Life Stage Gift Planner™
For the charitably inclined, certain types of gifts can provide solutions to taxing problems:
If you would like to make a substantial gift to charity but you do not have the current disposable income or assets to do so now, consider a charitable bequest.
Cash, checks, and credit cards
A gift of cash is easy to make, and the gift is not subject to gift or estate tax. A contribution of cash or by a check that is postmarked in December is deductible for that tax year—even if the Met receives it in January—provided the account against which the check was written had sufficient funds to cover it in December. A contribution by credit card must be made by December 31 in order to be deductible for that tax year.
Gifts of retirement plans at death
Retirement-plan benefits left to heirs are often more highly taxed than other assets. Consider giving them to the Met instead to make a meaningful gift and leave other assets to heirs.
Charitable remainder unitrust
A charitable remainder unitrust provides for annual payments to the designated beneficiary(ies) of a specified percentage—at least 5% of the value of the trust as it is valued each year. Since the value may vary year to year, the payments may also vary.
Charitable remainder annuity trust
A charitable remainder annuity trust provides for payment of a fixed-dollar amount—annually or at more frequent intervals—to the designated beneficiary(ies). The amount must equal at least 5% of the initial fair-market value of the trust.
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This publication was prepared by Pentera Inc., an Indiana business corporation, which is independent of the Met. Pentera is solely responsible for its content, and the Met disclaims all liability. The information is intended to introduce certain concepts, and we caution you not to rely on it for any legal, tax, or other purpose. You should obtain the advice of your own legal and tax advisors before making any gift.
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