Alphabet Soup
DAF
What is Donor Advised Fund?
Planned gifts are referred to this when given in a will.
What is Bequest?
If you have an IRA and you are 73 or older, you must take a RMD each year – RMD stands for what?
What is Required Minimum Distribution?
The most commonly used way to fund a gift
What is Cash?
The donor shares a dollar amount or names an asset in they are gifting
What is a specific bequest?
QCD
What is a Qualified Charitable Deduction?
What percent of a planned gift receives campaign gift credit.
Currently, 100% if the donor meets the minimum age requirement
How many years someone have to liquidate an inherited IRA?
10
For donors wishing to fund a larger planned gift without touching their cash, this alternative form of funding a gift can have a big impact and can also have positive capital gains tax implications.
What is Real Estate or Appreciated Assets?
When leaving a gift in your will, some donors choose to leave a specific dollar amount while others choose to leave a _______ , of their estate.
What is Percentage or Portion?
CGA
What is a Charitable Gift Annuity?
For a bequest to be counted in the coming campaign, the donor must be at least xx years old by the end of the campaign
65
What is the IRS Term used to describe the process when a person puts their RMD back into a retirement account to avoid taxation?
What is Tax Fraud / IRS penalty / Illegal ?
….Pick your violation.
While most people list a family members and/or loved ones as the beneficiaries on this document.
What is Life Insurance Policy?
Identifying a 501c3 as the beneficiary of an IRA or DAF
What is a bequest designation?
CRUT
What is a Charitable Remainder Unitrust?
Documenting a bequest with the college can be done using which documents?
1. A copy of the donor's will, 2. Completed Estate Expectancy Form, 3. A signed letter from the donor, 4. Just about anything in writing from the donor including an email
True or False? The IRS requires RMDs be reinvested in a taxable account or spent within one year of receipt.
False
Savings that you accumulate through your professional career, such as a 401K, are referred to as these types of assets.
What is Retirement Assets?
This gift takes effect only if the primary beneficiary predeceases the donor.
What is a contingent bequest?
CRAT
What is a Charitable Remainder Annuity Trust?
Donors who notify us that they have arranged for a planned gift to SLC are included in what society?
What is the William and Sarah Lawrence Society?
What are the requirements to make a charitable donation using your RMD?
What is: 70-1/2, transferred directly from the IRA to the Charity, and completed prior to 12/31.
The Cliche is that if you fund one of these, you will outlive your life expectancy.
What is Charitable Gift Annuity
Name two types of assets that can be included in a bequest
What are cash, securities, real estate, personal property...?