Estate Gifts

There are many worthy charitable organizations and institutions that are in need of financial support. That’s why Manhattan College is especially thankful for your gifts and wants to acknowledge your special generosity.

In addition to saying thank you, we would like to share information that can help assure the maximum effectiveness from your gifts. By spending a few minutes carefully considering the form and timing of your giving, you may find that you can have an even greater impact now and in the lives of future generations of students.

Questions to Ask Today:

Are you receiving all available tax savings from your charitable gifts?

Properly timed gifts of cash and other appropriate property can result in significant reductions in your federal income taxes. For example, gifts of publicly traded securities and certain other assets that have increased in value since you have owned them can be given while providing relief from capital gains tax.

Do you know how recent income tax law changes may affect your charitable giving?

Provisions in 2001 and 2003 federal tax legislation made sweeping changes designed to result in millions of taxpayers having more income to save, spend or give. We will be happy to supply you with an additional information about the impact of this legislation.

Have you recently reviewed your long-range financial and estate plans?

Your will, living trust, retirement plans and other gift and estate planning vehicles can provide additional opportunities for you to support Manhattan College and other charitable interests. Charitable gifts included in estate plans can result in significant tax savings as well. Tax law changes in effect as of Jan. 1, 2004 mean the elimination of federal estate tax liability for many Americans. This could make more assets available for loved ones and your charitable interests.

Considering the Future

Your generosity helps assure continued excellence. If you would be interested in making a gift with ongoing impact, consider:

• A gift through your will or living trust is a convenient way to establish a lasting legacy.
• A gift of retirement assets, such as pension plans or Individual Retirement Accounts (IRAs), may allow you to give more than you thought possible while eliminating taxes that may otherwise largely consume these assets. Recent and proposed tax legislation would make such gifts even more attractive.
• Gifts of life insurance policies or proceeds that you and/or your loved ones no longer need may offer excellent tax benefits. Life insurance can also be used to ‘replace’ assets given away, thereby providing for loved ones in addition to your charitable interests.
• A gift that features reliable lifetime payments, such as gift annuity or charitable remainder trust, can be another way to give while maintaining financial security.

Tax Planning Ideas

• Charitable gifts are generally deductible in amounts up to 50% of adjusted gross income (AGI) for gifts of cash and 30% of AGI for gifts of appreciated property.
• When appreciated securities are donated you are entitled to a deduction for full value, not just the original cost. This results in a tax deduction based on ‘paper profits’ you have not yet realized. If securities have decreased in value, consider selling then, thereby creating a loss for tax purpose, and making deductible gifts of the cash proceeds.
• Consider making larger gifts in years when you have more income and will be in a higher tax bracket. The higher your tax bracket, the greater the savings from your gifts.

To plan for an estate gift, please contact Mary Ellen Malone at 718-862-7976 or mary.malone@manhattan.edu.