Support the Charities You Love on Giving Tuesday
November 5, 2019
Giving Tuesday is on December 3rd this year and it is all about giving back to your community after a hectic Black Friday and Cyber Monday. Giving back can take many forms, such as the two most common forms, volunteering or making charitable donations. You can make a plan during this season of giving to fund the future of your church or the ministries you love. Below are some gift options you can make and ways to give.
What to Give
Gifts of Cash or Stock
If you want to make a quick and easy gift that offers an immediate charitable deduction, a gift of cash or stock could be a great option for you. A gift of appreciated stock offers even more tax benefits because you can eliminate the capital gains tax that would be due if you sold the stock. An immediate gift allows your generous contribution to get straight to work making an impact on the ministries you love.
Gifts of Real Estate
Donating appreciated real estate, such as a home, vacation property, undeveloped land, farmland, ranch or commercial property can make a great gift to support the ministries and missions you love. Some benefits of a gift of real estate is you can avoid paying capital gains tax on the sale of the real estate, receive a charitable income tax deduction based on the value of the gift, and leave a lasting legacy.
Gifts of Retirement Assets
Donating part of all of your unused retirement assets such as a gift from your IRA, 401(k), 403(b), pension or other tax-deferred plan is an excellent way to make a gift. You can avoid potential estate tax on retirement assets, your heirs would avoid income tax on any retirement assets funded on a pre-tax basis, and you could receive potential estate tax savings from an estate tax deduction.
How to Give
A bequest is one of the easiest gifts to make. With the help of an attorney, you can include language in your will or trust specifying a gift to be made to family, friends or your favorite charities.
IRA Charitable Rollover
An IRA charitable rollover gift is a great way to make a current impact while also enjoying tax benefits. If you are 70½ or older, you are eligible to give up to $100,000 per year from your individual retirement account to benefit qualified charities. While you do not receive a charitable income tax deduction, your gift is received tax free. The gift also counts toward your required minimum distribution for the year, not impacting your taxable income.
Charitable Gift Annuity
There are few things in life we can do for ourselves that also benefit others. A charitable gift annuity is one of them. A charitable gift annuity is a simple contract between you and our organization. You agree to donate a sum of money to the ministries you want to support, and in return we agree to pay you a fixed amount every year for your lifetime. When you fund a gift annuity (with cash or stock), you receive an immediate charitable income tax deduction and a portion of your payments will be tax free for a period of time.
A beneficiary designation is a simple way to make a gift to support the causes you care about. You can designate the church or charity as a beneficiary of a retirement, investment or bank account or your life insurance policy.
We have an online giving option that allows you to support ministries at the Foundation such as the H.E.L.P program or the Clergy Tribute Scholarship fund. Learn more about these ministries on our website at https://iumf.org.