These are gifts where donors make a promise to give a gift to Mona Foundation in future. Because that promise may be revoked at any time, most of these kinds of gifts do not allow a charitable tax deduction during the donor’s lifetime.

Bequests – A bequest is a statement in a donor’s will directing that assets or a percentage of the estate is transferred to Mona Foundation at the donor’s death. (Feel free to contact us for sample language that can be used in wills or check with your tax advisor.)

Retirement Plans or IRAs – Mona Foundation can be named a beneficiary in these plans. Simply obtain a beneficiary designation form from the plan administrator to name Mona as a full or partial beneficiary.  Significant income and estate tax savings may be realized by naming Mona Foundation as beneficiary rather than a non-charity.

Life Insurance – Mona Foundation can be a beneficiary of all or a portion of a life insurance policy (existing or new, fully or partially paid). If Mona Foundation is designated as both the owner and the beneficiary of the policy, in this case, the donor is entitled to a charitable income tax deduction equal to the cash surrender value. It’s a way for donors to make a sizeable gift with a minimal outlay of cash and get a current tax deduction as well.

These gifts involve an irrevocable transfer of cash or assets. Because the gift is complete (that is, irrevocable), the donor is entitled to a current tax deduction. A future event (the donor’s death or the expiration of a designated term) will dictate when Mona Foundation may use the gift.

There are various kinds of deferred gifts. At this time, Mona Foundation accepts deferred gifts arranged through charitable remainder trusts. These types of trusts may be set up by donors in consultation with their financial advisors and donors may derive significant value while naming Mona Foundation as the beneficiary.

A charitable remainder trust is an irrevocable trust in which a donor transfers cash or property to a trustee and in return, the donors or other individuals that the donor names, may receive income from the trust for life or for a specified period of time. When the trust terminates, the remaining assets are transferred to the charities named as “remainder beneficiaries.”

Charitable Remainder Annuity Trust – This instrument pays a fixed dollar amount to the donor based on the fair market value transferred to the trust, regardless of whether the principal increases or decreases..