Estate Planning Essentials
- Legal Name: Trout Unlimited, Inc.
- Employer Identification Number (EIN): 38-1612715
- National Address: Trout Unlimited, 1777 N. Kent St., Suite 100, Arlington, VA 22209
There are many ways and outcomes for using life insurance policies as charitable gifts, the most common of which is to name Trout Unlimited as a beneficiary. It’s simple, and individuals usually do this when their family is grown and taken care of, because the original purpose of the policy is no longer as significant. Request and sign the beneficiary paperwork, and keep a copy with your valuable papers.
TU supporters interested in tax deductions have made an absolute assignment (gift)of a life insurance policy, or donated a new life insurance policy. Both options allow for a current income tax deduction.
To learn more, consult your tax advisor and contact us at firstname.lastname@example.org, or (703) 284-9421.
Gifts of real estate
There are many advantages to gifting real estate that supports Trout Unlimited and saves you taxes.
When you make an outright giftof real estate you have owned longer than one year, you qualify for a federal income tax charitable deduction equal to the property’s full fair market value. This deduction lets you reduce the cost of making the gift and frees cash that otherwise would have been used to pay taxes. By donating the property to us, you also eliminate capital gains tax on its appreciation.
Fund a charitable remainder unitrust. You can contribute any type of appreciated real estate you’ve owned for more than one year, provided it’s unmortgaged, in exchange for an income stream for life or a term of up to 20-years.
Appreciated real estate can also be transferred to your family tax-free with a charitable lead trust.
Retained life estate
You can give Trout Unlimited your home and continue living there for the rest of your life. A retained life estate gift has similar tax advantages that a charitable gift of real estate would offer, but with the advantage of being able to live in your personal residence. The property doesn’t have to be your primary residence (such as a vacation home or condominium). You’ll still pay property taxes, maintenance costs and insurance, but will receive numerous tax benefits.
Charitable lead trust
With a charitable lead trust, you can pass assets to your family with significant estate tax savings while making a gift to Trout Unlimited. After TU receives income from assets in the trust for a period of years, the principle goes to your selected loved ones, with estate or gift taxes usually reduced or even eliminated.
The lead trust is an exceptional way to transfer property to your children or other heirs at minimal tax cost. It is ideal if you are willing to forgo investment income on an asset but do not want to have estate taxes reduce the principal passed to heirs.