Irrevocable Gift Vehicles
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1 2014 Western Regional Planned Giving Conference P R I M E R S E C T I O N I I I : I R R E V O C A B L E P L A N N E D G I F T S C H A R I T A B L E G I F T A N N U I T I E S L I F E I N S U R A N C E C H A R I T A B L E T R U S T S K I M B E R L E Y V A L E N T I N E, C S P G Irrevocable Gift Vehicles C H A R I T A B L E G I F T A N N U I T Y L I F E I N S U R A N C E C H A R I T A B L E R E M A I N D E R T R U S T 1
2 Charitable Gift Annuity V E R Y C O M M O N I R R E V O C A B L E P L A N N E D G I F T E A S Y F O R A D O N O R T O U N D E R S T A N D A N D F U N D A N Y C H A R I T Y C A N O F F E R T H E M, E I T H E R I N D E P E N D E N T L Y * O R T H R O U G H A C O M M U N I T Y F O U N D A T I O N * WITH THE APPROPRIATE LICENSE Types of Gift Annuities to Consider. I M M E D I A T E D E F E R R E D T U I T I O N ( C O M M U T E D P A Y M E N T ) F L E X I B L E D E F E R R E D 2
3 Charitable Gift Annuity CHARITY March 19, 2013 Gift of property Donor Charitable Gift Annuity Rem ainder to CHARITY CHARITY Incom e tax deduction Fixed payments How it works You transfer cash, securities, or other property to CHARITY. You receive an incom e tax deduction and may save capital gains tax. CHARITY pays a fixed amount each year to you or to anyone you name for life. Typically, a portion of these paym ents is tax-free. When the gift annuity ends, its rem aining principal passes to CHARITY. Basic Elements of a CGA Contract Donor and charity Income beneficiary (s) Gift designation and valuation Pertinent annuity information Governing state law AFR election Schedule A 3
4 Deduction & the AFR Deduction comes in two parts Immediate and tax-free income Determined by formula with AFR as the variable 5-year carry forward Gift Tax Implications Gift tax implications depend on: who owns the gifted property whether or not it is appreciated, long-term property, and, who the annuitants are Be aware of gift tax when spouses fund with separate property, or when donor funds an annuity for anyone other than themselves or spouse. 4
5 Gift Tax The Reality The good news about gift tax: The marital exclusion almost always applies for spouses and is unlimited The lifetime exclusion in 2014 is $5,340,000 The annual exclusion in 2014 $14,000 You are probably not an accountant or tax advisor, so you should NOT be calculating gift tax due for your donors Be aware of it and know to advise your multi-millionaire donors who you think have exceeded their lifetime gift tax exclusion to get tax counsel SO, IN REALITY You will probably never have to deal with this! Simple Stats about CGA Prospects and. AGE Average age of annuitants for immediate gift annuities: 79 Average age of annuitants for deferred gift annuities: 64 78% of charities report having a minimum age for annuitants 57% require a minimum age of 60 or older for an immediate annuity 28% require annuitants be 65 or older to begin receiving payments on a deferred annuity, and 26% stated age 60 for the same Source: ACGA Survey of Charitable Gift Annuities,
6 Funding Those Gift Annuities 55.1% of charities require a minimum contribution of $10,000-$25,000, 29.6% require $5,000-$9,999 For subsequent contributions from the same donor for an immediate annuity, 39.3% of charities require a minimum of $10,000-$25,000, and 38.5% require a minimum of $5,000-$9,999 Results were about the same for deferred annuities Average size of gift annuities among charities nationwide is $43,371 Source: ACGA Survey of Charitable Gift Annuities, 2009 Life Insurance E A S Y G I F T T O G I V E, I F C E R T A I N C R I T E R I A A R E M E T M A Y R E Q U I R E A D M I N I S T R A T I V E W O R K F O R T H E C H A R I T Y N E E D T O H A V E G O O D P O L I C I E S A N D P R O C E D U R E S I N P L A C E 6
