Creating a legacy at Cancer Support Community North Texas through a legacy or planned gift is a meaningful way to make a lasting impact on North Texans with cancer and their families. Planned gifts are typically structured to provide financial benefits both for you and your loved ones while supporting an organization or cause you care about.
For more information, please contact:
Chad Black
Development Director
cblack@CancerSupportTexas.org
Cancer Support Community North Texas does not provide tax, legal or accounting advice. This material has been prepared for informational purposes only. You should consult your own tax, legal and accounting advisors about the best strategy for your particular circumstances.
If you’re considering a planned gift, it’s often helpful to consult with a financial advisor, estate planner, attorney, or tax professional to find the option that best fits your needs. We are here to help you and your advisers explore how planned gifts best fit your needs and goals.
Planned giving allows you to provide for yourself and your loved ones while still making a big difference in your community.
How it works: You can include a bequest in your will, specifying that a certain amount or percentage of your estate goes to Cancer Support Community North Texas after your passing. This is one of the most popular and straightforward methods of planned giving.
Cancer Support Community North Texas
Dallas, Texas
Taxpayer Identification Number: 75-2633654
Benefits: You retain control of your assets during your lifetime, and your estate may receive a charitable deduction for the gift.
How it works: If you or someone you know is 70 ½ or older, consider a tax-free gift from an IRA directly to a qualified charity such as Cancer Support Community North Texas. This gift counts toward the required minimum distribution, and no taxes are paid on the charitable distribution. If you are 70 ½ or older, you can give up to $100,000 directly from your IRA to a qualified charity.
Provide your IRA custodian with this information:
Benefits: The transfer generates neither taxable income nor a tax deduction, so you still benefit even if you do not itemize your tax deductions. If you have not taken your required minimum distribution for the year, your IRA charitable rollover gift can satisfy all or part of that requirement. The transfer may be made in addition to any other charitable giving you have planned.
How it works: You can name Cancer Support Community North Texas as the beneficiary of your life insurance policy, or you can transfer ownership of a policy to CSCNT.
Benefits: This allows you to make a significant gift with minimal initial outlay, and you may receive a charitable deduction for the premium payments you make.
How it works: A DAF allows you to contribute assets to a fund you manage. Unlike private foundations, which are required to distribute a certain percentage of their assets annually, DAFs don’t have payout requirements. This allows you to build up the fund and make strategic donations when it fits your schedule.
Benefits: You receive an immediate tax deduction when you contribute to the DAF, and you have flexibility in how and when funds are granted. You can use a single donation to support multiple charities over time. Rather than making individual contributions to various organizations, you can manage all of your charitable donations from one account, streamlining the process and reducing administrative hassle. DAFs provide you with a centralized platform to track all of your giving activities, making it easier to stay organized for tax purposes or personal records.
How it works: You can donate appreciated stocks, bonds, or mutual funds directly to Cancer Support Community North Texas. This may allow you to avoid capital gains taxes on the appreciated value.
Benefits
How it works: It’s important to determine the fair market value of the mineral rights. An appraisal by a qualified expert may be necessary. Due to the complexities of mineral rights, it’s advisable to consult with a tax advisor, estate planner, or attorney to ensure that the donation is structured to achieve your goals and maximize tax benefits.
Work with Cancer Support Community North Texas to create a gift agreement that outlines the terms of the donation, including whether the gift will be used immediately, held for future use, or sold.
The process will typically involve transferring legal ownership of the rights to the charitable organization. This may require filings with the appropriate government authorities.
Benefits: Donating oil, gas, and mineral rights to a charitable organization like Cancer Support Community North Texas can offer several significant benefits — both for you as the donor and for the organization receiving the gift. This type of donation is particularly well-suited to those who own valuable natural resources and are looking to reduce taxes, avoid the burden of ownership, and benefit your estate planning strategy.
For CSCNT, your contribution will provide long-term support. This ongoing income can help fund critical programs, expand access across North Texas or other important work in CSCNT’s mission. If you donate the rights to an endowment fund, the income generated can continue to support CSCNT’s activities indefinitely, creating a lasting legacy.
Depending on your goals and the structure of the gift, you can either donate the rights themselves or the income generated by those rights. This flexibility allows you to tailor the donation to your specific needs — whether you want to make a one-time gift of assets or ensure a stream of income benefits CSCNT over time.
