Support the Noble Viking Charities Endowment Fund – Your gift enables us to provide funding for future charity endeavors.
Gifts of Cash
Most gifts are made by check. If you itemize your taxes, these outright cash gifts are generally deductible up to 50 percent of your adjusted gross income.
Example: If your adjusted gross income is $50,000, $25,000 of your gift is deductible in the year that it was made. Any excess may be deducted for up to five years.
Gifts of Stock
A gift of stock that you have owned for many years can be particularly attractive tax-wise. Stock that has been held over one year and increased in value is subject to capital gains tax when sold. By making a gift to Noble Viking Charities, you can avoid tax on the stock gain. Also, your contribution deduction is equal to the stock’s full fair market value. Generally, the amount is deductible up to 30 percent of your adjusted income.
Example: You purchased stock several years ago for $2,000, and it is now worth $20,000. If you make a gift of $20,000, you can use full fair market value for your deduction and no capital gains would be due on the $18,000 increase.
Gifts of Real Estate
You may own a home, farm, or piece of land may has appreciated in value so significantly over the years that its sale would mean a sizable capital gains tax. By donating this property to Noble Viking Charities, you avoid the tax and receive a charitable deduction for the full fair value of the property. You may also give your home to the Vikings now, but retain the right to continue to use it for your lifetime. You will receive a deduction once your property is deeded to the Vikings.
One of the simplest ways to make a gift to Noble Viking Charities is through your will. You can make the Vikings the direct beneficiary of specific assets, of a portion of your estate, or of your residential estate after payment of other bequests. Bequests to the Vikings are entirely free from federal estate tax and therefore offer substantial estate tax savings.
Life Insurance Polices
A gift of a policy that is no longer needed for your family’s security entitles you to an income tax deduction equal to the policy’s replacement cost on the date of the gift. Subsequent premiums paid by the donor would be deductible in the year of payment.
Life Income Gifts
These gifts allow you to increase your income, receive a deduction, avoid capital gains, and support Noble Viking Charities.
- Charitable Gift Annuity. This arrangement with the Vikings pays you a set income for your lifetime. Annuity rates are based on the ages of the income beneficiaries. Each annuity payment will be partially exempt from income tax until the total investment in the annuity has been recovered.
- Charitable Reminder Unitrust. A separate trust is established that you can add to in subsequent years. The principal of the trust is valued annually, and the beneficiary receives a set percentage value each year.
There are two advantages to charitable annuities and unitrusts.
- The trustee can sell property received from the donor and reinvest all the proceeds, producing a higher yield without the trust incurring capital gains taxes.
- The transfer of low-basis, low-yield stock, followed by the trustee’s sale and reinvestment in higher-yield assets, may increase the donor’s spendable income.
Charitable Lead Trust
In this trust, Noble Viking Charities receives an income from the trust assets for a specific period of time. At the end of that period, the trust principal is paid to a non-charitable beneficiary designated by you.