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Gifts
of Securities (Appreciated, Depreciated and Closely-held Stock)
Use gifts of securities to enhance your giving. The IRS still allows
a notable tax break for individuals considering giving a gift of
securities.
- Appreciated Stocks—Donors
may deduct the full, fair market value of appreciated assets given
to Sisters of Charity with no recognition of capital gains. This
means that donors can leverage a large donation and charitable
deduction using an asset with a small cost basis. However, don’t
sell the stock and then give us the proceeds! Even though you
intend to make a charitable gift, the IRS will impose capital
gains tax on your sale, wiping out the benefits of this arrangement.
- Closely-held stock—Stock
that is not publicly traded can also be used as a charitable gift
even if you wish to maintain a control position in the stock.
- Depreciated stocks—By selling
securities worth less than their purchase price, you may claim
a capital loss on your income tax. The proceeds can then be donated
to Sisters of Charity Health System.
Gifts
of Cash
The simplest way to give. However, you can deduct a cash gift for
income tax purposes only in the year in which you contribute it.
Your cash gifts are deductible up to 50 percent of your adjusted
gross income for the taxable year, but any excess is deductible
over the next five years. Checks are gladly accepted as well. Make
a gift of cash now online.
Pledges
Perhaps you would like to spread your gift out over several years
in the form of a pledge. Sisters of Charity is able to plan according
to your gift, yet you can continue earning interest until the scheduled
payment is due. Tax benefits apply the same as a cash gift. Pledge
a gift to Sisters of Charity now using our convenient online giving
form.
Retirement
Plan Assets
Did you know that nearly half your retirement plan assets can be
eaten away by taxes at your death? You can preserve more of your
estate for the people and organizations that matter most in your
life by making a gift of Retirement Plan Assets. During your lifetime,
the law requires that certain minimum distributions be taken from
your retirement accounts after you reach age 70. These distributions
are subject to federal income tax at your current tax bracket. Failure
to take the required amount results in a 50% penalty tax on the
undistributed amount. At your death, you can roll over your qualified
retirement plan without incurring estate tax to your surviving spouse
who can continue to receive distributions. When your spouse dies,
however, any remaining plan assets are treated as income in respect
to a decedent (IRD) and become subject to multiple levels of taxation.
Set up a testamentary charitable remainder trust in your will into
which you transfer any residual in your retirement plan at your
death, naming your surviving spouse or children as income beneficiaries
for life, or a term of years, and Sisters of Charity as the charitable
remainderman.
Bequests
By remembering Sisters of Charity with a bequest in your will, you
can have a significant impact on the health care of future generations.
Your bequest may have estate tax planning benefits as well. See
Planned Giving Essentials for more details.
Donor
Advised Funds
If you have established a Donor Advised Fund through another organization
(e.g. Community Foundation, investment firm) you may recommend the
award of a grant to Sisters of Charity Health System. Please check
the guidelines pertaining to your fund.
Gifts
of Appreciated Property
Stocks and bonds are not the only forms of appreciated property
that receive favorable tax treatment when they are donated to the
Sisters of Charity Health System. The IRS also allows donors of
appreciated real estate and artwork to contribute them to the Health
System, receive a deduction for their full fair market value, and
remove these assets from their taxable estate. You can transfer
the deed of your home or farm to us now and keep the right to use
the property for your lifetime and that of your spouse. Consider
making a gift of appreciated property today!
Gifts
of Life Insurance
You can donate a life insurance policy to us or simply name us as
the beneficiary. For the gift of a paid-up policy, you will receive
an income tax deduction equal to the lesser of the cash value of
the policy or the total premiums paid. To qualify for the federal
charitable contribution deduction on a gift of an existing policy,
you must name us as owner and beneficiary.
Charitable
Gift Annuities
Of all the gifts that pay you back with a life income, the charitable
gift annuity may be the simplest and most affordable. Unlike a trust,
you contribute your gift directly to Sisters of Charity Health System,
and we agree to pay you a fixed life income. It’s simple and
secure—call today for more information. Please contact our
office at 207-777-8863 or 1-888-324-4423 to talk about a planned
giving opportunity that may be right for you. We recommend you consult
a professional tax specialist as well, to clearly define the tax
benefits as they pertain to your particular estate.
For more information,
please contact us at:
Sisters
of Charity Foundation
PO
Box 7291
Lewiston,
ME 04243-7291
207-777-8863
(in Lewiston, ME)
1-888-324-4423
(toll free outside of Lewiston, ME)
SoCHSFoundation@sochs.com
(email)
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