Make an Impact through Year-End Giving
In addition to the joy of knowing your charitable giving has directly impacted the community, there are many financial benefits of year-end giving. We hope this easy guide will inform you on helpful planning opportunities to maximize your impact in Martin County with a year-end gift.
- 100% Deduction for Cash Gifts. If you choose to itemize your tax return for calendar year 2022 (due in 2023), then all gifts of cash are subject to a charitable deduction limit up to 100% of your Adjusted Gross Income (AGI). This tax benefit is only available for gifts of cash and must be completed on or before December 31.
- Gifts from Family Foundations. A private family foundation is one way to create a framework for giving that can enable you to establish a philanthropic legacy. As with all private foundations, family foundations must disperse at least five percent of assets each year. Making a year-end gift from your family foundation can be a great way to satisfy this requirement while making an impact in your community.
- Gifts of Appreciated Stock. A gift of appreciated stock offers two tax benefits: an income tax deduction and complete escape of potential capital gains tax. The charitable deduction equals the average of the high and low values on the date of gift multiplied by the number of donated shares. A stock gift may be easily wired from your account to our account by contacting us for instructions.
- IRA Charitable Rollover. On your tax return, the IRA charitable rollover is called the Qualified Charitable Distribution (QCD). If you are age 70.5 years or older, you may consider a tax-free IRA charitable rollover from your IRA to United Way of Martin County. This rollover does not qualify for an income tax charitable deduction but does escape all income tax liability for the donation. The rollover is limited to $100,000 per year per taxpayer. So, a married couple can each give up to $100,000 for their respective IRAs. This gift may be easily wired from your account to United Way of Martin County or by writing a check from your IRA account. Please contact us for instructions.
- Grant from a Donor Advised Fund. Many donors use Donor Advised Funds (DAFs) to make charitable grants. United Way of Martin County accepts such grants that can be designated to our Community Impact Fund, one of our Strategic Priority Areas (Education, Financial Stability and Health) or to the Endowment Fund. In addition, United Way of Martin County can manage your Donor Advised Fund.
- Life Insurance. You may name United Way of Martin County as the owner and/or beneficiary of an existing policy that you no longer need or a new life insurance policy. If we are the named owner, you may receive an income tax deduction for the approximate cash value of the policy. Plus, you may deduct the value of future gifts to cover the cost of premiums paid by United Way of Martin County on behalf of your donated policy. If you name United Way as a revocable beneficiary only, you would not qualify for an income tax deduction. Making a gift is easy to do using a change of owner and/or beneficiary form from your insurance company.
- Bequest in Will or Trust. Many consider reviewing their estate plans at year end. Naming United Way of Martin County as a percentage beneficiary of your will and/or living trust is easy to do and can create a lasting impact in our community. Please contact us for sample bequest language to share with your legal counsel.
- Your planning can make an impact in the lives of many. Please consult with your professional advisor or attorney about which gift option would be best for you.
For additional information, please contact Elisabeth Glynn, CFRE, Director of Philanthropy, at eglynn@unitedwaymartin.org or at 772-244-2212.
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