How can you help? Friends of Scottsbluff Public Schools can support the foundation in many ways, including:
Gifts of Cash and Other Property:
Gifts of cash and other property, such a real estate and securities, are the easiest way to support the foundation. Such gifts are tax deductible. No gift is too small. If appreciated property is given, there is no liability for capital gains tax on the appreciation.
Deductible Cash Gifts may be given as a memorial to a deceased person.
Gifts of Life Insurance:
You can contribute a life insurance policy by transferring ownership to the foundation or simply naming the foundation as a beneficiary. If the foundation is named as owner and beneficiary, you will be entitled to an income tax deduction if the policy has a present value. If you continue to pay premiums on a policy owned by the foundation, you can deduct the premium payment.
Charitable Remainder Trust:
You may establish a trust with assets you own, which will provide an income to you or other designated beneficiary for life or other period of time. On termination of the trust, the assets of the trust would belong to the foundation. you will receive an income tax deduction when the trust is set up and the trust assets are not subject to estate tax. A Charitable Remainder Trust can defer, and in some cases avoid, capital gains tax on the sale of appreciated assets and increase the cash flow from assets that otherwise produce little or now current income.
Gifts by Will or Living Trust:
You may leave cash and other property to the foundation in your will or under a living trust. Specific property or amounts can be given, or a percentage of your estate can be designated to go to the foundation. Such gifts are not subject to estate tax.
Benefits from Retirement Plans:
Amounts in your retirement plan are subject to both estate taxes and income taxes after your death. In some cases these can be significant. By naming the foundation as the death beneficiary or contingent death beneficiary or your IRA or other retirement plan, you estate could save both income taxes and estate taxes and provide a considerable benefit to the foundation with little impact on the amount received by your other beneficiaries.