Any type of asset you irrevocably donate to a charitable organization like the Rinehart Foundation results in a current income tax deduction when you itemize, but there may be other tax benefits from your contribution as well.
If you contribute appreciated securities that you have held more than one year (long-term), you have the added benefit of avoiding tax on the gain.
You can also give the Rinehart Foundation tangible personal property (like an art object, prized collection or antique) and take a deduction for its full fair market value.
To discuss any of these options, please call Doug Anderson at 816-235-2173.
Choose the Option That Matches Your Goals
You may defer a gift until after your lifetime. To make the gift, you name us in your will or living trust and designate a specific amount, percentage or share of the residue. You control your asset for your lifetime, and your donation is exempt from federal estate tax.
Outright Gift of Cash
This gift is quick and easy; simply write a check or make a cash donation now. You receive an immediate income tax deduction, and it removes property from your future taxable estate.
Outright Gift of Securities
Avoid tax on long-term capital gains. Contribute long-term appreciated stock or other securities while you receive immediate charitable deductions. You also avoid long-term capital gains tax.
Outright Gift of Personal Property
Share your enjoyment of a collection or other personal item. To make the gift, you donate tangible personal property related to our tax-exempt function. You benefit by having a charitable deduction based on the full fair market value.
Gift of Retirement Assets
Avoid the twofold taxation on IRAs or other retirement plans. Name the Rinehart Foundation as the beneficiary of your retirement account after your lifetime. This allows you to make the gift from the most highly taxed assets, leaving more favorable assets for family.
Gift of Life Insurance
Make a large gift with little cost to yourself. To make this gift, you change ownership on a life insurance policy you no longer need. This enables you to benefit from a current income tax deduction and possible future deductions through gifts to pay future premiums.
Retained Life Estate
Give your personal residence or farm now, but continue to live there. You designate ownership of your home to the Rinehart Foundation, but retain occupancy for life. You receive a valuable charitable income tax deduction and lifetime use of the property.
Gift of Real Estate
Make a gift of property no longer needed and generate an income tax deduction. By donating the property to the UMKC School of Dentistry, you receive an immediate income tax deduction and reduce or eliminate long-term capital gains tax.
Charitable Remainder Trust
Secure a fixed and often increased income, or create a hedge against inflation. You create a trust that pays income annually; the principal is retained for the UMKC School of Dentistry. With this, you get a variable or fixed income for life and an immediate charitable income tax deduction.
Charitable Lead Trust
Reduce gift and estate taxes on assets you pass on to children or grandchildren. Create a charitable trust that pays fixed or variable income to the UMKC School of Dentistry or a specific term of years; the principal is retained for heirs. This option reduces your taxable estate and property kept by your family, often with reduced gift taxes.
$15,000 minimum to establish a named fund that will be distributed a percentage each year in perpetuity.