NCU News

12 Days of Christmas…for NCU

 

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In this time of giving and as we near the completion of 2013, many individuals are looking for ways to minimize their taxes and maximize their gifts? Here’s a list of 12 ways you can consider supporting NCU through charitable giving.

1. CASH
A simple and common way to make a gift. Donations of cash are deductible if you itemize in the year of contribution. To make an online gift before year-end, visit Donate Now.

2. BEQUESTS
Leave NCU a percentage of your estate. Or, make a bequest of money or a particular property to NCU.

3. SECURITIES
Give stocks that have increased greatly in value, particularly those producing a low yield. If you have owned them longer than one year, you will pay no capital gains tax on the transaction, and you can deduct the full fair market value.

4. BANK ACCOUNT CDs
Name NCU as the “payable-on-death beneficiary” of your bank accounts or on certificates of deposit. You own the assets for your lifetime and have them available for your use. Upon your death, the assets pass directly to NCU without going through probate.

5. RETIREMENT PLAN ASSETS
Your most efficient estate planning option may be leaving all or a portion of your retirement plan to NCU, because tax laws often subject these assets to income and taxes upon death. Many techniques can be used to avoid income taxes. At the same time, you can pass more tax-favored assets to your family.

6. CHARITABLE GIFT ANNUITY
This is a simple contract between you and NCU that pays you a fixed dollar amount for your lifetime. The older you are, the higher your annuity rate. If you use appreciated property to fund the gift annuity, you will escape the capital gains tax on the gift portion of the transaction. Plus, you are able to spread the remaining capital gains tax over your lifetime. You also receive a partial income tax deduction.

7. CHARITABLE REMAINDER TRUST
A charitable remainder trust pays a fixed or variable income to the donor. The payments are made either for life or a period of time no to exceed 20 years. At the end of the trust’s term, the balance in the trust supports our mission. You’ll also receive a partial income tax deduction.

8. CHARITABLE LEAD TRUST
This type of charitable trust pays income to one or more charitable organizations, typically for a period of years, after which the remaining trust assets pass to family members.

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