Gifts That Pay You Income


Gifts That Pay You Income

You can receive income for life while creating your legacy of small business success with The SCORE Foundation. A charitable remainder trust (CRT) enables you to preserve or improve (or your beneficiary’s) financial security. If you’re considering a charitable remainder trust, we recommend that you consult with your financial advisor.

nothing-now

Charitable Remainder Unitrust:

You can receive income for life and reduce your taxes while supporting The SCORE Foundation by transferring cash or assets to fund the trust. Not only does this pay income to you or your beneficiaries for life, but you also receive an income tax deduction the year you transfer assets to the trust. The remaining portion of the trust, after all payments have been made, goes to The SCORE Foundation.

Benefits:

  • Receive income for life for you or your heirs.
  • Avoid capital gains tax on the sale of appreciated assets.
  • Receive an immediate charitable income tax deduction for the charitable portion of the trust.
  • Create your lasting legacy with The SCORE Foundation.

Charitable Remainder Annuity Trust:

This trust ensures dependable, fixed payments for you or your beneficiaries that you can count on instead of risking your investment in the fluctuating stock market.

Benefits:

  • Receive fixed income for life.
  • Avoid capital gains tax on the sale of appreciated assets.
  • Receive an immediate charitable income tax deduction for the charitable remainder portion of your gift to The SCORE Foundation.

Sale and Unitrust:

If you have appreciated assets, such as stocks, bonds, or real estate, that are producing little or no income, consider the sale and unitrust. You can receive income while avoiding capital gains tax by creating a charitable remainder unitrust and transferring a portion of your assets to the trust. Once the assets are sold and you receive cash from the sale, the rest of the proceeds are paid to the trust, which will supplement income for life. You’ll also receive a charitable tax deduction the year you set up the trust that can offset your tax on the cash proceeds you received from the sale.

Benefits:

  • Receive cash from the sale of your assets.
  • Receive income for life.
  • Reduce your income taxes in the year you set up the sale and unitrust.
  • Create your lasting legacy with The SCORE Foundation.

Give It Twice Trust:

You can use this trust to pay income first to your family and then give the balance to The SCORE Foundation. With our help, and your attorney, we’ll create a charitable remainder trust. Then you’ll complete an IRA (or other retirement account beneficiary designation form) naming the charitable trust as the beneficiary and give it to the account custodian, who will transfer your retirement account to the trust after your lifetime. Your beneficiaries receive income for life and the remaining balance of the trust benefits The SCORE Foundation.

Benefits:

  • Receive income for your spouse or children from the full value of your unused retirement account.
  • Receive an estate tax deduction and savings from the charitable gift.
  • Create your lasting legacy with The SCORE Foundation.

Please contact Resa Kierstein, Vice President of Business Development, SCORE Foundation, at resa.kierstein@score.org or 703-487-3661 if you have any questions.

Then, consult with your tax advisor and lawyer to determine which planned gift strategy is best
for you.