7 Ownership Issues D O N O R R E T A I N S O W N E R S H I P O F P O L I C Y D O N O R T R A N S F E R S O W N E R S H I P O F P O L I C Y C H A R I T Y O W N S P O L I C Y Donor Retains Ownership of Policy Revocable gift Donor makes charity beneficiary of the policy No administration for charity No current tax advantage for the donor Policy payout is excluded from the estate at death Charity determines how to recognize gift from donor as a revocable gift Insurer can provide the value of the policy at any time 7
8 Donor Transfers Ownership of Policy If Donor gives ownership of policy to charity, it is an irrevocable gift Paid-up policy donated to charity: 1. Wait until insured passes to receive payment, OR, 2. Cash out the policy when donated Gift value is as of the date it is transferred to the charity, donor gets tax deduction for that amount Charity Owns Policy If premiums are still payable: 1. Charity must decide whether to continue to pay premiums out of reserves or cash it out if donor refuses to pay additional premiums Gift value is what policy is worth when it transfers to charity 2. Donor continues to pay premiums and charity holds policy Donor gets deduction for each payment made since it goes to the charity, so gift value is what the policy is worth when transferred to charity PLUS the premium payments as they are made 8
9 Life Insurance Administration If donor is paying the premiums and charity is the owner, Bills are sent to and paid by the Charity Donor reminder for donation to offset premium Include proof of paid premium Donor acknowledgement for donation Full amount is tax deductible Create process to ensure no discontinuity Charitable Trusts C O M P L E X G I F T S R E Q U I R E D O N O R T O H A V E C O M P E T E N T E S T A T E, F I N A N C I A L A N D T A X C O U N S E L R E Q U I R E C H A R I T Y T O H A V E C O M P E T E N T C O U N S E L A N D A S S E T M A N A G E M E N T R E M A I N D E R A N D L E A D T R U S T S 9
10 Acronyms from Hell CRUT CRAT CLUT CLAT NICRUT NIMCRUT FLIP NIMCRUT Charitable Remainder Trusts (cont.) Charitable Remainder Annuity Trusts (CRATs) Similar to CRUTs, but: Pay a set dollar amount each year, regardless of portfolio performance of the trust Cannot add assets to a CRAT These trusts are the ones that run out when paying more than they are earning for a long time Usually not a good idea unless the non-charitable beneficiaries are elderly and want a set income stream in this case, consider a CGA instead 10
11 Charity as Trustee Policies & Procedures To be or not to be trustee that is. As trustee, manage the assets, prepare annual tax returns and make payments to beneficiaries Consider 51% irrevocable remainder interest as trustee Individual employees of charities should NOT act as trustee, conflict of interest Charity Considerations Ask questions: When charity is irrevocable, can book present value of the remainder as a gift and any subsequent additions Must also carry liability on your books Remember, donors don t always use the right language to describe their estate plans, and they don t always recall the exact terms of their documents 11
12 Charitable Lead Trusts Charitable Lead Unitrusts (CLUTs) Charitable Lead Annuity Trusts (CLATs) Asset is put into trust and income generated goes to charities At end of the term, the asset reverts to the donor Good vehicle in a low-afr environment Charitable Trust Summary Find the best advisors: Estate planning attorney Financial advisors You should NEVER draft documents if you are not an attorney If you are an attorney, your organization needs to decide if you are allowed to draft documents To pay or not to pay, that is the question Get help! 12
13 Resources A M E R I C A N C O U N C I L O N G I F T A N N U I T I E S A C G A - W E B. O R G P L A N N E D G I V I N G D E S I G N C E N T E R P G D C. C O M P A R T N E R S H I P F O R P H I L A N T H R O P I C P L A N N I N G O F G R E A T E R L O S A N G E L E S P P P L A. O R G Y O U R S O F T W A R E P R O V I D E R Y O U R A S S E T M A N A G E R Q & A Kimberley Valentine Kimberley.valentine@scrippscollege.edu 13
14 Thank you to our Conference Sponsors!!! 14
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