Alphabet Soup
DAF
What is Donor Advised Fund?
Planned gifts are given in the form of this when left 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?
If a donor uses a will to donate to SCU what type of gift is this?
What is a Legacy Gift or Estate Gift?
QCD
What is a Qualified Charitable Deduction?
The types of planned gifts include “charitable remainder” and “charitable lead.”
What is Trust?
Is an RMD a Taxable Event?
Yes
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?
True or False: Estate Planning laws prevent planned gifts from being distributed in a proportional manner. Example: My Life Insurance Policy cannot list 50% to a family member and 50% to a charity.
False
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.
Everyone knows they can name their spouse or children as a beneficiary on this, but did you know you could also list a charity on this resource that most people purchase and pay on annually.
What is Life Insurance Policy?
If a donor in his/her will specifies a particular purpose toward which the bequest must go, such as the Fr. Paul Locatelli, S.J. Scholarship Endowment, what type of bequest is this.
What is Restricted Gift?
CRUT
What is a Charitable Remainder Unitrust?
Donors wishing to make a well-planned gift should consult with their attorney, financial advisor and “this” professional who they meet with by April 15 of each year.
What is Tax Advisor or Certified Public Accountant (CPA)?
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?
How would one designate SCU to receive under their will if their designated beneficiaries are no longer alive or decline the bequest?
What is designate SCU as an alternative beneficiary or contingent beneficiary?
NIMCRUT
What is a Net Income with Makeup Charitable Remainder Unitrust?
Donors who notify us that they have arranged for a planned gift to SCU are included in what society?
What is the Thomas Bergin Legacy 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.
An attractive tool for making a planned gift to a charity while earning income today is a trust. Name one of the two most popular types of charitable trusts.
What is Charitable Lead Trust and Charitable Remainder Trust?
This type of trust transfers ownership and management of cash and/or appreciated securities to SCU.
What is a Charitable Trust?