Below are some of the most commonly used assets for funding planned gifts for the Truman Little White House.
Appreciated stock or real estate
If these assets produce a low yield and are highly appreciated, some or all could be given to The Key West Harry S. Truman Foundation, Inc. as an outright gift or to fund a charitable gift arrangement-a potential savings of both capital gains and income taxes.
Qualified retirement plan assets
These are among the most heavily taxed assets to try to pass on to children, so other assets are best to leave to family. Retirement plan assets are the optimal assets to direct, after lifetime uses, to charity. These assets can be used first to support both the plan owner and spouse, before some or all is designated by percentage to The Key West Harry S. Truman Foundation and other charities you care about-a simple, revocable choice made on a change of beneficiary form.
Ownership of a life insurance policy that an individual no longer needs can be given to The Key West Harry S. Truman Foundation, Inc. at any time during life. The Key West Harry S. Truman Foundation can be included as a beneficiary of an insurance policy-again, a revocable choice. If it is written as an irrevocable choice, the annual premiums may also be tax deductible. Again, please consult your estate planner.
Certificates of deposit or savings bonds
These often are no longer paying income to an individual, who can redeem or cash them in and, then, make an outright gift made of all or some of the proceeds to The Key West Harry S. Truman Foundation.
Beneficiary designations on qualified retirement plans or life insurance policies
This is a revocable choice, a designation by percentage or all, that is made on a beneficiary designation form that a donor completes, dates and returns to the company holding the asset. Retirement plan assets often result in multiple taxes after the death of the plan owner and spouse, so they are best suited for charitable giving-with other assets given to family. Life insurance can also be given in percentage or wholly on a beneficiary designation form, but giving it is less advantageous to a donor than giving from a retirement plan, with its multiple future tax liabilities.
A copy of the official registration and financial information may be obtained from the Division of Consumer Services by calling toll-free (800—435- 7352) within the state. Registration does not imply endorsement, approval, or recommendation by the state. The Key West Harry S Truman Foundation Registration is CH32274.