There are Many Ways to Give to the Lord’s Work Here at CBT
For more than 70 years, God’s people have been faithful to support the ministries of Canton Baptist Temple. There are many ways to give to CBT here are some examples:
CASH – A gift of cash, usually in the form of a check, money order, electronic funds transfer, or credit card transaction, is the most popular type of gift. Generally, cash gifts are deductible up to 50% of your adjusted gross income. Any excess over 50% can be carried forward for up to five additional years on your tax return.
The date of a cash gift is considered the date it is hand-delivered or the date the check in mailed. The date of a gift made by credit card or electronic fund transfer is the date of transaction.
SECURITIES – Such gifts include stocks, mutual fund shares, bonds, and bond coupons. When you give your appreciated property owned for more than 12 months, you not only receive a deduction for the full fair market value of the asset in the year of the gift, but can also avoid the capital gains due on the profit of the securities.
In the case of closely-held shares of private or family businesses, should their value exceed $5,000 you will need a qualified appraisal to confirm value.
Please contact us to discuss a potential gift of appreciated securities. We can discuss with you the most appropriate method of transfer, the tax implications of your gift, the most appropriate timing, and how you wish its proceeds used.
REAL ESTATE – Whether commercial or residential, a gift of real estate can provide numerous advantages to its owner. The tax benefits are virtually identical as gifts of appreciated securities. You avoid capital gains, as well as receive an income tax deduction for the full fair market value of the property.
Some real estate can be transferred by deed with no liability for income or estate taxes on the appreciation.
Please contact us to discuss a potential gift of real estate. We can discuss with you the tax implications of your gift, the most appropriate method of transfer, the most appropriate timing, the appraisal of such a gift, and how you wish its proceeds used.
PERSONAL PROPERTY AND OTHER ASSETS – Such gifts might include rare books, artwork, gems, collections of value, antiques, equipment and personal property of value. Even patents and copyrights can be given. Gifts of less than $5,000 can be gifted and its value determined by the owner. You will be liable for its value if claimed as an income tax deduction. If the value of the prospective gift is $5,000 or more, an independent appraisal must be done, in some cases by both the donor and the receiving organization.
Please contact us to discuss a gift of personal property. We can discuss the specific asset, its perceived or declared value, opportunities for disposal, the most appropriate method of transfer and timing, and how you wish the asset or its proceeds used.
ESTATE GIFTS – Include Canton Baptist Temple in Your Estate Plans – Many people would like to feel that they have made a lasting contribution toward a better world, that their lives have touched others—perhaps for generations to come. Making gifts through your estate plans is an exceptional way to make a difference because you can support Canton Baptist Temple and maintain your family’s financial security.
You can support the ministry of CBT by naming us a beneficiary in your Will or Living Trust.
We are grateful for those who have elevated the Lord’s Work here at CBT to “family status” as an heir in their estate plans.
LIFE INSURANCE – Life insurance needs change as life progresses. Children become self-sufficient, and investments may provide unexpected income and security. As a result, you may not need all your life insurance coverage for the reasons you initially purchased it. In addition, because federal law now exempts many estates from taxation, life insurance purchased to cover estate taxes may be “obsolete.”
One of the simplest ways to make a significant gift in the future is to name Canton Baptist Temple to receive all or a portion of the proceeds of a policy no longer needed for its original purpose.
Another way to make a gift of insurance is to purchase a new policy, naming Canton Baptist Temple as beneficiary, co-beneficiary, or owner. If CBT is the owner, you can claim a tax deduction for the premiums you pay in the future. In this way, you can ensure a gift that may ultimately be much larger than its cost.
You should seek professional assistance to determine the best use for your life insurance policies and the best method to make distributions to your heirs.
RETIREMENT PLANS – If you are planning to leave an asset to Canton Baptist temple after you die, a tax deferred savings plan, such as an IRA (Individual Retirement Account) or a 401(k), is an excellent choice. Unlike your family, Canton Baptist Temple will pay no income taxes when it receives the money. Naming CBT as beneficiary of your IRA or 401(k) will remove the asset from your taxable estate when you die, reducing or eliminating the amount your family may have to pay in estate taxes.
The Treasury Department has just issued new IRA distribution rules that make it easier for you to leave all or part of an IRA to Canton Baptist Temple or to a charitable trust for the benefit of your heirs. The new rules have been simplified and tend to reduce the amount of the minimum distribution required at age 70 leaving more in the IRA account for eventual gifts to family and charity.
You should seek professional assistance to determine the best use for your IRA and the best method to make distributions to your heirs.
REVOCABLE LIVING TRUST – At first glance, a revocable living trust document would look very much like a will. It is a legal agreement that specifies the distribution of your property when you die. However, there is one very important difference between a will and a living trust. When you establish a living trust, you must actually transfer ownership of your titled assets into the trust. Technically, you no longer own assets. The living trust owns the assets, but you control the trust. You are free to change the trust provisions, add or remove assets, or even cancel the entire trust arrangement during your lifetime.
Through a “pour over will,” you can transfer assets that do not have a legal title to the trustee for inclusion in your living trust and distribute the assets according to the trust terms. Assets placed into your trust in this manner will be subject to the probate process.
At your death, the trustee will distribute the assets from the trust, according to your wishes, outside of the probate process. If you become incapacitated, your successor trustee can act on your behalf and manage the assets and provisions of your living trust without the court-ordered appointment of a conservator.
You can also use your living trust to make charitable gifts or establish charitable trusts at your death. This is an effective way to provide income for your heirs, make a substantial gift to Canton Baptist Temple, and reduce or eliminate taxes on the value of your estate.
A revocable living trust can be a simple, yet effective document. We recommend you have it drafted by a professional. You should discuss your wishes with your attorney to select the best course of action for putting your plans into motion.
WILLS – In addition to being one of the simplest ways to distribute your estate, your will can also be a creative vehicle through which to make thoughtful gifts. After providing for the needs of loved ones, you may choose one of several ways to benefit your favorite charities, including Canton Baptist Temple.
By having your attorney revise your will or add a simple amendment, you can make a gift of a dollar amount, a specific property, a percentage of your estate, or what is left after your loved ones have been take care of. You may also wish to name one or more charitable recipients in case one or more heirs do not survive you. You can specify in your will how Canton Baptist Temple should use your estate gift.
Your will can be a simple, yet effective document. We recommend that you have it drafted by a professional. You should discuss your wishes with your attorney to select the best course of action for putting your plans into motion.
Please let us know if we may assist you in your decision of giving to Canton Baptist Temple.