PLANNED GIVING
How serious are you about your personal financial welfare?
No doubt you and your family have worked long and hard to build the estate that is yours today. But, for most, not nearly as much time or energy has gone into safeguarding those dollars against the erosion of taxation and inflation. It might be time for you to ask yourself the following questions:
* Does your current estate plan reflect your long term goals for giving?
* Are your savings and investments secure and providing the income you desire?
* Is your estate plan appropriately designed for wealth transfer?
* Does your estate plan protect you from erosion of inflation?
* Have you considered tithing your estate?
MAKE AN IRA CHARITABLE ROLLOVER GIFT TODAY!
Charities and foundations are sustained by people who want to give their resources to solve problems and enrich their communities. The IRA Charitable Rollover was reenacted as part of the Emergency Economic Stabilization Act of 2008. The IRA Charitable Rollover permits taxpayers at the age of 70½ and older to make tax-free charitable gifts totaling up to $100,000 per year from traditional Individual Retirement Accounts (IRA) and Roth IRAs during 2008 and 2009.
HOW DOES THE IRA ROLLOVER WORK
The Charitable IRA Rollover permits taxpayers to make donations directly to charitable organizations, such as the Phoenix Rescue Mission, from their IRAs without counting them as part of their adjusted gross income (AGI) and, consequently, without paying taxes on them.
WHO BENEFITS FROM THE IRA ROLLOVER?
* Taxpayers who don’t itemize their deductions. The IRA rollover most benefits the nearly two-thirds of Americans who do not itemize deductions on their annual income tax returns and therefore do not receive a tax benefit for their charitable contributions.
* Itemizing taxpayers who’ve reached the charitable giving limit. Donors who itemize their taxes are prohibited from deducting more than 50 percent of their AGI for the purpose of making charitable donations. However, donations from an IRA are excluded from the percentage limit, allowing individuals who have reached the 50 percent threshold to give more.
* Taxpayers whose tax deductions decrease as their income increases. Several federal tax deductions – dependent and personal exemption deductions and deductions for medical expenses and non-business casualty losses, for instance – become smaller as a taxpayer’s income increases. By making charitable donations from an IRA, rather than making regular, required distributions that qualify as income, taxpayers keep their annual income down and qualify for other tax deductions.
For more information, go to http://www.independentsector.org/programs/gr/irarollover.html
Questions and Answers about Planned Giving
What is a Planned Gift?
A planned gift may be either a current outright gift or a deferred gift, but made from your assets rather than your income. Some planned gifts are made from your estate, while other types are made during life, including many that return income to you.
How do I leave a “Will Bequest” to the Phoenix Rescue Mission?
The Will language is as follows: “I give to the Phoenix Gospel Mission dba Phoenix Rescue Mission with its mailing address of PO Box 6708, Phoenix, AZ 85005-6708 in the bequest amount of $ _______ to be used for the work of the Phoenix Rescue Mission- Tax ID 86-6057771.”
What are some of the estate planning methods used in creating Planned Gifts?
Will Bequest, Charitable Trust, Living Trust, IRA Beneficiary, Gift Annuity, Life Insurance Beneficiary, and Securities.
Can I establish a planned gift to the Phoenix Rescue Mission and still secure and safeguard my heirs?
Yes. There is no limit on the number of qualified charities you name on a gift.
Can I establish a planned gift to the Phoenix Rescue Mission and still secure and safeguard my heirs?
Yes. Creative estate planning with professional financial advisors can provide solutions.
If you would like more information or assistance with making a planned gift to assist with our work at Phoenix Rescue Mission, please contact Sue at 602-346-3334 or email sgaub@phoenixrescuemission.org. Thank you for your faithful support and may God Bless You!
