The most common is the attorney drawn will . However for the more complicated estates there are many Charitable Tools . Planning can bring benefits and a nice gift from the IRS when tax time rolls around. Benefits depend largely on your particular situation. Here are some ideas offered by Midwestern's Office of Development that explain how a gift during the year might benefit you.
Appreciated securities can be one of the most profitable ways of giving.
If you have owned your stock for more than one year, you may deduct the full fair market value of the stock to the Lord's work, while avoiding all capital gains tax. You get a tax deduction, tax-free return of principal and defer your capital gains tax if you fund your annuity with appreciated assets. You can donate your home to charity, receive a tax deduction and continue to live in your home tax-free. Upon death your home will go to charity, decreasing the size of your estate. These make convenient tax-deductible gifts.