Many of our donors tell us they want to do more to support survivors seeking to rebuild their lives, but they struggle with how to balance their desire to make transformational gifts with current economic priorities.
Your continuing annual support allows our daily work to remain ongoing, while remembering us in your Will or Trust can create that long-term impact you seek.
You can designate a specific dollar amount or a percentage of your investments, IRAs, or overall estate value for distribution after you pass away. Your legal advisor can provide the correct language and make sure your intent is honored through your documents. There isn’t any need to let us know, but we hope you will share your plans with us so we can celebrate your commitment while you are still alive!
There are also ways you can tap into your long-term assets and provide for your philanthropic interests in ways that can save you in tax dollars today:
Did you know that at age 73, the IRS requires you to withdraw 5% of your retirement plan dollars—whether you need to or not? And that this withdrawal is usually taxable as income? The exception to this requirement is if you direct the custodian company to send this Required Minimum Distribution (RMD) directly to a recognized charity. You may save taxes while helping a cause near and dear to your heart.
Similarly, have you ever sold appreciated stock to enable your giving? You can actually transfer stock directly to a charity and avoid capital gains. Courage Worldwide has entered into a partnership with the Parasol Foundation to process this type of gift for us.
Donor Advised Funds (DAF) also provide tax savings. You can set up a DAF with your local financial institution and 100% of the funding is deductible in the year of the deposit—perfect for people who need a deduction today but want to spread their donations out over multiple years.
If any of these ideas are of interest to you, shoot us an email! As always, be sure to consult your financial professionals to maximize your personal benefits.
Comments