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Giving FAQs


Q: What kinds of gifts can I give to The Institute for Spirituality and Healthcare, Princeton, NJ?
 
A: Generally speaking, during your lifetime you can make an outright gift of cash, securities or other property (e.g., real estate, personal property). Upon your death you can make a gift through your estate plans or with a distribution from a retirement plan or life insurance policy. You could also plan a gift that returns lifetime income to you, your spouse, or other individuals, such as a charitable remainder unitrust or annuity trust.
 
 
Q: What sort of assets can I use to make a gift?
 
A: The Institute for Spirituality and Healthcare, Princeton, NJ gratefully accepts various kinds of gifts such as: cash, publicly traded securities, life insurance, or the balance of your retirement account. Other assets can be very valuable but are more complicated to administer and must be reviewed by The Institute before it can accept them as gifts: real estate, closely held stock, artwork and/or collectibles.
 
 
Q: What tax deduction will I receive for my gift?
 
A: It depends on the form your gift takes:
* Gifts of personal property, like art, books and collectibles, are fully deductible so long as they are relevant to our mission. The Institute can advise you on this point. 
* Outright gifts to Institute for Spirituality and Healthcare generate a full income-tax charitable deduction. Outright gifts of appreciated securities are deductible at fair market value, with no recognition of capital gains -- a great tax benefit! 
* Bequests do not generate a lifetime income tax deduction. They are exempt from estate tax, however. 
* Similarly, life insurance distributions to The Institute for Spirituality and Healthcare, Princeton, NJ are not income-tax deductible, but are exempt from estate tax. If you have made us the irrevocable owner and beneficiary of a policy during your lifetime, you may deduct annual gifts that offset premium payments (for more details on this point, see Question 5 below). 
* The charitable deduction for a gift that returns income to you, such as a charitable gift annuity or a charitable remainder trust is the fair market value of the gift asset minus the present value of the income interest you retain.
 
 
Q: Can The Institute for Spirituality and Healthcare, Princeton, NJ serve as the Executor of my estate?
 
A: No. State law, the limitations of our corporate powers, and our internal policies prevent us from taking such a role in your affairs.
 
 
Q: I want to set up a life insurance policy and name The Institute for Spirituality and Healthcare, Princeton, NJ as beneficiary, but retain ownership of the policy. Can I deduct the premium payments I make?
 
A: No. The IRS would not consider that a "completed gift." As the owner of the policy, you could change the beneficiary designation to a friend or family member. The Institute for Spirituality and Healthcare, Princeton, NJ must be made the irrevocable owner of the policy for gifts offsetting premium payments to be deductible.
 
 
Q: Can I transfer my IRA to The Institute for Spirituality and Healthcare, Princeton, NJ to set up a life-income gift, and avoid income tax on the transfer?
 
A: Under present law, any lifetime distributions from an IRA are included in your taxable income, even if these funds are transferred to The Institute. You do, however, receive a current charitable deduction when you establish a life income gift, which would partially offset the amount included in your taxable income. Proposed legislation would make the transfer tax-free, however. Watch our Website for updates.
 
 
Q: I'd like to donate a painting. Will you determine its value for my income tax deduction?
 
A: No, we can't. The IRS requires that donors of artwork and collectibles secure an independent appraisal of the items to establish fair market value. The appraisal has to be related to the gift –unfortunately, an insurance appraisal won't suffice. We can assist you on this point.
 
 
Q: If I create a bequest or life-income gift, will The Institute for Spirituality and Healthcare, Princeton, NJ continue to ask me for annual contributions?
 
A: The Institute will, because the commitments address two different needs. Your planned gift is a significant addition to our long-term financial strength and our ability to meet the challenges and opportunities the future will bring. Today's research, however, is supported through your annual gift.