The Internal Revenue Service provides important tax incentives to encourage support for charitable organizations. To qualify for any given tax benefit, a gift typically must be irrevocable. Stated differently, to receive a current income tax benefit, a gift must be complete and not subject to any future revocation.
Some gifts can be established today, while still preserving your control over these assets for the balance of life. These gifts are revocable in nature and typically include naming Seniors’ Resource Center in your will or living trust, or as charitable beneficiary of a retirement plan or life insurance policy. Other gifts, however, are irrevocable. These gifts can qualify for a current income tax deduction.
Clearly, an irrevocable gift only should be made after proper reflection and consultation with your legal and financial advisors. However, in certain situations, and with proper planning, such gifts can provide important income and tax benefits for you and/or your heirs. Examples can include:
- Charitable Remainder Trust
- Charitable Lead Trust
- Charitable Gift Annuity
- Retained Life Estate
Seniors’ Resource Center can help you explore the benefits that may result from these gifts. For more information, please contact Nancy Hiester at NHiester@SRCaging.org or (303) 235-6918.