The many ways you can give to CFGC are almost as unique and varied as the many groups and organizations we support in Greater Chattanooga. The following options are designed to make the act of giving uncomplicated and rewarding.
Outright Gifts allow you to transfer cash or property to CFGC and receive tax deductions for them. Gifts of appreciated property avoid any capital gains tax. Outright gifts can include cash, publicly or closely traded securities, tangible personal property, real estate, insurance and retirement assets.
Gifts by Will are a simple, effective way to ensure that you are always working towards building a greater Chattanooga. This type of gift can be stated outright in your will or you can incorporate a clause that states whatever remains of your estate goes to a specific charity or fund. Some gifts by will are provided on a contingent basis: that means the funds are transferred when an heir or the charity meets certain requirements as explained in the will.
Gifts of Retirement Plan Assets (IRA’s, 401K’s, 403B’s) allow you to designate undistributed assets in qualified retirement plans to charity. By giving them to CFGC, you can relieve your heirs of any future income tax burden.
Remainder Trust Gifts are gifts that give back. You can establish an irrevocable cash or property gift, but you or selected beneficiaries will continue to receive the annual income from the trust. When the trust is terminated, the remainder of the assets will pass to CFGC. Remainder Trust Gifts allow you an income tax deduction equal to the amount of interest left in the trust after all expenses are paid.
Interest Income Gifts or Charitable Lead Trusts could be called “gifts you get back.” You can give the income from the assets in the trust for a designated period of years and still retain the principal for yourself, your heirs or a third party. When the trust is terminated, the principal is yours. Many donors use Charitable Lead Trusts as a “tax-smart” method of passing assets to their heirs.
Insurance Gifts allow you to use insurance proceeds to fund a charitable giving program. A policy given outright provides you with a charitable deduction equal to the cash surrender value of the policy. Donor-paid premiums are also tax deductible. And CFGC can be named as a contingent beneficiary under an insurance policy.