There are many ways to plan your gift to St. Mark’s and the best choice for you will depend upon your unique circumstances. Although most gift plans are applicable no matter your age, here are some gift options our generous donors have used at different stages in their lives.
When you are in the 40-54 age range, it’s likely you are busy raising your family and pursuing your career. Donors in this group have found these gifts appealing:
Outright Gift of Cash – Your gift provides immediate support for St. Mark’s, and you receive the maximum income tax deduction.
Gift in Your Will – Including a contribution in your will or estate plan is a great way to provide for the future of St. Mark’s and, if your situation changes, you can change your gift at any time.
Beneficiary Designations – It can be easy as filling out a form with your bank or other financial institution directing a contribution to be made at the end of your lifetime.
If you are 55-69, you are probably beginning to plan for – or maybe moving into – retirement. In addition to the gift options above, these gift plans may be of interest:
Outright Gift of Appreciated Securities – You can avoid capital gains taxes with a gift of appreciated securities and receive the maximum income tax deduction too.
Donor-Advised Fund – Perhaps you have created a donor-advised fund to manage your charitable giving. If so, you can recommend distributions to St. Mark’s.
Deferred Gift Annuity – This gift plan allows you to make a contribution now and, beginning at a time of your choosing, receive payments as a result.
By the time you reach age 70 you are probably easing into retirement. These gift options might be attractive:
Gift from Retirement Account – If you are over age 70½ you can make a contribution from your retirement account and completely avoid the income tax that you would have paid on a withdrawal. If you are over age 73, this contribution can count toward your required minimum distributions.
Gift of Life insurance – Perhaps you have a life insurance policy that you purchased years ago, but you no longer need. You can contribute that policy to St. Mark’s and get an income tax deduction for the value of the policy as well as for future premium payments you make.
Charitable Gift Annuity – Make a contribution and receive fixed lifetime payments for 1-2 recipients. You can’t outlive the income, and payments are secured by St. Mark’s.
Charitable Remainder Trust – Highly appreciated assets that provide a disappointing level of income can be a challenge because of the capital gains tax if they are sold. A charitable remainder trust can allow you to receive more income, avoid the capital gains tax, and get an income tax deduction, all while making a generous gift to St. Mark’s.
The best gift options for you will depend upon many factors. We would be happy to work with you and your advisors to craft a charitable gift plan that meets your needs and supports the next generation of Lions.