In addition to the most common gifts of cash/cash equivalent (check, credit card, money order or bank draft), there are some other giving options that may benefit your unique situation.
Make your stocks work for you:
If you own high-performing stocks you wish to sell, or you no longer need, and are looking for a way to avoid owing capital gains tax, consider making a gift of your stock to help further our mission. Plus, if you make a gift of stock rather than cash to us, you can use the cash you would have given to purchase more of the same stock. Then you will have made your gift, but you still own the same stock, only now with a higher basis. Please contact us if you need assistance with making a stock transfer. We can provide you with transfer instructions to make your gift easy and effective.
If you are a bargain hunter, you might consider making a gift of life insurance. By naming a charity like ours as the beneficiary of an unneeded policy, you can spend dimes to give dollars and receive tax savings. Once you have given the policy, you can receive additional income tax savings by making a gift each year in an amount equal to the premium payment.
Charitable Remainder Trust:
When you make a gift to fund a charitable remainder trust, you get cash back for as long as you live. Our organization benefits from what remains after all payments have been made to you and any other beneficiaries. You will receive an income tax deduction this year for your gift.
IRA Charitable Rollover:
Congress made the IRA charitable rollover permanent. The rollover law allows taxpayers who are required to withdraw money from their IRAs to give directly to charity. Because the rollover counts against your required minimum distribution (RMD), making an IRA rollover gift to an organization like ours could reduce your income and taxes. Persons age 70 ½ or older can rollover up to $100,000 from their IRA to a qualified charity like ours. While you won’t receive an income tax deduction for a rollover gift, you also won’t pay any income tax on the transfer. The transfer only works for IRAs and not for other retirement accounts. You may be able to roll over your 401(k) or other plan into an IRA and take advantage of this strategy. Check with your tax advisor or contact us to learn more about how you can use your RMD for good and lower your taxes.
If you have real estate you are tired of holding, then give that real estate (or part of it) to a qualified charity. You lose the burden of maintaining and paying taxes while gaining income tax advantages, such as avoiding paying capital gains tax on the transfer and receive a tax-saving charitable deduction.
If you have a business ownership where you wish to reduce your share, then donate a share of your closely held stock to charity. You receive an income tax deduction and reduce your ownership.
Gifts in Kind:
There are many in-kind items that Trinity Health Foundation uses on a regular basis. For more information about donating specific items, please contact us.
Some of the materials in this article are Copyright © 2016 Crescendo Interactive, Inc. and are used by permission.