Planned Giving

Planned Giving at Cleveland Sight Center allows you to arrange your charitable contributions in ways that meet or exceed your philanthropic objectives and maximize your tax benefits. With many plans, you can generally reduce income tax, avoid capital-gains tax, increase spendable income and reduce potential federal estate tax based on how your gift is structured.

Review options and choose which planned giving option is best for your situation.

To schedule a private conversation with a member of our team to create a personalized approach to planning your gift, please contact the Agency Relations and Development Office at 216-791-8118. 

Assets Used to Fund Planned Gifts

You may create a planned gift by funding it in several different ways. Establishing a planned gift is an excellent way to structure your giving so that it sets in place a future impact on our programs while it compliments your current financial situation.  Here are a few ways to consider funding your planned gift:

  • Cash. A cash gift is a direct way to fund your planned gift. Because of the tax savings generated through the charitable deduction, the impact of your gift can be increased.
  • Securities and Real Estate. Appreciated property, such as securities or real estate, provides greater tax benefits than an equivalent gift in cash. Using securities and real estate that are held long-term (more than one year) are especially beneficial to use when establishing your planned gift to benefit CSC.
  • Tangible Personal Property. You are entitled to a charitable deduction for gifts of tangible personal property, such as works of art, rare books or items of value that assist CSC to fulfill its mission and service to our clients.
  • Retirement Assets. The balance remaining in your retirement account after death is often double taxed if it is passed to heirs. At times, over 75% of the retirement account value may be lost to taxes. Designating the remainder of your retirement account to CSC ensures the full balance of the remaining funds will be entirely utilized  to benefit our clients.

Types of Planned Gifts

  • Bequest. A gift under a will or trust to CSC gives you the ability to make a significant gift that perhaps you may have been unable to make during your lifetime. These gifts can be made though a percentage bequest, specific bequest, general bequest or residual bequest.
  • Retirement Plan. With proper planning, your 401(k), 403(b), Keogh, SEP or other qualified retirement plan may be used as a charitable gift to CSC. At your death, retirement plan assets usually are subject to estate and income tax. By gifting all or some of these assets to CSC, the value of the interest passing is fully deductible for estate-tax purposes.
  • Life Insurance. Carrying more insurance coverage than family obligations require often result in a hidden gift asset in a surplus, paid-up policy. You may create a gift for the future by taking out a new policy on your life or that of a loved one and name CSC as the owner and beneficiary to support the organization. 
  • Charitable Lead Trust. A charitable lead trust generates income for CSC at the time it is established, while reducing the tax cost in transferring assets to future generations. A lead trust holds gift assets for a lifetime or for a term of years and pays annual income to benefit the programs at CSC, while offering numerous tax benefits.
  • Charitable Gift Annuity. A charitable gift annuity is a simple contract between you (and perhaps your spouse/partner) and CSC. In exchange for an irrevocable gift of cash, securities or other assets, CSC agrees to pay you and perhaps those you designate an annual fixed sum for life or a term of years.
  • Charitable Remainder Trust. A charitable remainder trust offers financial and estate-planning flexibility. You may entrust property, specifying how the trust income and interest will be distributed. Establishing a charitable trust may allow your gift to CSC to make better use of retirement fund assets or potential financial “windfalls” (sale of a company, gains in the financial markets, inheritance, etc.) and generate income, capital gain and estate tax savings.

Goals and Benefits

Your Goals Your Strategy Your Benefits
Maximize your deduction: minimize the gift details. Use cash to make your gift to Cleveland Sight Center. Claim your deduction against a larger portion of your adjusted gross income, and make an immediate impact on Cleveland Sight Center.
Afford a larger gift to Cleveland Sight Center and avoid capital gains liability. Give appreciated securities or bonds held over one year. Buy low and give high while avoiding capital gains tax.
Make a gift for Cleveland Sight Center's future that doesn't affect your cash flow or portfolio now. Put a bequest in your will (cash, specific property, or a share of the estate residue). Today: a gift that costs you and your family nothing.
Tomorrow: an estate-tax deduction.
Retain income benefits from the assets you give to Cleveland Sight Center and thus afford a larger gift. Create a charitable remainder annuity trust or charitable remainder unitrust. Receive income for your lifetime; receive a charitable deduction; diversify your holdings.
Reduce high tax liability now; gain additional income later. Establish a deferred gift annuity. A larger deduction and a higher income rate than our other life-income gifts offer.
Tap one of the most valuable assets in your portfolio to make a gift to Cleveland Sight Center. Use real estate to make your gift to Cleveland Sight Center. Avoid capital-gains tax, receive an income-tax deduction, and have the option of a gift that doesn't affect your lifestyle.
Reduce gift and estate taxes and control the timing of passing assets to your children and grandchildren. Create a charitable lead trust which supports programs at Cleveland Sight Center for a fixed, finite period with the principal going to your heirs. Reduce fight and estate taxes and freeze the taxable value of growing assets before they pass to your family.
Locate an overlooked asset that you can easily give to Cleveland Sight Center. Name Cleveland Sight Center as beneficiary of your retirement plan; leave other assets to family. Eliminate income tax on retirement-plan assets; free up other property to pass to your heirs.
Make an endowment gift from income rather than capital. Create a new life insurance policy, or donate a paid-up policy whose coverage you no longer need. Increase your ability to make a significant gift to Cleveland Sight Center.