Greene County
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Supporting educational efforts by
MU Extension in Greene County, Missouri.
Giving Form | Online Giving | Ways to Give | Legacy Society
There are several ways one can support the important work of the University of Missouri Extension in Greene County. Some options may enable you to make a larger gift than you thought possible while also providing attractive tax-benefits for yourself and your family. Some charitable gift arrangements may involve a number of tax and estate planning issues. To discuss different planning options, please contact Dr. Tim Siebert at our Greene County Office by telephoning (417) 862-9284.
How Can I Give?
Current Gifts
Cash
Cash represents the most popular way to help those we serve in Greene County and the easiest way to obtain tax deductions. When you itemize your tax return, your cash gifts to the University of Missouri Extension Greene County Office are fully tax deductible up to 50 percent of your adjusted gross income during the calendar year. A five-year carry forward provision may also be used for cash contributions that exceed 50 percent of your adjusted gross income.
Stock and Other Securities
Many people find it advantageous to contribute appreciated stock, mutual funds, or other securities to the University of Missouri Extension Greene County Office. By gifting appreciated securities that you have held for more than one year, you may receive an income tax deduction for the full fair market value of the securities, and by-pass capital gains taxes that you would otherwise have to pay. In some cases, gifts of appreciated securities also reduce estate taxes. Your gift of appreciated securities may be tax deductible up to 30 percent of your adjusted gross income with a five-year carry over for any excess.
Real Estate
A gift of appreciated real estate can be a wonderful way to support the excellent work of the University of Missouri Extension in Greene County. The full fair market value of real estate donations may be tax deductible for income tax purposes up to 30 percent of your adjusted gross income, with a five-year carry forward provision. Generally, capital gains taxes are eliminated, and in some cases, estate taxes are reduced.
Personal Property
You may contribute to the Greene County University of Missouri Extension Office tangible personal property such as appreciated works of art, special collections, antiques, etc. Income tax deductions are allowed for the full present fair market value if the property has been held by you for more than one year and is related to the University of Missouri Extension’s tax exempt function. There may also be no capital gains taxes if the gift has appreciated in value. Contributions of this nature are generally deductible up to 30 percent of your adjusted gross income, with the ability to carry over any excess income tax deductions for up to five years. Estate taxes may also be reduced if you have a large estate.
Future Gifts
Wills and Bequest
By leaving the University of Missouri Extension Office in Greene County a bequest in your will, you can have the satisfaction of knowing that your life on earth will positively impact others in Greene County for years to come. There are a number of ways that you can include the Greene County University of Missouri Extension Office as a beneficiary in your will. You can list a specific dollar amount, a percentage of your estate, the remainder of your estate after other bequests and expenses have been satisfied, or leave specific property such as works of art, jewelry, or real estate. A properly drafted will can help you determine exactly how, to whom, and in what proportions your estate will be distributed to your family, loved ones, and organizations such as the University of Missouri Extension.
Living Trusts
A living trust can provide a simple means of sharing your life with those organizations and individuals that you care about most. With a living trust, you can specify how you want trust assets to be distributed, much like a will. Additionally, distributions to beneficiaries can occur quickly without going through probate, and matters can be kept confidential since public disclosure is not required. When properly drafted, living trusts may save estate taxes and reduce or eliminate expenses associated with probate. As with a will, a revocable living trust can be rewritten or modified at any time during your life.
Life Insurance
You may be able to make a large gift to help residents in our community by making the University of Missouri Extension Office in Greene County the owner and beneficiary of a new or existing life insurance policy. If the policy is not paid-up, you can receive income tax deductions for the contributions you make to the University of Missouri Extension to pay the costs of the premiums. You may also wish to maintain ownership of a life insurance policy and simply list the Green County University of Missouri Extension Office as the beneficiary or contingent beneficiary of the policy.
