Special Report on PRASAD Chikitsa’s Tuberculosis Program
The World Health Organization and the Indian government’s Revised National TB Control Program have recognized PRASAD Chikitsa’s TB Program as a Designated Microscopy and Treatment Center (DMC). Out of sixteen NGO* applicants, PRASAD was one of just two organizations to earn this distinction. Read more…
Planned Gifts
Bequests
A will ensures that your assets are distributed according to your wishes, to the people and institutions most important to you. After providing for family, many individuals choose to include a gift which benefits a charitable organization or cause that is meaningful to them, providing long-term support of the charitable organization’s mission. A charitable bequest can reduce the estate-tax burden on your heirs significantly.
Gifts by bequest can take many forms: a specified dollar amount, bequests of a percentage of the estate or a residual bequest of the remainder of an estate after all other obligations have been met. It is important that the bequest be worded correctly in your will, and we are happy to provide you and your legal counsel with suggested terminology.
Charitable Remainder Trusts
As an alternative, you may wish to consider establishing a charitable remainder trust during your lifetime or through your estate plan. These arrangements have special tax advantages and can provide income for you or other beneficiaries while benefiting PRASAD. A charitable remainder trust names one or more beneficiaries for life or for a term of years. Charitable remainder trusts are best suited to gifts of more than $100,000.
Gifts of Real Estate
You can make a gift of real property, including real estate such as a residence, vacation home or condominium. You may continue to use the residence during your lifetime, and you may also be entitled to a sizable income tax deduction.
The information provided here is general. Please contact your professional tax advisor or legal counsel to discuss the best option for your individual circumstances to provide maximum benefit for your heirs while supporting PRASAD’s work for years to come.
In-Kind Gifts
Many individuals and businesses may be able to provide substantial assistance by gifting goods (for example, office computers, certain medical supplies and equipment) that can be used in PRASAD's work.
These special gifts free up funds that would have been used by PRASAD to purchase the gifted items and in many cases, the donor can purchase the goods at a lower cost than PRASAD can, given existing supplier relationships or volume purchasing arrangements. If you are considering giving an in-kind gift to PRASAD, it is important to review your plans with The PRASAD Project office to determine if the gift can be used at this time and if it meets certain acceptance guidelines or specifications.
There are special rules surrounding the tax deductibility of goods gifted for charitable purposes. The general rule is that goods are contributed at the cost basis paid for them by the donor. For specific rules governing an anticipated contribution, you should consult with your tax or legal counsel along with The PRASAD Project office.
Life Insurance
Life insurance enables you to make a significant gift to PRASAD with minimal investment. You may choose to make a gift of a new policy, a paid-up policy or an existing policy that is no longer needed to secure the future of your loved ones. A gift of life insurance also may confer certain tax benefits upon you or your heirs.
Retirement Fund Assets
Today, IRAs, Keoghs, 401(K) plans and profit-sharing plans make up a large part of many estates. While the primary purpose of retirement fund assets is to provide a source of income during retirement, in many cases substantial balances remain after the deaths of both the retiree and the retiree’s spouse. When left to family members or friends, these gifts can be subject to considerable taxes including estate tax and federal and state income taxes. If PRASAD is named as the beneficiary or contingent beneficiary of all or a specified percentage of your plan, both income and estate taxes are avoided.
Stocks
There are ways of making a contribution other than by a gift of cash. For example, your assets may include appreciated securities. If sold, a substantial portion of proceeds would have to be paid in taxes. But a gift of appreciated assets to PRASAD, owned by you for more than one year, would qualify for a charitable contribution deduction equal to the full fair market value of the assets. Your gift could then be sold by PRASAD, and since PRASAD is a not-for-profit organization, the appreciation would not be taxed. In this way, more of your gift can be used in the manner you had intended.
For donation assistance please contact Carolyn Hansen, Donor Development, at 845.434.0376, ext.104, or at carolynh@prasadproject.org.
Consult with your financial planner, accountant and/or attorney to determine which categories best fit your individual and family situation.