Tax-Wise Giving Strategies

12/16/2016

As the end of the year approaches, you may be looking for ways to save on taxes and benefit the ministries you care about. These strategies are an excellent way to complete your goals.

Outright Gifts of Appreciated Assets

Gifts of appreciated assets such as securities or real estate are an excellent way to help your church or favorite ministry. These gifts can provide you with numerous benefits:

• Receive an income tax deduction, based typically on the asset’s fair market value

• Avoid federal and state capital gains taxes

• Avoid the Affordable Care Act Medicare-tax

Life Insurance gifts

Making a gift to us of your old, unneeded, or obsolete life insurance policy can provide you with the following benefits:

• Receive a charitable income tax deduction

• Reduce your taxable estate

• Preserve your cash and savings

 

 

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Charitable Life Income Plans

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(s)

• Generate a current income tax deduction

• Bypass all or a portion of the capital gains on appreciated assets

• Enjoy increased financial security

Charitable Life Estates

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

• A lasting legacy to further your philanthropic goals

If you would like to learn more about end of year charitable gift planning, please contact David Battles, CPA, at 800-259-6863 or dbattles@okumf.org.