The holiday season is a time for giving — to friends and loved ones, and to those less fortunate. It’s also a time when people start to think about their tax liability for the year. Smart giving strategies can bring the special rewards of knowing you’re helping others, while at the same time reducing your tax bill next year. The following is an overview of gift opportunities that will guide you in making your year-end decisions.
The simplest and most common type of charitable contribution, a gift of cash - by check or credit card - is fully deductible up to 50% of your adjusted gross income. Any excess deduction can be carried over for up to five years. Like other giving options, you can designate your gift to the service area or need that is most important to you.
Even in an economic downturn, gifts of stock are a wise strategy, especially if you have stock worth more than you initially paid for it. When you make a gift of appreciated securities that you've owned for more than one year, you avoid all capital gains taxes. In addition, you may take the full fair market value of the stock gift as a charitable deduction on your income taxes up to 30% of your adjusted gross income. Like cash gifts, any excess deduction can be carried forward for up to five years.
For depreciated securities that have declined in value, you may sell the stock and take the allowable tax deduction. By donating the cash proceeds of the sale to a charity, you can also generate a charitable deduction.
A gift of a life insurance policy you no longer need is a perfect year-end gift. You can either name the charity as the owner of the policy or the beneficiary. By naming Community Memorial Foundation as the owner of a paid-up policy, you can claim an income tax deduction for the amount equal to the lower of the cost basis or the replacement value of the policy. Naming the Foundation the beneficiary of a life insurance policy is an easy, convenient way to make a deferred gift that will continue to make a difference after your lifetime.
Like appreciated stock, if you own property that has increased in value, donating it to a charitable organization can help you avoid capital gains taxes you would otherwise owe.
A year-end gift to Community Memorial Foundation "in honor of" or "in memory of" family, friends or loved ones is a meaningful way to celebrate the holidays. Regardless of the gift arrangements you choose, your generosity comes with many rewards, both emotional and financial.
Make your charitable contributions by December 31. The gift date for cash gifts is the postmark date; for credit cards, the date the charge is authorized.
“The greatest use of life is to spend it for something that will outlast it.” — William James
The Evergreen Society recognizes those visionary individuals who have chosen to create a permanent legacy of support by including Community Memorial Hospital in their estate plans.
A planned gift can be a simple bequest in your will, a gift of life insurance or an IRA, or a life income plan such as a gift annuity or trust. You can choose how you want your gift to be used. There are immediate and long-term tax benefits, and more importantly — the knowledge that you have helped shape and secure the future of Community Memorial Hospital for generations to come.
If you’ve already remembered the hospital with a planned gift, thank you! Call or write to let us know so we can include your name in our Evergreen Society.
Call the Foundation at 262-257-3769 for more information or an Evergreen Society membership form.
Community Memorial Foundation's three signature fund-raising events have become a tradition in the community. Whether you enjoy fine food and wine in an elegant setting, a day of golf at a world-renowned course, or a weekend bike ride with the kids and grandkids, we have the event for you!
20th Annual Spring Splendor — “The Roaring Twenties”
Saturday, April 17 - The Milwaukee Theatre
This black–tie event includes a silent auction, voice auction, raffles, and dinner. Proceeds will benefit the Emergency Department at Community Memorial Hospital.
12th Annual Golf Classic
Tuesday, June 15 - Geneva National Golf Club
Proceeds will benefit the CMH Heart and Vascular Center.
13th Annual Wheeling for Healing
Saturday, August 14 - Community Memorial Hospital
Choose the 4-mile, 15-mile or new 33-mile route through the scenic Holy Hill area. Proceeds will benefit the CMH Cancer Care Center.
For more information, or to volunteer, call 262-257-3761.
You can review the previous issue of LifeTimes by clicking the link below:
Spring 2008: Estate Planning Essentials — What You Need to Know
Fall 2008: A Year-end Check-up for Your Financial Health
Spring 2008: Is a Charitable Remainder Trust Right for You?
Fall 2007: Do You Really Need a Will?
Spring 2007: Exercise Your “Will Power”
Fall 2006: Save Taxes with Year-end Giving
Community Memorial Foundation promotes and enhances the health of all individuals in our community through the development and management of resources in collaboration with the mission of Community Memorial Hospital.
The articles in LifeTimes are for information only. Talk to your tax, financial or legal advisor to make decisions best for your own situation.
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