Ways to Give
Gifts of Cash
Cardinal Ritter receives a large portion of gifts in the form of cash simply because it’s the easiest way to give. Cash gifts are fully deductible within the tax year of which they are given unless the total amount of the gift exceeds 50% of your adjusted income. However, the excess can be carried forward for up to five years and used as a deduction within those years.
Gifts of Property
Almost any type of property has the potential to be a suitable charitable gift. This includes securities, art objects, real estate and other types of personal property. If you own property on which the value has appreciated so that it generates long-term capital gain if sold, you are generally better off donating the property rather than selling it and donating the proceeds. Consult your attorney or tax advisor to find out what is best for your situation.
Life Income Plans
A donor may wish to make a significant gift during his/her lifetime, but may find it necessary to utilize income from those same assets. With this situation, a life income gift may be the answer.
The basis of this type of gift is that you make an irrevocable contribution of cash or other assets to the trust. We will act as a trustee for these assets which will allow us to invest the assets and pay you an income for the remainder of your life and the life of your spouse or other beneficiary. At the end of these “life interests” the remaining principal will be passed on to the Trust.
The most common type of planned gift is a bequest, which is a provision in your will for a gift to Cardinal Ritter High School. A charitable bequest is fully deductible from your estate and can significantly reduce estate taxes on the balance of your estate. Your bequest can take the form of a specific bequest, cash or securities, real estate or other property. It can also take the form of a percentage bequest, wherein your gift is a stated percentage of your total estate.
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