Many unmarried couples, same-sex couples (whether married or not), siblings, and other family members share the same financial goals as traditionally married couples. They seek financial security and the ability to provide for one another, yet they lack the federal inheritance and tax benefits accorded heterosexual marriages.
Charitable gift planning is one avenue to help these couples and families achieve some of their financial goals. Certain charitable gift strategies may allow more wealth to be transferred from one partner or family member to another than would otherwise be possible. Among the options:
- Life income gifts can provide an income stream for you and a family member with an income stream for the duration of your lives or for a specific number of years, while also ensuring that chosen charities will be supported after death.
- Charitable gift annuities provide a fixed income for life.
- Charitable remainder trusts provide an income stream for a period of years or for life through a tax-exempt trust.
- Charitable lead trusts can provide a highly tax-advantaged way to transfer assets to another person after a specific period of time while supporting a chosen charity.
- Gifts of remainder interests in real property allow both individuals to remain in a home throughout their lifetimes while ensuring the property will eventually support chosen nonprofit.
- Establishing a bequest or designating a partner as a primary beneficiary of your retirement plan and a charitable organization as a contingent beneficiary may allow you to protect a partner while making a more substantial charitable gift than you may have imagined possible.
Your financial advisor can guide you in developing a gift plan that meets your financial, personal, and philanthropic goals. We invite you to contact the Office of Gift Planning at Duke University to assist you.