Methods of Giving
|Gifts of Cash: An outright gift of cash by a donor, for which the donor receives an income tax deduction as prescribed by current law. Pledging your gift over a three- to five-year period may allow you to make a more substantial gift while affording you the opportunity to adjust the timing and amount of each payment to achieve the most beneficial tax treatment.
Gifts of Appreciated Publicly-Traded Securities: A gift of stocks or bonds which are (or will be) readily marketable. The deduction for outright gifts of appreciated long-term securities (held more than 12 months) is equal to the fair market value of the securities on the date the donor relinquishes control of the assets to The Campaign for the Basilica of the Assumption, and none of the appreciation is taxable for capital gains purposes. Please note: Do not sell the stock; you must transfer the securities to the Campaign to achieve the most advantageous tax treatment.
Gifts of Closely Held Stock: A gift of stock of a private corporation. The donor may avoid capital gains on appreciation of closely held stock while attaining a tax deduction based on the stock’s fair market value. As with publicly traded stock, the donor may obtain an immediate tax deduction of up to 30% of adjusted gross income. If the gift amount exceeds 30% of adjusted gross income, the remainder of the deduction generally can be carried over for up to five years.Bequest/Living Trust: A gift of cash, securities, or real property, made upon the donor’s death, through provisions in his/her will or living trust. The amount of the gift is exempt from estate taxes.
Charitable Gift Annuity: An irrevocable gift placed in trust in exchange for a guaranteed fixed income for life, which is calculated to take account of both the size of the gift and the donor’s age at the time of the gift. Upon the donor’s death, the assets of the trust are passed to the campaign. A current charitable deduction is available based on the IRS annuity tables. Here, too, if the donated assets consist of appreciated securities, capital gains taxes may be avoided.
Deferred Income Buildup Plans: Designation of the Basilica of the Assumption as the beneficiary of the donor’s qualified pension plans, IRA, Keogh, commercial deferred annuities, or employee stock option plans. This allows the donor the use of the assets during the donor’s lifetime, while providing the donor with the opportunity to make a large future gift and reduction to the donor’s taxable estate.
Charitable Lead Trust: An income-producing asset placed in a trust, the income of which is contributed to The Campaign for the Basilica of the Assumption for a designated period of time, after which the trusted asset is returned to the donor or non-charitable beneficiaries named by the donor. The donor may gain immediate tax advantages or may reduce gift or estate taxes when the assets are passed to children or grandchildren.
Gifts of Life Insurance: Designation of the Basilica of the Assumption as the owner and beneficiary of a policy. For a new policy, this allows the donor to classify the regular premium payments as charitable tax-deductible contributions. For existing policies, particularly those a donor no longer needs, a donor can generally deduct the entire replacement value of the policy plus any premium payments that the donor subsequently makes. If the policy is not completely paid up, its approximate cash value plus future premium payments are usually fully deductible.