With changes in tax laws in 2017, many Americans are left wondering how they can reach their philanthropic goals without compromising their tax benefits. There are several options that will help you do both.
Charitable Bequests
One of the simplest, most powerful ways to ensure promising futures for Idaho children is to include a gift in your will, also known as a charitable bequest. Such a gift will not only help at-risk kids, but it also lets you continue enjoying and using your assets (home, stocks, IRA, for example) for the duration of your life.
A charitable bequest is flexible. You can give as much or as little as you choose with no impact on your lifestyle. You can make a gift today by including a provision in your will and retain the option of changing your mind at any future time.
In Loving Memory - Tribute and Memorial Gifts
Making a donation to the Idaho Youth Ranch in memory of someone departed and dear is a beautiful way to celebrate their life. Your memorial gift is more than a meaningful tribute to your loved one (or the loved one of someone close to you), it also provides hope and healing for Idaho’s most vulnerable children and families in that person’s name. We’ll acknowledge your gift with a letter of receipt for your tax records, as well as a card to whomever you designate, to let them know the gift has been made in their loved one’s honor.
Donating Stocks or Securities
Whether it’s milk or frozen food, almost everything we buy these days is stamped with “use by” or “best by” dates. Many stocks have a shelf-life, too, and the end of the year is a great time to take inventory of what to save and what to refresh your portfolio.
Have you considered making a gift of stocks to Idaho Youth Ranch? Doing so by year’s end could potentially result in a federal income tax deduction and an Idaho state tax credit. You won’t have to pay capital gains on the transfer, and you will help Idaho’s kids with a gift equal to the full value of the stock.
Tax Advantages of Donating Appreciated Securities
Did you know—donating an appreciated asset directly to a charity instead of selling it and donating the proceeds can result in both tax savings for you and a higher dollar amount for the charity?
An appreciated security is an investment (shares of stock or mutual funds, for example) you’ve owned for at least one year that has increased in value since you bought it. Selling it could subject you to capital gains taxes and also lower the net amount for the charity. But by donating the stock or other assets directly you may be able to deduct the full market value of the donation, avoiding capital gains tax, and the charity could receive the full market value.
To learn more about donating appreciated assets and IYR’s other planned giving options, contact Perry Pleyte at 208-377-2613 or ppleyte@youthranch.org.
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