Retirement Plans
A wonderful way to make a tax-wise gift to help Greene County residents we serve is to designate the University of Missouri Extension Greene County Office as the beneficiary of an IRA, profit sharing plan, and/or qualified pension plan. You may wish to list the Greene County University of Missouri Extension Office as a secondary beneficiary, where your spouse would receive retirement benefits for his or her life, then our Office would receive payment of those benefits. A second alternative is to list the University of Missouri Extension Greene County Office as a contingent beneficiary, where our organization would receive the retirement benefit if your spouse predeceases you. Because retirement funds may be subject to income taxes, estate taxes, and in some cases, excise taxes, the net value of a retirement account can be reduced significantly. By designating the Greene County University of Missouri Extension Office as a beneficiary of your retirement funds, you may be able to make a meaningful gift that will enable you to greatly reduce your taxes.
Certificate of Deposits
Certificate of deposits and savings accounts can be left to support the important work of the University of Missouri Extension Office in Greene County. This can be accomplished by simply indicating that your certificate of deposit and/or savings account is “Payable on Death” to the Greene County University of Missouri Extension Office. Such a designation may reduce estate taxes if you have a sizeable estate.
Life Income Gifts
Charitable Gift Annuities
By funding a charitable gift annuity with the University of Missouri and listing the Green County Extension Office as the beneficiary, you can help others in our community, while guaranteeing yourself, another, or both, a preset fixed income for life. Annuity rates are determined in large part by the age(s) of the annuitant(s) included in the annuity agreement. The rate of return can also be increased by waiting to receive annuity payments until you reach a certain age in the future. Generally, part of the fixed income received is tax free for a number of years. If you itemize, you may also be eligible for an immediate income tax deduction for a portion of the amount given to fund the annuity. When a charitable gift annuity is funded with appreciated stocks or bonds, front-end capital gains taxes can possibly be bypassed as well.
Charitable Remainder Trusts
When you fund a charitable remainder trust with appreciated assets, you may gain lifetime income for one or two people, and obtain an income tax deduction for a portion of the fair market value of assets placed in the trust. It can also be possible to bypass immediate capital gains taxes, and in some cases, avoid estate taxes on the assets used to fund the trust. Income payments may be based on the net fair market value of the trust assets, as determined each year (charitable remainder unitrust). A second alternative is to provide an annual fixed dollar amount calculated as a percentage of the initial net fair market value of the assets transferred to the trust (charitable remainder annuity trust). After income payments cease, the remaining balance of the trust can be used to support your personal interest in helping others in Greene County.
Charitable Lead Trusts
Charitable lead trusts are the reverse of charitable remainder trusts. By funding a charitable lead trust, you can ensure trust payments will be made to the University of Missouri Extension Greene County Office during your life, or for a specified number of years. After the trust terminates, the remaining assets can revert back to you or your heirs. This type of trust may reduce your income, estate, and gift taxes.
Life Estate Agreements
A life estate agreement is a wonderful way to express your care and compassion toward others needing Extension services in Greene County. This plan enables you to donate a personal residence or farm to the Greene County University of Missouri Extension Office while retaining the right to live on the property during your lifetime. Arrangements can also be made for other individuals to retain the same rights that you enjoy during your life. Following the death of the last survivor listed in the agreement, the property is transferred to the University of Missouri Extension Office in Greene County. In many cases, this plan can provide an initial income tax deduction, a federal estate tax deduction, and assist in bypassing capital gains taxes.
Honor and Memorial Gifts
Gifts can be made to the Greene County University of Missouri Extension Office in honor or memory of a friend or loved one. Birthdays, anniversaries, holidays, and other special occasions provide excellent times to honor or memorialize an individual. After making your gift, we will notify appropriate friends or loved ones about your generous contribution.
This information is offered to provide giving options to consider prior to initiating a charitable gift. It neither intends to be, nor provides legal advice to readers. The University of Missouri Extension Greene County Office does not provide legal, tax, or other professional advice to the readers of this material. Before making a gift or executing an estate plan, the service of a competent professional should be obtained.
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Greene County University of Missouri Extension Center Site maintainer: David Burton - burtond@missouri.edu Updated 10/07/09 |
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