RETIREMENT PLANS – paying too much in taxes?…
You can donate your IRA, 401K or other retirement plan to Camp Ocean Pines simply by naming us as your beneficiary. This type of gift avoids estate and income tax on the assets accumulated tax-free during your lifetime. Or, you could donate a percentage of your required withdrawals (if over age 70 ½) or a percentage of early withdrawals you might take (if over age 59).
Benefits
- Eliminates estate and income tax on accumulated assets
- Designate the gift to a specific COP program
CHARITABLE GIFT ANNUITY
Establishing a charitable gift annuity allows you to make a gift of cash or stock by paying you a partially tax-free income. You may also choose to benefit someone else. Annuity payments can continue to a maximum of two designated heirs after your death. When the last income recipient has died, the principal passes to Camp Ocean Pines.
How it works
You transfer cash or stocks to Camp Ocean Pines, which pays you, or up to two individuals you name, a lifetime annuity. When the contract ends, the principal passes to Camp Ocean Pines.
Benefits
- You receive an immediate partial income-tax deduction.
- Your lifetime annuity is backed by a reserve and an AAA-rated organization.
- You and your heirs receive a guaranteed fixed income for life.
- Camp Ocean Pines receives a significant donation later.
CHARITABLE REMAINDER TRUST
A Charitable Remainder Trust is an irrevocable legal trust into which you transfer securities, real estate, or other appreciated assets. In return, you receive an immediate charitable income tax deduction and lifetime income payments made to you and/or one or more heirs for a specified number of years. When the trust ends, the remaining assets in the trust (the charitable remainder) pass to Camp Ocean Pines to be used according to your directions.
You may elect to receive a fixed dollar income amount called an Annuity Trust.
Or, you may choose to receive a specific percentage of the trust amount, called a Unitrust. If the value of the assets increases, the income will increase. If it decreases, the income decreases. You may serve as the manager or “trustee” of your own trust, but most individuals use professional estate planners.
Benefits
- You receive an immediate income-tax deduction for part of your contribution.
- You pay no up-front capital gains tax on any appreciated assets you donate.
- You or your designated heirs receive stable, predictable income for life or a specific term.
- You receive tax-free growth on your assets, increasing the value of your trust.
- Your gift benefits you now and Camp Ocean Pines later.