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Sound financial planning may allow you to include charitable giving in your long-range plans without sacrificing your economic security or affecting your wishes in relation to your heirs. With the assistance of your financial planner, tax advisor, and Goodwill's board of directors, your charitable gift to Goodwill may enable you to:
- Increase cash flow from low-yielding investments or other property that has appreciated in value
- Enjoy welcome tax savings
- Add to your retirement income
- Manage your assets for a surviving spouse or other loved ones. We have listed below some possibilities for you to consider.
Charitable Request
With your attorney, you revise your will or add an amendment to make a gift of a dollar amount, specific property, a percentage of your estate, or what is left after your beneficiaries have been taken care of.
Revocable Trust Giving
If you have established a revocable living trust to pass your property to loved ones while minimizing probate costs, you can also provide that at the termination of your trust a portion of the assets in the trust be used for charitable purposes that you designate.
Charitable Lead Trust
This transfers the specified assets to a trust that pays income to a charity for a specified number of years. At the end of the trust, the assets are returned to you or your beneficiaries.
Life Estate Arrangement
This allows you to make a gift of your home to a charitable organization now but retain the security of knowing you may live there as long as you wish. There are also annual tax benefits to this arrangement. You continue to take care of the property, pay the taxes, and receive any income it generates. When you are deceased, the property legally becomes the responsibility of the charity and does not pass through your estate.
Life Insurance Gifts
A simple way to make a significant gift in the future is to name a charitable beneficiary to receive all or a portion of the proceeds of a policy no longer needed for its original purpose. Another way is to purchase a new policy naming the charity as a beneficiary or co-beneficiary.
Please contact Goodwill Industries of Arkansas at 501.372.5100 for more information.
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