Some people’s legacies are written on monuments. Yours can be written on lives. The Islamic Seminary of America is dedicated building thriving, healthy communities for Muslims in the West by cultivating a generation of more ethical, more effective Muslim American leaders who are passionate about making transformative change in the communities they serve. TISA leaders are trained and educated with a firm foundation in the faith, and the practical skills and knowledge they need to meet the challenges of the modern world.
When you partner with TISA in your charitable giving, you leave a legacy of leadership development and transformative community building that will go on to benefit you and your community long after you’re gone.
If you’re ready to support this mission with a legacy gift, consider making a a simple bequest in your will by following the steps HERE. Still want to learn more about legacy giving opportunities and benefits? Keep reading…
The Prophet (saw) said:
“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.”
Planned giving allows anyone to make a substantial contribution to sustain and support the mission of The Islamic Seminary of America — regardless of income or financial status. It is a way to level the playing field, giving everyone a chance to become a philanthropist and make a real impact in a cause they care about. It also provides significant financial benefits to you and your family.
Some planned gifts provide lifelong income to the donor (yes, you read that correctly). Other gift plans significantly reduce taxes that would otherwise take a big chunk out of your loved ones’ inheritance — providing for both charity and heirs in ways that maximize the gift while minimizing its impact on your estate.
In short, a planned gift is any major gift that is part of a donor’s overall financial planning.
The principal benefits of planned gifts accrue to The Islamic Seminary of America at a later time, after your death, or the death of your last named beneficiary. Planned gifts take many forms, providing additional income for you and/or your heirs, reducing income and estate taxes, relieving you and your heirs of complicated financial management responsibilities, and helping to fulfill your personal, humanitarian, spiritual and charitable objectives. Planned gifts can be made in cash, real estate, stocks, bonds, personal property, or life insurance. There are many different Giving Vehicles & each have their own special benefits. Here are a few popular Planned Gifts to consider when giving to TISA…
Made through a will or a revocable trust, which takes effect after the donor’s death. It’s the most popular planned gift, the easiest to make, and it costs nothing during the donor’s lifetime. In addition to supporting The Islamic Seminary of America, it serves as an example to your heirs of the values and ideals you hold dear. A bequest also can reduce the amount of your taxable estate, which may increase the actual amount available to loved ones.
Gifting stock can often be more beneficial to individuals than gifts of cash. You can use appreciated stocks, bonds, and/or mutual fund shares that you have held long-term to make a donation to the Islamic Seminary of America instead of cash. These gifts frequently help individuals avoid the tax liability on the appreciated value of the stocks, bonds, or securities. We can help facilitate gifts of this type between you, your broker, and our broker. Contact us for more information.
Many donors today are using Donor Advised Funds to optimize their tax situation while still supporting their favorite charities. These funds are set up with large financial institutions or community foundations who act as the charitable sponsor. Donors who direct gifts from these types of funds have a few options for the disbursement of any remaining funds upon their passing. One option is to designate the remaining balance of the fund to support The Islamic Seminary of America.
Another popular vehicle for Planned Giving is donating Real estate. When you donate real estate, you receive an income tax deduction equal to the appraised fair market value of your property, with no capital gains tax, while benefiting the institution and helping us further our mission.
A CRT pays income for life or a term of years to donor and/or others by transferring ownership and management of cash and/or appreciated securities to The Islamic Seminary of America. TISA then manages the trust and pays income to you for the remainder of your life and/or the life of another beneficiary. An annuity trust provides a fixed annual income for those wanting consistent, predictable payments. A unitrust pays a variable return based on market changes, providing an effective hedge against inflation.
Planned giving offers several benefits to those who wish to incorporate charitable giving into their financial and estate planning.
Tax Advantages: Maximize your impact of giving! Many planned giving options provide donors with valuable tax benefits like tax deductions, estate tax reductions, and the avoidance of capital gains tax on appreciated assets donated to charitable organizations.
Financial Flexibility: Planned giving allows you to structure their gifts in a way that aligns with their financial goals and circumstances. For example, charitable remainder trusts and charitable gift annuities can provide you with a regular income stream while still benefiting a charitable organization.
Legacy and Impact: You can leave a lasting legacy by supporting TISA. Planned giving ensures that your values and philanthropic goals continue to make a difference long after you are gone, allowing you to have a lasting impact on the world.
Family Involvement: You can involve your family members in the decision-making process for planned giving, passing down not only your assets but also your charitable values and priorities. This can be a meaningful way to engage the next generation in philanthropy.
Personal Fulfillment: Like many people, you can find deep personal fulfillment in knowing that your assets are supporting a cause you care about. The act of giving can bring happiness, fulfill a higher purpose, and give you satisfaction.
Control and Customization: You have control over how your gifts are used and can work closely with us to tailor your giving to specific programs or initiatives that resonate with you.
Supporting Islamic Values: Muslims can allocate up to one-third of their estate for charitable purposes in their will which provides an avenue for planned giving by designating a portion of one’s estate to charitable causes. Let TISA be a part of your planned giving while ensuring that you are well within Islamic laws.
Inspiration for Others: TISA donors who engage in planned giving can serve as role models for others in their community or family, inspiring additional charitable giving and philanthropy among their peers and loved ones.
At TISA, we are here to walk this path with you. Allow us to be a part of your legacy by helping us continue to train and inspire future Muslim leaders of America. Our esteemed and scholarly faculty pass on the Prophetic model of leadership because of people like you, who choose to stand with us.
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.