How will YOU be remembered?
You can give to Childhood Leukemia Foundation in your will or during your lifetime. It's important to balance your income needs and the needs of your beneficiaries while receiving the tax benefits of giving now, as well as the ability to enjoy the act of giving 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 during your lifetime and after you're gone may help to reduce federal estate and gift taxes significantly. Gifts made to Childhood Leukemia Foundation are exempt from gift tax.
Lifetime gifts to Childhood Leukemia Foundation can result in an income tax deduction for you. 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 stocks or real estate property in any one year. You may even be able to carry forward amounts that exceed the limit and deduct them over the next five years.
Highly appreciated stocks may be good candidates to give to Childhood Leukemia Foundation during your lifetime because you bypass the capital gains tax that would be owed if you cashed them in yourself. You will also receive the income tax deduction.
If you have substantially appreciated real estate or stocks, you can reduce your current capital gains tax by giving the real estate or stocks to a Charitable Remainder Trust. You can also choose to give a portion of the current value of the real estate or stocks to generate a payout for yourself or someone of your choosing.
Charitable Lead Trusts allow you to make payments to Childhood Leukemia Foundation during your lifetime. The remainder of the assets can go to your estate, your spouse, or any other beneficiaries that you choose when you pass away.
Charitable Remainder Trusts allow you and/or another beneficiary to receive payments during your lifetime and also give a portion of your assets to Childhood Leukemia Foundation. For example, you could receive income from your assets until you pass away, at which time the remainder goes to Childhood Leukemia Foundation.
Retirement accounts might be the best candidates for a charitable bequest to Childhood Leukemia Foundation because they can be the highest taxed asset in any estate. Leaving your retirement account to Childhood Leukemia Foundation would decrease the estate tax burden on your family because your estate would be eligible for a federal estate tax charitable deduction.
If you would like to learn more about these tax saving strategies while simultaneously improving the lives of children suffering with cancer, simply give me a call and I would be happy to help. I can be reached at (888) 253-7109 (office) or (772) 919-2072 (cell) or email me at email@example.com
Barb Haramis, Executive Director