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To Make a GiftGifts to the Cathedral can be pledged over several years. In addition, by employing some of the techniques discussed below, thoughtful donors can accomplish their wishes while gaining substantial tax benefits. Careful planning of tax deductible gifts can effectively increase the funds available for giving and preserve for other family members assets in the donor's estate. Campaign Pledge Cards The easiest way to give to Adventure in Faith is to complete a pledge card. Pledging provides for payment of an outright gift over any period up to five years. Periodic reminders will be sent by the Cathedral. In calculating personal pledges, many donors consider the most generous gift they can contribute in the first year and multiply that figure byfive. Pledges may also include bequests to be fulfilled by the donor's estate in years to come. Gifts of Property Donors can benefit by using stocks, bonds, real estate and other property to fulfill a pledge because gifts of appreciated property held long term are exempt from capital gains tax. To assure this benefit, however, the donor must transfer the property directly to the Cathedral, rather than selling the property and donating the proceeds. A gift to Adventure in Faith is deductible at its full value on the date the property is transferred to the Cathedral. Charitable Remainder Trusts A Charitable Remainder Trust is a way to make a significant gift to the Cathedral while also providing financial security, personal income, and tax benefits to the donor. There are two types of Charitable Remainder Trusts: the Unitrust provides for future income growth; the Annuity Trust offers the security of a fixed annual income return. Income can be arranged for life or for a specific period of years. In each case the trust's principal will eventually come to the Cathedral to maintain it and support its programs for future generations. Pooled Income Funds and Charitable Gift Annuities Gifts in the form of Charitable Gift Trusts and Pooled Income Funds may be made to the Cathedral through the Episcopal Church Foundation located in New York City or through the Community Foundation for the Capital Region located in Albany. Both types of gifts provide annual income and tax deductions to the donor. Charitable Lead Trusts Another tax-wise method of paying a pledge (and passing assets to children or other family members) is the Charitable Lead Trust. Income producing property is placed in trust with the income designated to the Cathedral for a fixed period of years. At the end of the trust period the property may then pass to another person designated by the trust, with potential benefits in Gift and Estate Taxes. Bequests and Life Insurance A charitable bequest may be counted as a campaign pledge if it is confirmed in writing. Life insurance may also be used to fulfill a pledge if the policy is donated to the Cathedral. The charitable tax deduction for life insurance generally equals the current cash value of the policy. Summary The Cathedral is prepared to offer donors confidential guidance, suggestions, and illustrations for gift planning. All gifts should be thoughtfully considered for their tax consequences. It is advisable for all donors to discuss the tax benefits of their gifts with appropriate legal and financial counsel. For further information about the goals of the Adventure in Faith Campaign and the benefits of carefully planned philanthropy, please email, write or call: Adventure in Faith Campaign |