As we continue to look for ways to help those with vision loss in Nebraska, we know that your generosity helps us succeed. That is why we appreciate your support. We also want you to benefit from your gifts. Did you know you can add Outlook Enrichment as a partial, contingent, or full beneficiary to your life insurance or 401(k)? There are many creative ways for you to give to Outlook Enrichment.
Through creative gift planning, you can secure your financial future and ours. We always recommend you meet with an attorney or tax professional specializing in estate planning to help you with these gifts. We can work with your advisors to help you plan for tomorrow and receive maximum benefits today.
Some possible gift benefits are:
- Receive a tax deduction.
- Eliminate long-term capital gains.
- Increase income and effective rate of return.
- Reduce estate and gift taxes.
Let’s explore some of the different options and design a plan to fit your needs.
A current will or trust
A bequest from either a will or living trust allows you to pass any amount you wish to Outlook Enrichment, free of estate tax. You can give cash, specific property or a percentage of your estate, with or without restrictions. Some of the benefits you will receive are:
- Distribution of your assets according to your wishes
- Leaving a legacy without giving up assets today
- Saving on estate taxes with proper planning
- Providing for your family after your death
Your retirement assets
Most retirement plan assets face double taxation – estate and income tax. If you can make other arrangements for your family, you can name Outlook Enrichment as your partial, contingent, or full beneficiary. Assets in these accounts will be passed to Outlook Enrichment without any tax obligation. The value of this gift also qualifies for an estate tax charitable deduction.
Life insurance
You can name Outlook Enrichment as the beneficiary if you have a life insurance policy that you no longer need to support a spouse, partner, or other family members. This lets you retain ownership of the policy. While this approach has no current tax benefits, the policy’s value will be removed from your estate for tax purposes.
You can also make Outlook Enrichment the owner and beneficiary of an existing policy. Instead of just naming us as the beneficiary, you will transfer full ownership of the policy to Outlook Enrichment. In addition to removing the policy’s value from your estate, you will also receive a charitable income tax deduction.
A third option when wondering how to help in Nebraska is to help Outlook Enrichment purchase a new life insurance policy on your life. You will be able to give a substantial future gift to us at a relatively low cost, to you. Outlook Enrichment would be both the policy owner and beneficiary.
Retained life estate
Through a retained life estate, you transfer ownership of your home or farm to Outlook Enrichment while retaining the right to live on the property. You receive an income tax deduction in the year of the gift based on your age and the property’s value. You will also reduce the size of your estate and simplify the estate process for your executors. They will be relieved of any costs, expenses, and delays involved in transferring or selling real property.
Charitable trusts
A charitable trust is a set of assets that a donor signs over or uses to create a charitable foundation. The charity holds and manages the assets. There are several types of charitable trusts. It is best to work with a professional to establish your charitable trust.
As you can see, there are many ways to get creative when giving a gift to Outlook Enrichment if you are wondering how to help in Nebraska. Many of these creative options provide you with tax benefits now and at your death to your estate. Outlook Enrichment will work with your advisors to give you more flexibility when planning your gift. We appreciate all you do for us and welcome you to support us in whichever manner you choose.
