Planned Giving For Meher Spiritual Center
Since its early years, planned gifts have provided the means to keep Meher Spiritual Center available to all who are drawn to it. Today planned gifts are more important than ever to the Center’s maintenance and development, and to its preservation for future generations.
Planned giving, also referred to as gift planning, is a gift made as part of one’s overall financial and/or estate planning. A planned gift to Meher Spiritual Center can accommodate your financial needs while providing you or your estate with potentially significant tax benefits. Planned giving is surprisingly easy and can be an option for every level of donation. Following are several preferred methods of planned giving.
A bequest is a gift through your estate or will, and can include cash, securities, property, or a residual share of your estate. Bequests made to Meher Center are, in most cases, fully deductible for purposes of federal estate tax laws as well as the estate tax laws of South Carolina and most other states. In making a bequest for the Center’s benefit, it is important that the Center’s full name be used: “Meher Spiritual Center, Inc., a non-profit South Carolina corporation.”
Life Insurance Policies
The donation of life insurance enables you to make substantial gifts at very low cost. Policies that may no longer be needed for protection can be gifted by naming Meher Center as beneficiary or as owner; similarly, a new policy can be acquired specifically for this purpose. Proceeds from such designated policies may be exempt from estate taxes, and certain transfers made during your lifetime may qualify as a charitable income tax deduction.
Securities and Property
Gifts of appreciated property, such as securities (stocks, bonds, mutual funds) or real estate, may entitle you to a charitable tax deduction for the full market value of the asset, nullifying the capital gains tax which would typically be imposed on the sale of such assets.
A Charitable Remainder Trust can provide income for you or your beneficiaries while also leaving a deferred charitable gift to Meher Center, which may reduce your income tax and/or estate tax liabilities. Cash, securities, real estate or a combination of assets can be used to fund the trust. Meher Center may serve as trustee of your trust, or you may retain trusteeship and choose your own investment methods.
Assets in qualified (tax-deferred) retirement plans may be an important factor in planning your testamentary charitable gifts. If you intend to make both non-charitable and charitable gifts at death, it may be advantageous to your estate to use your tax-deferred retirement plan assets for charity and other assets for heirs. By designating Meher Center as a beneficiary of all or a specified percentage of a retirement plan, the portion of the plan bequeathed to the Center will generally be exempt from estate taxes. Left to family members or friends, these assets may be subject to income tax and may also be subject to estate tax and generation-skipping transfer tax. Retirement assets generally considered suitable for charitable gifts include such plans as IRAs, Keoghs, SEPs, 401(k)s, 403(b)s, and ESOPs.
Planning Your Gifts
These are a few of the many planned giving options available to you. The information provided herein is not to be construed as tax or legal advice. You are advised to consult with your legal advisor, tax advisor, or professional estate planner to determine which options are best suited to your individual situation.
Meher Spiritual Center, Inc.
is a 501(c)(3) charitable non-profit South Carolina corporation,
Federal Tax ID # 570422620.
Meher Spiritual Center,
10200 North Kings Hwy. Myrtle Beach South Carolina 29572
If you are considering a restricted gift to Meher Center, or you would like to discuss Planned Giving options with a Meher Center representative, please call the administrative office for a referral, (843) 272-8793.