Life Stage Gift Planner™

Over Age 70

• Maintaining financial stability
• Anticipating healthcare needs and insurance coverage
• Concern about the financial future of younger members of the family

For the charitably inclined, certain types of gifts can provide solutions to taxing problems:

Charitable bequest
If you would like to make a substantial gift for William Paterson but you do not have the current disposable income or assets to do so now, consider a charitable bequest.

Cash, checks, and credit cards
A gift of cash is easy to make, and the gift is not subject to gift or estate tax. A contribution of cash or by a check that is postmarked in December is deductible for that tax year—even if William Paterson receives it in January—provided the account against which the check was written had sufficient funds to cover it in December. A contribution by credit card must be made by December 31 in order to be deductible for that tax year.

Charitable gift annuity
Support William Paterson and receive a fixed income for life. In exchange for your gift, William Paterson will provide payments for life to you or a beneficiary you designate.

Charitable remainder annuity trust
Provides for payment of a fixed-dollar amount—annually or at more frequent intervals—to the designated beneficiary(ies). The amount must equal at least 5% of the initial fair-market value of the trust.

Real estate—retained life estate
Give property to William Paterson while retaining the right to occupy the residence or operate the farm.

Gifts of retirement plans at death
Retirement-plan benefits left to heirs are often more highly taxed than other assets. Consider giving them to William Paterson instead to make a meaningful gift and leave other assets to heirs.