Gifts of stock continue to represent a smart strategy to maximize a high-impact gift with a low, out-of-pocket cost. This type of gift is known as a functional deduction because it saves taxes without the need to itemize.
A stock purchased decades ago that now has a much higher fair market value is ideal to use for a charitable gift. A sale of highly appreciated stock would trigger capital gains tax, but a charitable gift of this asset eliminates all capital gains liability and provides a charitable deduction based on the current, full fair market value of the asset.
For information on how to make a transfer to Family Services, please contact Pamela Prescott, Resource Development Director, at 608-365-1244 or by email at firstname.lastname@example.org.
The Tax Relief Extension Act of 2015, which is now permanent, reinstated the ability to transfer up to $100,000 tax free from your IRA directly to Family Services of Southern Wisconsin and Northern Illinois, Inc. Below are the rules:
You are 70 1/2 or older on the day of the gift;
You transfer up to $100,000 cumulatively in the tax year directly to one or more qualified charities from your IRA accounts;
You do not receive any goods or services in exchange for the rollover gift; and
You make the gift by December 31, 2019 to qualify for this year's credit.
We are providing sample letters here that you can send to your financial provider to request a charitable distribution from your IRA as well as a letter to Family Services notifying us of your intent and the source of your gift.
Some IRA checks have no donor name listed, so please make sure to notify us if you are sending an IRA gift.
IRA Rollover Gifts
A planned gift is a future gift that will reinforce the mission and work of Family Services. Planned giving may help a donor avoid capital gains and estate taxes.
Like planting a tree today so that someone can enjoy the shade tomorrow, your gift will help us meet our long-term goals and allow us to continue to restore, sustain and enhance lives in our community.
Options for Planned Giving
1. Bequest by Will
A simple option that can be changed at any time. You can leave cash, securities, real estate, objects of art, or any other real estate property.
2.Gift of Life Insurance
Supporters may find that they no longer need life insurance that was purchased years before to provide for children or other family members. Consider donating the policy to Family Services. You may claim a charitable deduction for approximately the policy's cash surrender value and the proceeds are completely removed from your estate.
3.Other methods are available.
Check with your own personal attorney or financial advisor for additional planned giving options.
For additional information, please contact (608) 365-1244.