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Planned Giving: Demystified Opera Conference 2011 Boston, MA Delivered by Tony Martignetti, Esq. Martignetti Planned Giving Advisors, LLC May 7, 2011
Where We’re Headed •  What is Planned Giving •  How is Planned Giving done •  Continuing Ed.
What is Planned Giving A method of charitable giving that involves the donor’s consideration of their retirement plan and family estate plan, and  Usually (not always) accrues cash to a non-profit at the donor’s death
How is Planned Giving Done •  Revocable gifts (your donor can take it back) -- very valuable to your program Charitable bequests Beneficiary designations
Charitable Bequests •  Open to property or cash •  Popular, in fact, most popular •  Except, unlikely you’ll be told •  Residual estates hold a lot of wealth •  A deduction for estate? •  Comfortable, it’s an easy gift to make •  Oh, beautiful for modest income members •  No lifetime cost •  Fine place to start your Planned Giving program
Beneficiary Designations •  Life Insurance •  Retirement plans IRA, 401(k), 403(b), Small Employer Pension (SEP), SIMPLE IRA •  Commercial annuities •  Bank and brokerage accounts •  Any asset with a beneficiary designation •  Another good place to start your Planned Giving
Where We Are √  What is Planned Giving √  How is Planned Giving done √  Revocable gifts   Irrevocable gifts pay life income
Irrevocable Gifts That Pay Life Income Donor donor’s death Company lifetime income cash, stock, real estate (?)  planned gift
The Life Income Gifts (a/k/a love those acronyms) •  Charitable Remainder Trust (CRT) Fixed income--Charitable Remainder Annuity  Trust (CRAT) Variable income--Charitable Remainder Unitrust  (CRUT) •  Charitable Gift Annuity (CGA)
Charitable Remainder Annuity Trust •  Fixed income for life to donor or any “income beneficiaries” --husband and wife is typical •  Based on a fixed percentage of trust assets valued once, at the beginning -- must pay at least 5% •  Charitable income tax deduction •  No additional contributions to trust •  At death of income beneficiaries, remainder is a gift to company (& other nonprofits?) & trust closes •  Can also be for set number of years rather than lifetime
Charitable Remainder Unitrust •  Variable income for life to donor or any “income beneficiaries” --husband and wife is typical •  Based on a fixed percentage of trust assets  revalued  every year -- must pay at least 5% •  Charitable income tax deduction  •  Additional contributions allowed •  At death of income beneficiaries, remainder is a gift to company (and other non-profits) & trust closes •  Can also be for set number of years rather than lifetime
Charitable Gift Annuity •  Fixed income for life to donor and another, or any 2 “annuitants” --husband and wife is typical •  Based on a fixed percentage of initial gift •  Charitable income tax deduction •  At death of annuitants, remainder is a gift to company only •  Deferred Charitable Gift Annuity: income starts in future •  Substantial web of state regulation in CA, NJ, NY, others
Where We Are √  What is Planned Giving √  How is Planned Giving done √  Revocable gifts   Irrevocable gifts √  pay life income don’t pay life income
Irrevocable Gifts That Don’t Pay Life Income •  Charitable Lead Trust (CLT) •  Retained Life Estate •  Charitable IRA rollover
Charitable Lead Trust Heirs income for period of years or life Company close of trust cash, stock, real estate from Donor Lead Trust
Retained Life Estate •  By deed to company, at death •  Oh! Report upfront, immediate deduction  •  Surrendering “remainder interest”  •  Taking “life interest”  •   OK, donor pays taxes, maintenance,  insurance, repairs •  Not just primary residence
Charitable Lead Trusts fixed or variable income Charitable Lead Annuity Trust (CLAT) •   Donor cannot add to it •  Fixed rate (percentage) for income to company •  Fixed  dollar amount of income each year Charitable Lead Unitrust (CLUT) •  Donor can add freely  •  Fixed rate (percentage)   for income to company •  Variable  dollar amount of income each year due to annual revaluation
Charitable IRA Rollover •  This year only  •  Donors over 70 1/2 •  Up to $100,000/person, multiple charities --Double for couples •  Really, it’s a “qualified charitable distribution” •  Refer donor to IRA custodian for form •  I have 2 extensive blog posts: http://www.mpgadv.com
Where We Are √  What is Planned Giving √  How is Planned Giving done √  Revocable gifts √    Irrevocable gifts √  pay life income √  don’t pay life income •  Continuing Ed.
Continuing Ed. •  Tony Martignetti Nonprofit Radio,   The Martignetti Report , blog, LinkedIn, Twitter, Facebook -http://www.mpgadv.com or scan:  -slides are there now: “Opera” post •  American Council on Gift Annuities (acga-web.org)  •  Book:  Planned Giving Simplified , Robert Sharpe, Sr., published by Wiley

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Opera Conference 2011

  • 1. Planned Giving: Demystified Opera Conference 2011 Boston, MA Delivered by Tony Martignetti, Esq. Martignetti Planned Giving Advisors, LLC May 7, 2011
  • 2. Where We’re Headed • What is Planned Giving • How is Planned Giving done • Continuing Ed.
