Planned Giving is a wonderful way to make a larger, lasting contribution to the Quincy Humane Society Endowment. It is the practice of designating a gift to an organization in life or as part of an Estate Plan. Not only does Planned Giving represent the opportunity to provide long-term support to The Quincy Humane Society Endowment or the Quincy Humane Society Endowment Trust, but it also gives donors a chance to establish a legacy.
To avoid legal challenges and guarantee the Quincy Humane Society Endowment or Quincy Humane Society Endowment Trust receives your gift or bequest, be sure to use the following language for all planned gifts:
Quincy Humane Society Endowment EIN 37-1415752
Quincy Humane Society Endowment Trust EIN 83-0693743
Charitable giving may help you minimize taxes while also supporting the causes that are meaningful to you. You can give to the Quincy Humane Society Endowment, an IRS 501(c) 3 charitable organization in your will or during your lifetime. Before you choose a way to give, it's important to understand the tax implications of your decisions. Giving as much as you want to charity during your lifetime and after you’re gone may help to reduce federal estate and gift taxes significantly. When you make a charitable gift, you are planting a special gift that will change lives.
Generally speaking, lifetime gifts to Quincy Humane Society Endowment can result in an income tax deduction for you. But before you make a sizable gift, be sure to seek tax advice. You're eligible for itemized deductions for charitable contributions up to a certain percentage of your adjusted gross income for cash contributions. Another limit applies for contributions of appreciated securities or property in any one year. You may be able to carry forward amounts that exceed the limit and deduct them over the next five years.
Outright Gifts are one-time contributions made directly to the charitable organization. Outright Gifts could include cash, personal property, securities, or stocks. For example, you could donate a piece of real estate to an organization. The charity could either use the property or sell it and keep the proceeds.
A Bequest is the act of giving assets to a charity through the provisions of a will or an estate plan. It is the most popular planned gift; the easiest to make; and costs nothing during a donor’s lifetime. A Bequest can be included in a new will, added to an existing will or trust through a simple amendment called a codicil, often without the expense of hiring an attorney. A Bequest can be a set dollar amount or percentage of an estate that goes to a nonprofit after the donor’s death.
Tangible Personal Property
Tangible Personal Property means any property, other than land or buildings that can be seen or touched. A gift of your treasures like valuable antiques, stamp and coin collections, works of art, cars, boats, and other personal property can provide unique benefits to a charitable organization which could not be realized from any other asset and assist you with a tax deduction at the same time.
A Bargain Sale of real property by a donor to a charitable organization for a price less than the property’s fair-market value.
Real estate that, if sold, would trigger a large tax bill, may be a good option to transfer to a charity.
Gifts that Return Income
Gifts that return income refers to anything that continuously provides financial support to an organization. A charitable remainder trust would be considered a gift that returns income as the trust would annually pay either a fixed percentage or set dollar amount to the charity.
A Charitable Trust is a trust made for the benefit of specific charitable purposes. The Quincy Humane Society Endowment Trust is a 501(c)3 charitable organization. Charitable Trusts are favored by the law. It is used to make donations to the charity which realizing tax savings for an estate. Typically, there is a transfer of property to a trust which continues to hold the asset until it is transferred to the charity, usually after the death of the donor. The donor can continue to enjoy the use of the property, then the charitable gift may be deductible for estate tax purposes.
Gifts Payable upon Donor’s Death
Gifts payable upon the donor’s death are typically laid out within an estate plan and will generally avoid estate taxes. An example would be if you named a charitable organization as the beneficiary of your life insurance policy.
Charitable Gift Annuities
A Charitable Gift Annuity is a contract that provides the donor a fixed income stream for life in exchange for a sizeable donation to a charity.
A donor can designate a charity as a life insurance policy beneficiary. When the time comes, the nonprofit receives the proceeds. This allows the donor to provide a large gift to benefit a nonprofit — often more than they’d be able to donate outright. The donor’s heirs benefit as well, because policy proceeds distributed to a nonprofit are generally exempt from estate tax.
Publicly Traded Appreciated Securities
Generally speaking, publicly traded appreciated securities that a donor has owned for more than one year can be transferred to a nonprofit organization. The nonprofit then sells the securities and keeps the proceeds, which can be applied to whatever purpose the donor designates. The donor gets an income tax charitable deduction based on the fair market value of the securities while also avoiding capital gains tax.
Donors can name a nonprofit as the beneficiary of their life insurance policies or unused retirement assets. These can include individual retirement accounts such as IRAs, 401(k)s, 403(b)s, or pension plans. Retirement assets may be good candidates for charitable bequests because they can be among the highest taxed assets in any estate. Leaving your retirement assets to a charity has two distinct advantages: (i) increasing the impact of your bequest. The charity would not have to pay income taxes on your donation when it receives assets from your retirement account; and (ii) decreases the estate tax burden for your family. Your assets would pass directly to the charitable organization, so your estate would be eligible for a federal estate tax charitable deduction on the account's value.
As always, make sure your beneficiary designations are up to date; with missing or incorrect designations, your assets may not be distributed as you intend or your charitable beneficiaries may have to wait to take ownership and incur costs due to probate.