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Zero In on Your Year-End Objectives, Then Explore Blending Gifts to Meet Your Top Priorities
The first step is to prioritize your objectives: financial, personal, and charitable. The chart below lists planning objectives held by many people and includes space at the bottom to add more of your own. Check the ones that are your top priorities.
After you have identified your top objectives, you can start exploring how charitable gift strategies that blend gifts may help achieve many - or even all - of them. Begin with the examples below, and then request our free booklet that offers even more scenarios. You may wish to speak with your planning advisors, and you can contact our office at any time.
| MY OBJECTIVES |
TOP PRIORITY |
1. Support Ivy Tech
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2. Reduce my current income tax
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3. Enjoy seeing impact of my charitable giving now
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4. Increase my current cash flow
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5. Add future income
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6. Avoid capital-gain tax
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7. Secure my retirement
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8. Reduce potential impact of federal estate and gift tax
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9. Support a family member
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10. Reduce tax impact of required minimum distributions
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11. Make current gifts to a campaign
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12. Make estate gifts to a campaign
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13. Other _____________________________________
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Give Long-Term Appreciated Property Now and a Bequest Later
Objectives met:
- Reduces my current income tax
- Avoids capital-gain tax
- Supports Ivy Tech
- I enjoy seeing impact of my charitable giving now
- Ensures lasting support for my favorite causes
- Reduces potential impact of federal estate and gift tax
Many people think of supporting Ivy Tech at the end of the year as they look for ways to reduce their taxable income. If you itemize deductions for your federal income-tax return, this will save you taxes equal to the amount of your gift multiplied by your marginal federal income-tax bracket. You can get even more benefit by using appreciated property to fund your gift because you can deduct the full fair-market value of the appreciated property, plus you do not have to pay tax on any increase in its value since you purchased it.
Use Your IRA for Your Annual Gift and Your Estate Gift
Objectives met:
- Reduces my current income tax
- Supports Ivy Tech
- I enjoy seeing impact of my charitable giving now
- Ensures lasting support for my favorite causes
- Reduces potential impact of federal estate and gift tax
- Reduces tax impact of required minimum distributions
Taxpayers must start taking required minimum distributions (RMD) from many types of retirement accounts for the year they turn 70½, whether or not they want or need them. |