In some cases, you may choose to donate the rights and retain the income for a set period (such as for your lifetime) before the rights ultimately transfer to CSCNT. This can be structured through a charitable remainder trust or other similar giving vehicles, allowing you to benefit from the income while creating a lasting charitable legacy.
Donating oil, gas, and mineral rights can be a significant contribution, and it can be a way to build a lasting legacy in your name or in honor of a loved one. CSCNT offers recognition for major donors, ensuring that your impact is remembered for years to come. Whether you prefer private acknowledgment or public recognition, donating mineral rights can offer a way to be honored for your generosity.
How it works: Gifts of art, collections, and other tangible property can be an effective way to provide meaningful support for Cancer Support Community North Texas. You can transfer your property directly, use it to establish a trust or annuity, or leave it to CSCNT in your will or estate plan. CSCNT may use the property or sell it to support its programs.
Benefits: These gifts may provide an immediate income tax deduction, reduce the size of your taxable estate, and may reduce capital gains taxes.
Giving shares in a closely held or family business can be a tax-wise way to support Cancer Support Community North Texas’ mission. If you’re interested in making a gift of business interests, it’s essential to consult with an estate planner, tax advisor, or financial advisor who can help you navigate the complexities of business valuation, tax implications, and the best ways to structure your gift.
Please contact us for more information.
How it works: You make a gift to Cancer Support Community North Texas in exchange for a fixed annual income for you (and possibly a beneficiary) for life. After your death, the remaining funds go to CSCNT. The fixed income from the annuity is often based on age, with older individuals receiving higher annual payouts.
Benefits: You receive reliable, fixed income for the rest of your life, and you may be eligible for a charitable tax deduction. This kind of arrangement may be attractive to retirees or individuals nearing retirement who want a dependable source of income to supplement other retirement savings or pensions, to those with significant appreciated assets, to individuals seeking to reduce estate taxes, and to those concerned about impacting their family.
By donating assets to CSCNT and securing income in return, individuals can reduce the overall value of their estate, potentially lowering future estate taxes. After their death, the remaining value of the annuity goes to CSCNT, not to family members, but the donor is able to make a substantial gift to CSCNT without completely depleting assets that might be intended for heirs. Donors can create a lasting legacy and care for family members, all while still benefiting financially.
How it works: You can designate Cancer Support Community North Texas as a beneficiary of your retirement accounts (such as IRAs or 401(k)s). After your passing, CSCNT will receive the funds directly.
Benefits: This can be a tax-efficient way to make a gift because retirement accounts are often subject to income taxes when inherited. Designating CSCNT may help avoid those taxes.
How it works: You place assets (like cash, securities, or property) into a trust, which then pays you or other beneficiaries’ income for a set period (often for life). After the trust term ends, the remaining assets are donated to Cancer Support Community North Texas.
Benefits: You or a beneficiary receive(s) income during your lifetime, a charitable deduction, and your gift can be spread out over time to have a significant impact for CSCNT. A Charitable Remainder Trust may be an attractive planning and gifting option for those with significantly appreciated assets (like stocks, real estate, or businesses) that they no longer need or want to manage, and for those seeking to minimize capital gains or estate taxes. If someone wants to give back to CSCNT but also needs a steady income, a CRT may offer a flexible, long-term solution, with the added benefit of ongoing support to chosen causes, ensuring your legacy continues.
How it works: A Charitable Lead Trust is a planned giving vehicle that provides several unique benefits for both the donor and Cancer Support Community North Texas. It allows you to make a significant charitable gift while still preserving wealth for your heirs. In a CLT, you transfer assets to the trust, and CSCNT receives income from the trust for a specified period. After the term ends, the remaining principal is distributed to your heirs.
Benefits: This option can help reduce estate taxes for your heirs while providing a gift to CSCNT during your lifetime. When you create a CLT, you may receive an income tax deduction for the present value of the charitable interest (the amount CSCNT will receive over the term of the trust). This deduction can help reduce your taxable income in the year the trust is established. A CLT helps reduce the size of your taxable estate, which can lower the estate taxes your heirs would need to pay upon your passing. Since the trust’s charitable payments are made during your lifetime or for a set period, those payments reduce the value of your estate. A CLT may be an excellent way to make a meaningful charitable contribution, receive immediate tax benefits, and ensure that your family benefits from your wealth in the long run.