Ours is an industry where success turns on having insights into both the inner workings of gift planning and the finer points of building and maintaining relationships.
There are so many aspects to being professional, ranging from:
You should be clear with your donors that a gift of bonds during their life is not in their own best interest. However, they may make a very good charitable gift via an estate.
There are complicated tax issues involved with gifting treasury bonds -- namely Income in Respect of the Decedent (
Q: How are treasury bonds valued for gifting purposes?
A: It depends.
What we said at the beginning of this section bears repeating: You should be clear with your donors that a gift of bonds during their life is not in their own best interest. However, they may make a very good charitable gift via an estate.
If they want to explore this avenue, donors need professional support and advice to make certain they're not in danger of triggering taxes.
Anyone who has earned income is eligible to start and contribute to a retirement fund. Donors who mention having significant amounts of money in their retirement funds are likely people who began saving early in life because time is such a key factor in accumulating wealth (think Rule of 72).
As there are maximum amounts allowed to be contributed to these funds, those with large funds may well have other assets that can be a great source for charitable gifts.
IT'S ALL ABOUT TAXES.
This holds true whether you're trying to put away Al Capone or trying to find the best way to make a gift of your assets.
From a tax perspective, gifted retirement funds are interesting for the dramatic difference made by whether the donor is alive or dead:
Virtually any retirement fund that's held in a mutual fund, single
One common misconception is that only rarely will a life insurance policy make a gift that's beneficial to both you and the donor. In fact, there are three different scenarios in which a permanent policy can make an advantageous gift to your organization:
In order for a donor to receive a charitable deduction for the gift of a life insurance policy, a number of terms must be met.