Life Stage Gift Planner™

Over Age 65

At this stage in life, some of the financial issues you may find yourself dealing with are:

• Shifting to income-producing assets
• Increasing cash flow—charitable gift planning can help minimize taxes
• Maintaining financial stability
• Anticipating healthcare needs and insurance coverage
• Concern about the financial future of younger members of the family
• Review will and estate plans

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

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 OSI 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 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.

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

Real estate—retained life estate
Give property to OSI 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 OSI instead to make a meaningful gift and leave other assets to heirs.

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