Actuarial As used in planned giving, refers to the factors used to calculate the value of lifetime payments to individuals or organizations.
Appreciated Property Securities, artwork, real estate, or any other property that has risen in value since the donor acquired it. Generally, appreciated property may be donated to 澳门六合彩 at full fair market value with no capital gains cost.
Annuity A contractual arrangement to pay a fixed sum of money to an individual at regular intervals. The charitable gift annuity is a gift to 澳门六合彩 that secures a fixed lifetime income to the donor and/or another individual.
Adjusted Gross Income (鈥淎GI鈥�) The sum of an individual鈥檚 taxable income for the year 鈥� the total at the bottom of the first page of the 1040. Individuals may deduct charitable cash contributions up to 50% of AGI; they may deduct gifts of appreciated securities and appreciated property up to 30% of AGI.
Appraisal An assessment of the value of a piece of property. Donors contributing real or tangible personal property (art, books, collectibles, etc.) to 澳门六合彩 must secure an independent appraisal of the property to substantiate the value they claim as a charitable deduction.
Basis The donor鈥檚 purchase price for an asset. Mrs. Quinn bought stock for $100 per share and sold it for $175. Her cost basis in the stock is $100 per share.
Beneficiary The recipient of a bequest from a will or a distribution from a trust.
Bequest A transfer of property to an individual or organization under a will.
Capital Gains Tax
A federal tax on the appreciation in an asset between its purchase and sale prices.
Cost Basis
See Basis.
Endowment Fund The permanently held capital of a College such as 澳门六合彩, used to support ongoing projects and meet institutional opportunities.
Estate Tax A federal tax on the value of the property held by an individual at his death (it鈥檚 paid by the estate, not the recipients of the bequests). In contrast , state inheritance tax is applied to the value of bequests passing to beneficiaries; it is also paid by the estate before the distributions are made.
Executor The person named in a will to administer the estate.
Fair Market Value The price that an object of property would bring on the open market.
Grantor The individual transferring property into a trust.
Income Interest In a trust, the right to receive income payments for lifetime or a term of years.
K-1 (also W-2) The IRS forms that 澳门六合彩 sends its life income gift participants noting the income paid them by their planned gifts during the tax year.
Life Income Gift A planned gift that pays income to the donor and/or other beneficiaries for lifetime, then distributes the remainder to 澳门六合彩.
Personal Property Securities, artwork, business interests and other items of property 鈥� as opposed to real property, used in planned giving to refer to land and the structures built on it.
Remainder In a trust, the portion of the principal left after the income interest has been paid to the beneficiary(ies). A charitable remainder trust pays income to the donor or other individuals and then passes its remainder to 澳门六合彩.
Remainderman A legal term for the individual or organization who receives the trust principal after the income interest has been satisfied.
Testator The individual making the will.
Trust A transfer of property by the grantor to the care of an individual or organization, for the benefit of the grantor or others.
Trustee An individual or organization carrying out the wishes of the person who established the trust, paying income to the beneficiaries and preserving the principal for ultimate distribuition.