Stronger End of Year Giving

December 03 2015


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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