Charitable gifting can be an important part of any long-term personal, family or business plan.
Donors often wait until the waning days and weeks of December to make their annual charitable gifts, then rush to meet the year end deadline. Rather than packing it all in at the end of the year, why not create a thoughtful charitable gifting plan and receive the joys of giving all year long?
Here are just a few of the many ways you can give and receive:
• Current gifts of cash, personal property or highly appreciated assets, such as stock or real estate, can go to good works you favor right away. The value of your contributions can be income tax deductible and avoid capital gains tax on the asset sales. Contributions to donor-advised funds can currently be deductible with distribution decisions made later.
• Life income gifts, charitable trusts and gift annuities can provide substantial estate and income tax benefits, as well as income to you and your family, either now or sometime in the future. Older homeowners might want to explore donating a home to a suitable charitable organization now, while remaining in the home and receiving lifetime income.
• Bequests made in your will or living trust, IRA, 401(k) or other retirement plan, annuity or life insurance policy, leave a legacy to your preferred charities upon your demise. Bequests are easy to arrange and your estate can receive a charitable deduction for your gift. Also, significant taxes can be forgiven on certain assets that would otherwise be income taxable to your estate or heirs.
• The IRA rollover to charity was extended for years 2008 and 2009 in the Emergency Economic Stabilization Act, known as the bail-out bill. IRA owners older than 70 and a half can make non-deductible gifts up to $100,000 per year from IRA assets transferred directly to most qualified charitable organizations, without having to declare the amount as taxable income.
There are many variations of these and other gifting arrangements that can be customized to ensure charitable gifts from your heart will benefit your financial and tax situation. Careful planning is the key to developing a gifting program that maximizes the benefits for you and your family, company and favorite charitable organizations.
You should consult your professional advisors to determine how you might benefit.
For more information, contact Gina McBride at (760) 918-9361 or [email protected].
Donors often wait until the waning days and weeks of December to make their annual charitable gifts, then rush to meet the year end deadline. Rather than packing it all in at the end of the year, why not create a thoughtful charitable gifting plan and receive the joys of giving all year long?
Here are just a few of the many ways you can give and receive:
• Current gifts of cash, personal property or highly appreciated assets, such as stock or real estate, can go to good works you favor right away. The value of your contributions can be income tax deductible and avoid capital gains tax on the asset sales. Contributions to donor-advised funds can currently be deductible with distribution decisions made later.
• Life income gifts, charitable trusts and gift annuities can provide substantial estate and income tax benefits, as well as income to you and your family, either now or sometime in the future. Older homeowners might want to explore donating a home to a suitable charitable organization now, while remaining in the home and receiving lifetime income.
• Bequests made in your will or living trust, IRA, 401(k) or other retirement plan, annuity or life insurance policy, leave a legacy to your preferred charities upon your demise. Bequests are easy to arrange and your estate can receive a charitable deduction for your gift. Also, significant taxes can be forgiven on certain assets that would otherwise be income taxable to your estate or heirs.
• The IRA rollover to charity was extended for years 2008 and 2009 in the Emergency Economic Stabilization Act, known as the bail-out bill. IRA owners older than 70 and a half can make non-deductible gifts up to $100,000 per year from IRA assets transferred directly to most qualified charitable organizations, without having to declare the amount as taxable income.
There are many variations of these and other gifting arrangements that can be customized to ensure charitable gifts from your heart will benefit your financial and tax situation. Careful planning is the key to developing a gifting program that maximizes the benefits for you and your family, company and favorite charitable organizations.
You should consult your professional advisors to determine how you might benefit.
For more information, contact Gina McBride at (760) 918-9361 or [email protected].