Stronger End of Year Giving

December 03 2015

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As the end of the year approaches, you may be looking for ways to save on taxes and end the year well. Here is a checklist for some tax-wise year-end charitable gifts that can provide you with tax savings and possible income benefits:

Make a gift of appreciated assets. Gifts of appreciated assets such as securities or real estate are an excellent way to help your community. These gifts can provide you with many benefits: receive an income tax deduction (based typically on the asset’s fair market value), avoid federal and state capital gains taxes and avoid the Affordable Care Act Medicare Tax.

Make a gift of life insurance. Making a gift to us of your old or unneeded life insurance policy can provide you with the following benefits: receive a charitable income tax deduction, reduce your taxable estate, or preserve your cash savings.

Fund a Charitable Gift Annuity. If you own low-yielding assets and are seeking a higher income, a charitable life income gift such as a charitable gift annuity or charitable remainder trust may be worth exploring. In exchange for your charitable gift of cash or appreciated securities, you reap multiple benefits: receive payments for your lifetime, generate a current income tax deduction, bypass all or a portion of the capital gains on appreciated assets and enjoy increased financial security.

Create a Charitable Life Estate. If your estate plans include leaving your residence (home, farm, vacation home) to charity, you may wish to create a charitable life estate arrangement. You can make a gift to us of your property today and receive the following benefits: current income tax deduction, life use and enjoyment of the property and a lasting legacy to help further our mission of Building Community by Building Philanthropy.

To learn more about how you can benefit from these gifts, contact us at 407.872.3050.

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