A way to pay it forward.
Like many other nonprofit organizations, Imagine the Possibilities relies on gifts from the public to supplement the lack of funding available for our services. Because of this, we realize that the generosity of those who assist us will make all the difference in our success. That is why we seek your support!
What are planned gifts?
Planned gifts include gifts through your will, charitable gift annuities, gifts of life insurance, charitable trusts, and gifts of retirement plans.
Supporters make charitable gifts by naming Imagine the Possibilities as a beneficiary in their wills.
Life Income Gifts
You irrevocably transfer some assets to Imagine the Possibilities now, and in return you (and a survivor, if you wish) receive income for life.
Gift of Life Insurance
Some of our supporters no longer need their life insurance that was purchased years ago to provide for children or other family members, and donate their policy to Imagine the Possibilities.
Individuals with very large estates can use a charitable lead trust to benefit Imagine the Possibilities and pass the principle to family members with little or no tax penalty.
Gift of Retirement Plans
Your IRA assets may be transferred to a charitable remainder trust; the trust provides life income to the beneficiary, and then an eventual gift to Imagine the Possibilities.
What are the benefits of planned giving?
Although many people make donations out of a genuine desire to give, tax benefits play an important role. The tax benefits often make it financially feasible for the donor to make a gift.
Charitable remainder trusts and gift annuities, for example, provide the donor with a lifetime income while ultimately benefiting the charity. Furthermore, as exemplified by the gifting of appreciated property, the tax savings benefit the charity as well.
Efficient Use of Money
Planned giving makes use of techniques that maximize the dollar amount that ultimately benefits the charity. For example, the gifting of stock avoids the donor’s payment of capital gains taxes, thus leaves more to the charity. However, sometimes it’s not possible to gift stock directly to smaller charities, so the donor must employ other charitable vehicles to accomplish such a gift. It may make more sense to give during one’s lifetime instead of waiting until death. On the other hand, you might be able to leave more to a charity over the long run by deciding on a five percent payout rate from a charitable remainder unitrust rather than a ten percent payout rate.
Provide a Legacy
Some donors wish to leave an ongoing philanthropic legacy, something that generally cannot be done with standard checkbook giving.
At Imagine the Possibilities, we know making decisions about your giving is one of the most important decisions you’ll make. That’s why, with your legal and tax advisers, we can help you create a plan that suits you and your future plans.
If you are interested in making a donation or giving a gift of planned giving, please contact Megan Simmons, Chief Financial Officer.