  • 3. What is Planned Giving A method of charitable giving that involves the donor’s consideration of their retirement plan and family estate plan, and Usually (not always) accrues cash to a non-profit at the donor’s death
  • 4. How is Planned Giving Done • Revocable gifts (your donor can take it back) -- very valuable to your program Charitable bequests Beneficiary designations
  • 5. Charitable Bequests • Open to property or cash • Popular, in fact, most popular • Except, unlikely you’ll be told • Residual estates hold a lot of wealth • A deduction for estate? • Comfortable, it’s an easy gift to make • Oh, beautiful for modest income members • No lifetime cost • Fine place to start your Planned Giving program
  • 6. Beneficiary Designations • Life Insurance • Retirement plans IRA, 401(k), 403(b), Small Employer Pension (SEP), SIMPLE IRA • Commercial annuities • Bank and brokerage accounts • Any asset with a beneficiary designation • Another good place to start your Planned Giving
  • 7. Where We Are √ What is Planned Giving √ How is Planned Giving done √ Revocable gifts Irrevocable gifts pay life income
  • 8. Irrevocable Gifts That Pay Life Income Donor donor’s death Company lifetime income cash, stock, real estate (?) planned gift
  • 9. The Life Income Gifts (a/k/a love those acronyms) • Charitable Remainder Trust (CRT) Fixed income--Charitable Remainder Annuity Trust (CRAT) Variable income--Charitable Remainder Unitrust (CRUT) • Charitable Gift Annuity (CGA)
  • 10. Charitable Remainder Annuity Trust • Fixed income for life to donor or any “income beneficiaries” --husband and wife is typical • Based on a fixed percentage of trust assets valued once, at the beginning -- must pay at least 5% • Charitable income tax deduction • No additional contributions to trust • At death of income beneficiaries, remainder is a gift to company (& other nonprofits?) & trust closes • Can also be for set number of years rather than lifetime
  • 11. Charitable Remainder Unitrust • Variable income for life to donor or any “income beneficiaries” --husband and wife is typical • Based on a fixed percentage of trust assets revalued every year -- must pay at least 5% • Charitable income tax deduction • Additional contributions allowed • At death of income beneficiaries, remainder is a gift to company (and other non-profits) & trust closes • Can also be for set number of years rather than lifetime
  • 12. Charitable Gift Annuity • Fixed income for life to donor and another, or any 2 “annuitants” --husband and wife is typical • Based on a fixed percentage of initial gift • Charitable income tax deduction • At death of annuitants, remainder is a gift to company only • Deferred Charitable Gift Annuity: income starts in future • Substantial web of state regulation in CA, NJ, NY, others
  • 13. Where We Are √ What is Planned Giving √ How is Planned Giving done √ Revocable gifts Irrevocable gifts √ pay life income don’t pay life income
  • 14. Irrevocable Gifts That Don’t Pay Life Income • Charitable Lead Trust (CLT) • Retained Life Estate • Charitable IRA rollover
  • 15. Charitable Lead Trust Heirs income for period of years or life Company close of trust cash, stock, real estate from Donor Lead Trust
  • 16. Retained Life Estate • By deed to company, at death • Oh! Report upfront, immediate deduction • Surrendering “remainder interest” • Taking “life interest” • OK, donor pays taxes, maintenance, insurance, repairs • Not just primary residence
  • 17. Charitable Lead Trusts fixed or variable income Charitable Lead Annuity Trust (CLAT) • Donor cannot add to it • Fixed rate (percentage) for income to company • Fixed dollar amount of income each year Charitable Lead Unitrust (CLUT) • Donor can add freely • Fixed rate (percentage) for income to company • Variable dollar amount of income each year due to annual revaluation
  • 18. Charitable IRA Rollover • This year only • Donors over 70 1/2 • Up to $100,000/person, multiple charities --Double for couples • Really, it’s a “qualified charitable distribution” • Refer donor to IRA custodian for form • I have 2 extensive blog posts: http://www.mpgadv.com
  • 19. Where We Are √ What is Planned Giving √ How is Planned Giving done √ Revocable gifts √ Irrevocable gifts √ pay life income √ don’t pay life income • Continuing Ed.
  • 20. Continuing Ed. • Tony Martignetti Nonprofit Radio, The Martignetti Report , blog, LinkedIn, Twitter, Facebook -http://www.mpgadv.com or scan: -slides are there now: “Opera” post • American Council on Gift Annuities (acga-web.org) • Book: Planned Giving Simplified , Robert Sharpe, Sr., published by Wiley