OTHER CHARITABLE GIVING OPTIONS
We understand that with life’s ups and downs, cash may not always be readily available to donate now. So, we hope you will also consider one of these other ways to help accomplish your charitable giving goals...
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Gift directly from your IRA when over age 70½ – Those over age 70½ with a traditional IRA (Individual Retirement Account) can give up to $100,000 each directly to Charity, and in some cases don’t even have to put the charitable withdrawal on their tax return. An added bonus for some is that the transfer, directly to the charity from the IRA, also counts towards the RMD (Required Minimum Distribution) for the year the transfer is received by the charity. This is a very effective way to give in the most tax efficient manner for those in this age group.
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Gift of Appreciated Stock – Receive a tax deduction on the full market value of appreciated stock, while avoiding the capital gains tax that would otherwise arise from the sale of this stock. If you decide you want to gift some stock or other investment holding, please contact your financial advisor to ensure there is adequate time for this to be completed within the calendar year.
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Outright Gift of Money or Real Estate – The donor receives a tax deduction and can avoid capital gains taxes. There are ways to donate property, such as a second home, and retain the right to use the property during your lifetime or to retain the income stream from an asset during your lifetime.
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Bequest by Will – Denote a portion of your estate or a piece of property be given directly to your designated cause upon your death.
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Gift of Life Insurance – If your children are grown, doing well, and your spouse is provided for, consider giving all or part of a life insurance policy to a charity and potentially receiving a charitable tax deduction.
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Charitable Remainder Trusts – When the estate owner retains the right to the income but transfers his or her rights in the remainder to a trust, it is called a charitable remainder trust, and this is yet another way assets can be shared.
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Whatever gifting strategy you choose, planned giving can be very rewarding as you are changing the life of a child by giving them the Gift of Sound & Voice.
NOTE: This is not to be considered as legal or tax advice. Please seek legal guidance from an estate planning attorney and tax advice from a tax accounting professional before implementing these and other charitable giving strategies.
NOTE: This is not to be considered as legal or tax advice. Please seek legal guidance from an estate planning attorney and tax advice from a tax accounting professional before implementing these and other charitable giving strategies.
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