Gifts are deductible from federal income tax as contributions to a tax-exempt organization under section 501(c)(3) of the Internal Revenue Code. If you are interested in learning more about a plan that fits your immediate needs or more long-range goals, please contact Mike Whalen, Director of College Advancement at (419) 251-1824 or email to michael.whalen@mercycollege.edu.
| What is it? | What are the tax benefits? | What are some other benefits |
| Real Estate Gift | A donation of real property either in full or with a retained life estate | Immediate income tax deduction for the charitable value of the gift, plus no capital gains tax due | Can allow you to live in your home and still receive a charitable deduction |
| Life Insurance Gift | A gift of a new or old policy with a charitable organization named as beneficiary and owner | Immediate income tax deduction for gift's value, plus possible estate tax savings | Provides a way to make a significant gift with little expenditure |
| What is it? | What are the tax benefits? | What are some other benefits |
| Living Trust | A trust you establish to take effect during your lifetime | Possible savings in estate taxes if a charitable organization is the beneficiary of the trust remainder | Terms of trust can be changed at any time |
| Bequest in Will | A gift you make by naming a charitable organization in your will | Estate tax deduction for the value of your bequest to the charitable organization | Gives you flexibility in providing for your family needs first |
| Retirement Plan Gift | A gift made by naming a charitable organization as the beneficiary after your death | Avoids income tax on the plan, in addition to possible estate tax savings | Preserves plan's value and allows you to leave heirs bequests and other assets free of income tax |
| Charitable Remainder Annuity Trust | A trust that pays a set income to you or those you name before a charitable organization receives a remainder | Income tax savings form deduction, no capital gains tax liability, plus possible estate tax savings | Provides fixed annual income for donor or other beneficiary |
| Charitable Remainder Unitrust | A trust that pays a variable income to you or those you name before a charitable organization receives a remainder | Income tax savings from deduction, no capital gains tax liability, possible estate tax savings | Provides annual income that could increase if the trust value increases |
| Charitable Gift Annuity | A contract in which a charitable organization agrees to pay you back a percentage of your gift annually for your lifetime | Immediate income tax deduction for part of the gift's value, with capital gains spread out over your life expectancy | Gives you and/or another beneficiary a set income for life at an attractive rate |
| Charitable Lead Trust | A trust that pays an income to a charitable organization for a period of years before you or your heirs receive the remainder | Gift or estate tax savings for value of payments made to the organization | Allows you to pass assets to heirs intact |
