Ways to Give

Ways to Give

Charitable Strategies for 2019

The Tax Cuts and Jobs Act affects the income tax of both businesses and individuals and the federal estate tax on the estates of certain high-net-worth individuals. 

Except for increasing the deduction ceiling on cash gifts from 50% to 60% of AGI, the effect of charitable giving is more indirect than direct. Here are some charitble strategies to consider for this year: 

  • Increase your charitable gifts so you can benefit from itemizing your deductions.
    If the total amount of your itemized deductions is going to be close to the new higher standard deduction amount, you might consider giving a little more charity to charity in 2018 so that your income tax charitable deduction helps you exceed the standard deduction amount and you can itemize and receive the tax benefits of doing so.
  • Make gifts of appreciated securities.
    You can still save capital-gain taxes by giving appreciated Securities that you have owned for more than a year, a key part of tax law that has not changed.
  • Make retirement plan gifts.
    A simple and smart way to make a charitable gift is through retirement-plan beneficiary designations. While your loved ones are subject to paying income tax on retirement-plan gifts they receive, charities such as The Valley Hospital Foundation are not. Thus you can help loved ones save taxes by giving them other assets and making retirement-plan gifts to charity.
  • Make an IRA rollover gift.
    Those over the age of 70 ½ who have not yet taken required distribution from their IRA might ask their IRA administrator to make a direct tax-free transfer to charity. The ability to make such transfers will not was not affected by the new law
  • Make a gift that cost nothing now.
    A bequest in your will or trust continues to be a way to make a significant gift that cost you nothing now. There are many ways to design your request in order to best meet your family priorities and charitable objectives.

Contact us for more information we're here to help every step of the way.  Contact Bettina Daly at Bdaly2@ValleyHospitalFoundation.org or visit www.ValleyHospitalFoundation.Plannedgiving.org