Next to gifts of cash, appreciated securities and bonds are the most common assets that individuals donate to the Conservancy. These assets, if sold, would result in taxable gains. By making a gift of securities that have been held for at least twelve months, taxes on the appreciation are avoided and a charitable income tax deduction is realized for the full fair market value of the assets.

Please note that a donor

Thrice a winner: eliminate your capital gains, receive a tax deduction, and help support Central Park by donating securities to the Conservancy.

considering a gift of an asset that has declined in value would be better advised to sell the property in order to realize a deductible loss, and then contribute the proceeds to charity. This assures recognition and deductibility of the loss in addition to the income tax charitable deduction.

For more information, call Larry Decker at the Office of Planned Giving at 212-310-6645, or email plannedgiving@centralparknyc.org .

Life Insurance

There are several ways to use life insurance for charitable purposes:

• If you own a policy that is no longer needed for the protection of your heirs, you may use it to make a gift to Central Park. You can do this by naming Central Park Conservancy as the owner and irrevocable beneficiary of the policy. In doing so, you are eligible to take an income tax deduction for the lesser of premiums paid or the policy's fair market value. If you then continue to pay the premiums to maintain the policy then the payments are considered charitable contributions.
  
• In conjunction with an outright gift or a life income gift, you can replace the dollar value of the asset with life insurance for your heirs. The tax savings from your gift is often enough to cover the cost of the insurance. The asset is not included in your estate and your children can receive it tax free.

For more information, call Larry Decker at the Office of Planned Giving at 212-310-6645, or email plannedgiving@centralparknyc.org.

Retirement Accounts

If you are planning to include Central Park Conservancy in your estate plans, the best asset to use may be the remainder of your retirement plans, such as an IRA or your 401k. These assets may be subject to very high taxation if left to anyone other than a spouse. Designating the Conservancy to receive any benefits remaining in your retirement plan may effectively reduce the taxes that would otherwise be imposed on those accounts that have grown tax free.

Retirement plan assets can also be used to create a testamentary charitable remainder trust.

For more information, call Larry Decker at the Office of Planned Giving at (212) 310-6645, or email plannedgiving@centralparknyc.org.