Oklahoma Conference of the United Methodist Church

OKUMF: Ending the year well

12/7/2018

There are a number of charitable planning strategies that can help you lower your income and taxes this year. Here are some ways you can shift tax dollars to charitable dollars and support your church or favorite ministry.

IRA CHARITABLE ROLLOVER

Congress made permanent the law that allows people age 701⁄2 or older who own an IRA to make cash gifts directly from their IRA to charity. For many people,

this is the best tax-wise way to give. An IRA rollover gift will not be included in your taxable in- come and will qualify for your required minimum distribution.

OUTRIGHT GIFT OF AN ASSET

If you wish to make a gift to support your church this year, but are concerned about preserving your cash resources, consider a gift of an appreciated asset. A gift of securities, business interests or real estate can provide you with significant income and capital gains tax savings, often exceeding the benefits of a cash gift.

DONOR ADVISED FUND (DAF)

If you are looking for an end- of-year deduction but want more time to make thoughtful giving decisions, consider a donor advised fund (DAF). The Foundation can use your tax deductible gift to establish a DAF in your name. You can make grants from your DAF now and in the future to support the work of your church or chosen ministry.

ZERO-TAX GIFT AND SALE

If you are planning to sell an asset like securities, real estate or a business, before you sell, con- sider a “zero-tax” charitable gift and sale. By making a gift of part of the asset before the sale, you can use a tax-saving charitable deduction to significantly lower or eliminate the capital gains tax on the sale.

MAY WE HELP?

If you would like further in- formation on these end-of-year planning strategies, please con- tact us. We can help you create a plan that meets your needs and goals. Contact David Battles at dbattles@okumf.org or 800-259- 6863.

 

Making Disciples of Jesus Christ for the Transformation of the World

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