifetime income for a donor and/or spouse and a deferred gift to CRS. Others allow the Cleveland Restoration Society to use the income from an asset for a period of years, then pass the asset to heirs with substantial estate tax savings. Of course, the easiest way to make a major commitment to CRS is by making it a beneficiary of your will, living trust, insurance policy or retirement plan. While CRS always welcomes cash gifts, our first concern is that the form your gift takes is in the best interest of you and your family. We encourage you to consult your attorney or financial adviser to make your plans.
Some Examples:
- By naming the Cleveland Restoration Society a beneficiary of your will or living trust, a gift occurs upon your death. You may revoke or change a bequest any time during your life.
- Federal tax law offers special incentives for non-cash gifts of appreciated securities such as stock or mutual fund shares. Whether you are making a deferred or current gift, donations of appreciated securities typically carry benefits not associated with gifts by check, cash, or credit card. You can avoid capital gains tax, yet your charitable contribution for federal tax purposes will be based on the full fair market value of the shares on the date that the gift is made.
- Gifts of appreciated real estate generally enable donors to claim a federal income tax charitable deduction, avoid capital gains tax and remove the donated assets from their taxable estate. In many cases, it may be appropriate to place an historic preservation easement on the property that would give the Society the right to monitor and protect its architectural and historic character.
- Qualifying gifts of real estate may also be donated and, in some instances, fund income-producing planned gifts. With a retained life estate gift, you can receive a current tax deduction for the future gift of your house or farm. All real estate gifts are reviewed on an individual basis.
- A Charitable Gift Annuity is a contract between a donor and a charity that provides fixed income payments to the donor for life in return for contributions of $10,000 or more. Tax deductions and payout rates are determined based on the donor’s age. Upon the donor’s death, the Society keeps the remainder of the gift.
To initiate a gift to the Cleveland Restoration Society, or to learn more contact:
Tom Jorgensen, Chief Operating Officer
tjorgensen@clevelandrestoration.org
(216) 426-3108