Ways to Give
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
Gift Options
| 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 |
Planned Giving Ideas
| 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 |
Please note: Mercy College of Northwest Ohio is an educational institution and does not provide tax, legal or financial advice. Any information on this site or shared by our staff is inteded as educational. For such advice, we strongly encourage donors to consult an attorney, tax professional or investment professional.