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Questions and Answers About Planned Giving
What is Planned Giving?
The process of giving a gift to a non-profit such as the VFW National Home for Children using financial tools Congress has provided. These tools provide you with personal financial benefits while helping the National Home.
What are the benefits of planned giving?
Benefits can include providing an annual income for life, passing assets to family members tax-free, income tax deductions, minimizing capital gains taxes, reducing or eliminating estate taxes, and giving you the satisfaction of helping children and families of veterans succeed in life.
What assets can be used for a planned gift?
Cash, securities, real estate, life insurance, retirement accounts, or collectibles can fund most planned gifts.
Does a Planned Gift mean your heirs will inherit less?
Not always. By taking advantage of certain strategies, it is possible to increase the inheritance in some instances. Each type of planned gift is different and the answer depends on the size and type of assets left in the estate.
Who determines the value of an asset?
The IRS requires you to obtain a qualified written appraisal when the amount of a non-cash gift reported as a charitable gift deduction exceeds $5,000.
Should you seek financial, tax or legal advice?
The VFW National Home for Children encourages anyone interested in planned giving to seek professional legal, estate planning and financial advice while deciding on a course of action. The National Home is the place to begin. A Planned Giving Officer can get you started with resources available to help design strategies that will satisfy your needs; however, the National Home does not act as your legal, estate planning or financial advisor.
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