Planned giving is an all-encompassing phrase to describe a variety of options for making a charitable donation. Planned gifts can fulfill your current financial needs as well as provide a financial future for your heirs. No matter your income, planned giving is a feasible option and is an important part of estate planning.
If you are unsure of how much of your assets you'll need in the future, planned giving addresses this concern and is often viewed as an attractive approach to giving because it offers individual flexibility.
This includes the ability to:
Make a larger gift than current assets would allow
Reduce capital gains and estate taxes
Earn higher investment yield
Receive a lifetime stream of income
We accept gifts of:
From Your Retirement Plan
Charitable Lead Trusts
Charitable Remainder Annuity Trusts
Charitable Remainder Unitrusts
DID YOU KNOW
If you are 70 1/2 or older, you can make a nontaxable transfer of up to $100,000 from your traditional IRA directly to a charity that is eligible to receive tax-deductible contributions.
The transfers are called qualified charitable distributions (QCD) and will count towards your qualified minimum distribution. If you file a joint return, your spouse can also have a QCD and exclude up to $100,000. Unlike typical IRA distributions, these direct gifts to charity are not added to your taxable income.
In order to make a QCD, simply ask your IRA trustee to:
- Directly transfer the desired amount to your eligible charity or ask the trustee to write a check payable to the charity that you will deliver.
- When preparing your year-end tax return, include the QCD amount on line 15a of your Form 1040, along with any other 1099-R distributions.
- Subtract the amount of your QCD and report the remainder (even zero if the QCD was your only IRA distribution) on line 15b and enter QCD next to line 15b. It’s as easy as that.
(Note: you cannot claim an itemized charitable deduction for the same QCD donation.)
To learn more, please contact us at .