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Planned Giving
With planned giving you can provide for a future gift to The Clark James Foundation and potentially realize current benefits. Certain planned giving transactions can serve to increase your current income or provide additional retirement income. In addition, planned giving transactions may generate charitable tax deductions while you receive current recognition of your charitable support.

Bequests
One of the easiest ways to benefit The Clark James Foundation is to include a bequest in your will. The following language may assist you and your attorney:
Percentage of Estate: Allows for flexibility and changes in estate assets over time. "I give, devise, and bequeath to The Clark James Foundation, Inc. _____% of my estate."
Specific Dollar Amount: Allows you to reach a specific gift level. "I give, devise and bequeath to The Clark James Foundation, Inc. the cash amount of $_____."
Specific Property: Identifies specific property or items you wish to give "I give, devise, and bequeath to The Clark James Foundation, Inc. the following property _____located at_____."
Residue of Estate: Whatever is left after other bequests have been granted. "All the residue of my estate, including real and personal property, I give, devise, and bequeath to The Clark James Foundation, Inc."

Life Insurance
Life insurance can be used in several different ways to make a charitable gift to The Clark James Foundation. A paid up life insurance policy may be gifted to The Clark James Foundation and may generate an income tax deduction. Alternatively, The Clark James Foundation may be named as a beneficiary of part, or all, of an existing, or new, life insurance policy.

Retirement Funds
A gift of a qualified retirement plan asset such as a 401(k), 403(b), IRA, Keogh or pension plan is another way to not only benefit The Clark James Foundation, but also serve to reduce any future estate or income taxes. Donors maintain complete control over their retirement funds while living, but upon their demise the balance of the retirement account or a portion thereof, becomes the property of The Clark James Foundation free from both estate and income taxes.

Gift of a Residence or Farm with Retained Right to Use the Property
For some donors, the gift of a personal residence, vacation home, or farm is the perfect solution to meeting today's charitable deduction objectives and arranging a future gift. Through a charitable life estate contract, you deed the property to The Clark James Foundation but retain the right to live in the home or use the farm or property for the remainder of your lifetime, a spouse's lifetime, joint lifetime, or term of years. You continue to be responsible for the maintenance, upkeep, taxes, and insurance.

By making this type of transfer, donors receive an income tax deduction based on their life expectancy (or term of years) and value of the property.

Charitable Split Interest Trusts
Charitable split interest trusts have both charitable (i.e. The Clark James Foundation) and noncharitable (i.e. donor or donor's family) beneficiaries. In addition charitable contribution deductions may be created based on the present value of the ultimate gift to the charity. There are four primary types of split interest trusts.

  • The Charitable Remainder Annuity Trust (CRAT) pays a fixed amount annually to the noncharitable beneficiary regardless of the trust's investment performance, with the remainder going to charity. The annuity amount is established and fixed at the time the trust is funded. This structure permits the donor to transfer appreciated property that when sold by the Trust is not subject to tax allowing greater principal to be invested and in turn an increased annuity to the noncharitable beneficiaries.
  • The Charitable Remainder Unitrust (CRUT) is similar to the CRAT as it is designed to permit payment to noncharitable beneficiaries with the remainder to charity. The key distinction is how the annuity is computed. A CRUT makes a payment based on a fixed percentage of the fair market value of the assets in trust which are revalued each year. As the trust's assets increase, so does the payment to the donor. Of course the opposite is true too.
  • The Charitable Lead Annuity Trust (CLAT) is essentially the reverse of a CRAT. It is an income tax device that enables a taxpayer to reduce the tax burden of an unusually high income year. It allows a donor a current charitable deduction for the value of the annuity given to the charity in trust with the remainder going to noncharitable beneficiaries. The trust is required to be a type of trust that causes the donor to be taxed on the trust income each year so managing the annual income is important.
  • The Charitable Lead Unitrust (CLUT) involves an annual payment to the charity based on a fixed percentage of the annual fair market value of the trust assets instead of a fixed annuity with the CLAT. It also is an income tax device that enables a taxpayer to reduce the tax burden of an unusually high income year. It allows a donor a current charitable deduction for the value of the unitrust interest given to the charity in trust with the remainder going to noncharitable beneficiaries. The CLUT also causes the donor to be taxed on the trust income each year so managing the annual income is important.