By making a planned gift, you can make a significant gift to the Chios Societies in order to support and assist our efforts in addressing some of our times most pressing issues. Through philanthropy, social and civil awareness and the education of tomorrow’s young Hellenic leaders and gain financial and tax benefits for you and your family.
There are several types of gifts that first pay income to you and your family and then help the Chios Society. These also can enable you to dispose of illiquid assets in exchange for income and tax benefits.
Income for Life
You can make a gift to Chios Societies through a trust or annuity that will pay you and/or another beneficiary annual income for life. At the death of the last income beneficiary, the remaining principal is transferred to Chios Societies. Gifts for Chios Societies’s general charitable purposes are most helpful in giving the Societies’ leaders the flexibility to apply the funds where needed most. However, it also is possible to designate your gift for a particular purpose.
How A Life Income Plan Works
- Donor transfers an asset to a life income plan.
- Donor/beneficiary receives annual income.
- When the plan terminates, the remainder principal passes to the Chios Society
- Savings on income, capital gain, gift, and/or estate taxes
- The ability to convert low- or non-income producing assets into a gift with an attractive income stream
If you need assistance and are seeking professional management and investment diversification feel free to contact us to assist you with sample language at ChiosCleveland@gmail.com.
Tax-Free IRA Rollover Extended Through December 2014
The Tax Increase Prevention Act of 2014, passed by congress on December, 16, and signed into law by President Obama on December 19, revives the opportunity for qualified donors to make outright gifts of up to $100,000 to the Chios Society from their IRA. Such transfers avoid tax on the distribution to the Chios Society and count towards the donor’s required minimum distribution (RMD) if made by December 31, 2014.
Giving Appreciated Securities is Now More Advantageous
A gift to the Chios Society of appreciated stock held for more than one year may provide you with significant benefits, including:
- An income tax deduction for the fair market value of stock (top federal rate 39.6%)
- The elimination of capital gains taxes due if the stock were sold instead (top federal rate 23.8%)
Increased Gift and Estate Tax Exemption
The Federal gift and estate tax exemption has increased to $5.34 million (per individual) and $10.68 million (per married couple). In addition, each individual has a $5.34 million generation-skipping tax exemption.