When people think about supporting Lakeland University, they often only consider gifts of cash or stock. But did you know that many other types of assets, including personal property, can be donated to Lakeland University?
Planned gifts, most often called "non-cash gifts," "net-worth gifts" or "deferred gifts," are generally given through a donor's asset base rather than with cash or discretionary income. Through planned gifts, people make provisions for the university during their lifetimes, but the university does not receive benefits until a future date.
Benefits of planned gifts may include:
- Increased income throughout the lives of the donor, a second beneficiary and in some cases, other people or younger family members (often children).
- A charitable income tax deduction.
- Relief from capital gains on appreciated property contributed.
- A potential estate tax deduction.
- The ability to direct how you want Lakeland University to use the charitable portion of your gift.
- Membership in the university's Founders Society.
Feel free to try out the complimentary gift planning calculator and input your own figures to see how that particular gift arrangement would work for you.
Tax benefits for planned gifts
Up to 90 percent of planned gifts are revocable (which means they can be canceled) through a will bequest or beneficiary designation in an insurance policy, bank account or retirement plan designation. Revocable planned gifts are popular because donors retain complete control of the property during their lifetime.
Though they cannot be canceled, irrevocable (non-cancelable) planned giving methods — like a a charitable trust, gifts or real estate and other arrangements — should be considered because of their attractive benefits to the donor.