MI Planned Giving
Leave behind a legacy of prosperous community
What legacy will you leave behind?
On the authority of Abu Hurairah (RA) that the Messenger of Allah (saw) said, “When a person dies, his deeds come to an end except for three: Sadaqah Jariyah (a continuous charity), or knowledge from which benefit is gained, or a righteous child who prays for him.” (Muslim).
Building your legacy with Masjid Al Ittehad (IMNA)
While some individuals leave their mark through grand monuments, your legacy can shape lives profoundly. Masjid Al Ittehad (IMNA) is committed to fostering robust, flourishing Muslim communities in Western societies. We achieve this by nurturing a new cohort of Muslim American leaders who are deeply ethical and effective, driven by a desire to bring about significant changes in their communities. IMNA provides its leaders with a solid grounding in Islamic faith, coupled with the practical abilities and knowledge necessary to navigate today's challenges.
By contributing to IMNA through your charitable endeavors, you're not just donating; you're investing in the cultivation of leadership and community transformation. This investment extends your influence and benefits both you and your community long after your time.
If you're considering supporting our mission through a legacy donation, think about including a straightforward bequest in your will. You can find detailed steps for this process HERE. Interested in exploring more about legacy donation options and their advantages? Continue reading.
The Prophet Muhammad (peace be upon him) emphasized the importance of preparing a will, as documented in Sahih Bukhari: "It is not permissible for any Muslim who has something to will to stay for two nights without having his Last Will and Testament written and kept ready with him."
He also highlighted that a person's deeds may continue through three channels after their death: ongoing charity, beneficial knowledge, or a virtuous descendant who prays for them.
By contributing to IMNA through your charitable endeavors, you're not just donating; you're investing in the cultivation of leadership and community transformation. This investment extends your influence and benefits both you and your community long after your time.
If you're considering supporting our mission through a legacy donation, think about including a straightforward bequest in your will. You can find detailed steps for this process HERE. Interested in exploring more about legacy donation options and their advantages? Continue reading.
The Prophet Muhammad (peace be upon him) emphasized the importance of preparing a will, as documented in Sahih Bukhari: "It is not permissible for any Muslim who has something to will to stay for two nights without having his Last Will and Testament written and kept ready with him."
He also highlighted that a person's deeds may continue through three channels after their death: ongoing charity, beneficial knowledge, or a virtuous descendant who prays for them.
What does planned giving involve?
Planned giving allows individuals of any financial status to make significant contributions to IMNA's mission. It democratizes philanthropy, enabling anyone to support causes they are passionate about, while also offering considerable financial benefits to donors and their families.
Here's how it works: Certain planned gifts provide lifetime income to donors. Others can substantially reduce taxes, lessening the burden on inheritors' estate and maximizing the value of your gift to both your chosen charity and your heirs.
Essentially, a planned gift is a major contribution that's part of an individual's broader financial strategy.
Types of Planned Gifts
The main benefits of planned gifts accrue to IMNA after your or your last named beneficiary's passing. These gifts come in various forms, offering additional income for you or your heirs, reducing income and estate taxes, simplifying financial management responsibilities, and helping achieve personal, humanitarian, spiritual, and charitable goals. They can be in cash, real estate, stocks, bonds, personal property, or life insurance, each with their own unique advantages.
Some popular planned gift options for IMNA include:
- Bequests by Will: This is done via a will or revocable trust and comes into effect after the donor's passing. It's a straightforward, cost-free option during one's lifetime. Bequests can reduce your taxable estate, potentially increasing the amount available to your heirs, while also supporting IMNA and reflecting your values.
- Gifts of Stock and Appreciated Securities: Donating stocks, bonds, or mutual fund shares often offers more benefits than cash gifts. It can help avoid taxes on the appreciation of these assets.
- Donor Advised Funds: These funds, set up with financial institutions or community foundations, offer tax optimization and support for your chosen charities. You can designate IMNA as a beneficiary of the remaining balance upon your passing.
- Real Estate Donations: Gifting real estate provides an income tax deduction equal to the property's appraised market value, minus capital gains tax, benefiting both you and IMNA.
- Charitable Remainder Trust (CRT): A CRT offers income for life or a set term to you or others, with cash or appreciated securities managed by IMNA. Annuity trusts provide fixed income, while unitrusts offer variable returns based on market conditions.
The Holy Quran (2:261) likens those who spend their wealth in Allah's cause to a grain producing seven ears, each with a hundred grains, illustrating the multiplication of rewards by Allah.
“Those who believe, and do deeds of righteousness, and establish regular prayers and regular charity, will have their reward with their Lord. On them shall be no fear, nor shall they grieve”
(Holy Quran 2:277)
Benefits of Planned Giving
Benefits of Planned Giving
Planned giving encompasses various benefits for donors, including:
Planned giving encompasses various benefits for donors, including:
- Tax Advantages: Maximize your gift's impact with tax deductions, estate tax reductions, and avoidance of capital gains tax on donated assets.
- Financial Flexibility: Tailor your gifts to align with your financial objectives, with options like charitable remainder trusts and annuities providing a regular income stream.
- Legacy and Impact: Ensure your values and philanthropic goals continue to influence the world beyond your lifetime.
- Family Involvement: Involve your family in planned giving, instilling charitable values and priorities in the next generation.
- Personal Fulfillment: Experience the satisfaction of supporting a cause you deeply care about.
- Control and Customization: Direct your gifts to specific programs or initiatives that resonate with you.
- Supporting Islamic Values: Muslims can designate up to a third of their estate for charitable purposes, allowing for planned giving within Islamic laws.
- Inspiring Others: Your engagement in planned giving can motivate others in your community or family to embrace philanthropy.
The information provided on this website is not intended as legal, accounting, or other professional advice. For assistance in planning charitable gifts with tax and other financial implications, the services of appropriate advisors should be obtained. Consult an attorney for advice if your plans require revision of a will or other document.
