Generally speaking, planned gifts represent gift options that can be designed to meet your personal philanthropic and financial goals. Some planned gifts, such as a gift in your will, require no current outlay of funds at all. And other planned gifts, including the charitable gift annuity, make it possible to support our work, enjoy a tax deduction if you itemize, and receive a lifetime income at the same time.

In this unpredictable and challenging economic climate, a planned gift can be a rewarding way to make a difference in others’ lives. Please contact us if we can provide more information or help you in any way.

P.S. We invite attorneys, CPAs, financial planners, and other professional advisors to click the “Professional Advisors” link to use our Planned Giving Answers Online program. It provides more detailed information about planned giving concepts and techniques.

Making a Difference

Personal philanthropy is motivated by a steadfast commitment to making an impact through charitable giving. Simple, strategic planning can ensure you make the most of your gifts while helping you shape your personal legacy.

There are many ways to give, but certain gift options offer unique tax advantages. For example, in 2021, special rules apply to gifts of cash.

  • For taxpayers who itemize their returns, the individual limitation for deducting cash gifts to qualified charitable organizations is 100% of adjusted gross income (instead of the usual 60%). If you are considering a large cash gift, you can qualify for a larger current deduction in 2021 compared to previous years. (This special rule also applied in 2020; however, the 60% limitation will apply again in 2022.) Gifts to a donor-advised fund remain subject to the 60% limitation.
  • For taxpayers who do not itemize but take the standard deduction, a $300 above-the-line income tax deduction is available for cash gifts to qualified charitable organizations in 2021 ($600 for married couples filing jointly).

Other tax-wise giving options include gifts of appreciated stock (held for at least one year) and qualified charitable distributions from an IRA (for IRA owners age 70½ or over). We can provide additional details, and we are always ready to answer questions or assist with your planning. Please contact us if we can help you and your advisors in any way, and thank you for your generosity.