Through the Southern Baptist Foundation we are able to facilitate giving that goes beyond just meeting our immediate needs. This type of giving makes an investment in our future. Consider either making an outright gift or a planned gift.
The most common way to make an immediate gift is by writing a check. This type of cash gift provides immediate liquidity for the charity and generates a charitable income tax deduction for the donor in the year of the gift.
Giving stocks or bonds may provide greater tax benefits. If you have owned securities for more than one year and the fair market value has increased since you purchased them, you can avoid capital gains tax and receive a charitable income tax deduction equal to the fair market value.
A gift of real estate that has been held for more than a year also has the advantage of providing you with a charitable deduction based on the current fair market value, as well as bypassing capital gains tax on the appreciation.
Selected artwork, books, and antiques are examples of gifts of personal property that can, in certain situations, be an appropriate gift. To ensure that any tangible personal property qualifies for a favorable charitable tax deduction, make a note of those things as they come to mind and make certain you discuss them with your estate planner.
The term planned gifts refers to specific strategies that (in most cases) benefit the charity at some point in the future while offering immediate benefits to the donor.
The gift of a paid-up life insurance policy is a good example. By designating a qualified charity as owner and beneficiary of such a policy, you will receive a charitable income tax deduction that, in most cases, is equal to your cost basis in the policy.
There are a variety of planned gift options that are written into tax code. In some cases, a planned gift can provide life-time income to you as a donor while providing a benefit to a ministry and/or your family. Some plans are designed to allow you to plan when the gift is accessible to your family or the charity after your passing. This is particularly helpful if you want to make certain your heirs have reached an age when these gifts can be used effectively.
Through the Southern Baptist Foundation we are able facilitate endowment, estate and will planning, charitable trusts and gift annuities.
Are you exploring the idea of making an outright gift or planned gift? Contact us below and we will help connect you with a representative of the Southern Baptist Foundation to facilitate.
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