Below are some of the ways where gifts can be planned that will also offer you some tax benefits.
IRA Charitable Giving
Individual Retirement Account (IRA) owners over age 70½ may make a transfer of up to $100,000 per year to qualified charities, including us at Jack’s Helping Hand. IRA charitable rollovers are tax-free and not included in adjusted gross income. An IRA charitable rollover may fulfill part or all your required minimum distribution (RMD).
Planned Estate Giving
Planned gifts allow your values and areas of support to continue beyond your lifetime. Planned gifts are typically made through your will or estate plan and can benefit Jack’s Helping Hand as your non-profit of choice after you are gone. An estate planning attorney can assist you with your will or trust and explain where to include Jack’s Helping Hand as the beneficiary.
A bequest through your will allows you to designate a specific dollar amount or a percentage of your estate to Jack’s Helping Hand. A bequest showcases your important values to your heirs and can also reduce the amount of your taxable estate, which may in turn, increase the actual amount available to loved ones.
Our office can help you with estate planning and charitable giving questions. We can also connect you with a SLO County local qualified estate planning attorney or other financial advisors to assist you with the completion of your retirement or estate plan giving.