Irrevocable deferred gifts are gifts that are committed to the Foundation in which you do not retain the right to change the commitment and/or beneficiary. However, the gift is not usable by the Foundation until some point in the future. The following are some examples of irrevocable deferred gifts:
- Life Insurance – Life insurance policies that are paid-up and that designate The Club for Boys Foundation as owner and beneficiary will have a charitable income tax reduction, in most cases, equal to the cost basis in the policy. If the policy is not fully paid up, by naming The Club for Boys Foundation as owner and beneficiary, the cost of the annual insurance premium is tax deductible.
- Remainder Interests in Real Estate – Remainder interests in real estate allow you or those you designate to continue to occupy a personal residence, farm, or vacation property, for the duration of the designated life. At the end of life, the Foundation may use the property or sell it for cash.
- Charitable Gift Annuities – Charitable gift annuities generate income for you. You may give cash, publicly held securities, real estate, or any other unliquid asset as contributions to a charitable gift annuity. The Foundation will sell liquid assets and put them in a special fund, giving you an annuity payment. In addition to this actual payment back to you, you will receive charitable income tax deduction and a portion of each annuity payment may be tax-free.
Note: Be sure to consult your personal financial consultant before making a gift to The Club for Boys Foundation.
