Life Stage Gift Planner™
For the charitably inclined, certain types of gifts can provide solutions to taxing problems:
Over Age 70
If you would like to make a substantial gift for the Met 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 annuity trust
A charitable remainder annuity 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.
Real estate—retained life estate
Give property to the Met while retaining the right to occupy the residence or operate the farm.
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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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