PHILANTHROPIC OPPORTUNITY
Make the Season Bright
There are many options that make it easy to support your favorite charity this holiday season — and perhaps make a larger impact than you ever thought possible .
Gifts of Stocks and Securities
Giving appreciated stock that you have owned for more than one year is one of the most tax-advantaged ways to make charitable gifts . With careful planning , you can reduce your capital gains tax while supporting a qualified charity .
Gifts of Retirement Plans
Those who are 70 ½ or older with an IRA , can make qualified charitable distributions to charity on a tax-free basis ( up to $ 100,000 per year ). As a part of the CARES Act , Congress has temporarily eliminated most required minimum distributions from retirement plans during 2020 . Check with your financial advisor to see how this might affect you .
If you are planning for the future , consider naming a charity as the beneficiary of some or all of the assets remaining when your IRA , 401 ( k ), 403 ( b ), or other qualified plan ends . Alternatively , you can designate that these assets be used to fund a charitable remainder trust or gift annuity arrangement that will make payments to family members or other loved ones for the rest of their lives . When the gift arrangement ends , what is left will go to the charity .
Donor Advised Funds
Once established through a public charity , you can make a charitable contribution from your donor advised fund to receive an immediate tax deduction . Then you can recommend grants to charities from the fund over time .
Insurance Policies
If you have a life insurance policy that is no longer needed for its original purpose , you can gift the policy to a charity and receive a tax deduction for the value of your policy , or designate the charity as a beneficiary of your policy .
Gifts by Bequest
With the help of your advisor , you can include language in your will or trust specifying a gift to be made to family , friends or your favorite charity as part of your estate plan .
Other Giving Options
Interested in making a gift that would support your charity while generating income for yourself and your family ? Learn how certain gifts allow you to achieve both of these goals . For more information , please contact
Jordan Castillo , JD , CFRE .
Baylor Scott & White Health does not provide tax advice . Please consult your tax advisor regarding the tax implications this may have on you based on your personal facts and circumstances .
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THE COMPASS / BAYLOR SCOTT & WHITE CENTRAL TEXAS FOUNDATION NEWS / WINTER 2020