The Office of Gift Planning works with donors with many different personal and family situations—singles, unmarried couples, LGBTQ donors, or those who have other loved ones for whom they wish to provide.
While each family may be unique, they all share common financial and personal goals. They often seek financial security and the ability to provide for one another, yet they may lack the federal inheritance and tax benefits historically accorded to heterosexual marriages. Now, these same benefits have also been extended to married LGBTQ couples under the 2015 Supreme Court of the United States decision in Obergefell v. Hodges. However, no such benefits shall be given to couples who do not choose to legally marry, regardless of their commitment to each other, nor shall such benefits be given to other forms of familial relationships.
Charitable gift planning can be one avenue to help these couples and families achieve some of their financial and personal goals, even within these tricky tax and legal frameworks. Certain gift strategies may allow more wealth to be transferred from one partner or family member to another than would otherwise be possible. These strategies can also provide a certainty that the gift to loved ones will be not subject to will challenge.
Duke offers several gift options that will provide income to you or a loved one:
- Charitable gift annuity provides a fixed income for life in exchange for a gift of cash or stock of $10,000 or more.
- Charitable remainder unitrust is a trust that pays you and/or other recipients an income for life or designated years for a gift of $100,000 or more, and ultimately benefits your designated purpose at Duke.
- 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 a chosen nonprofit.
- Establish a bequest by naming a person or recipient in a will or by revocable (living) trust. These are the most common form of deferred gift to support Duke.