Designating SAA as a beneficiary in your will is the simplest way to create a legacy gift to SAA without affecting your current financial situation. After providing for your family, you can remember SAA in your will for a specific dollar amount or a percentage of your estate. Estate tax savings may be significant.
Sample wording:
“I hereby give to the Spondylitis Association of America, a not-for-profit corporation, with its principal office currently located in Los Angeles, California tax I.D. number 95-3890767, to be used for its general purposes:
* The sum of $___________ [amount] AND/OR
* The following desribed property: __________________[description] AND/OR
* _____% [percent] of the residue of my estate.”
Another opportunity to make a significant gift to SAA is with a life insurance policy or an IRA. You can designate SAA as the sole or partial beneficiary of an existing life insurance policy or IRA that is no longer needed by your family, or name SAA as the beneficiary of a new policy. This gift option is straightforward and does not require a will.
Ideal gift for people 70 ½ or older that want to lower their taxable income from IRA withdrawals. A way to satisfy a required minimum distribution for the year. Donations made directly to SAA are often not treated as taxable income. Contact the financial representative of your IRA and/or tax advisor. Often they will ask for this information: Spondylitis Association of America 16430 Ventura Blvd. Suite 300, Encino, CA 91436 (818) 892-1616. Point of contact: Richard Howard.
By giving securities instead of cash, people may benefit with substantial additional tax savings. For example, people who itemize their deductions and donate appreciated stocks – that have been held for over a year – can benefit by not paying taxes on unrealized gains in ADDITION to deducting the market value amount of the charitable donation. Securities can be gifted to the SAA via electronic transfer (in which your broker transfers shares using the SAA DTC number).
Contact Richard@spondylitis.org for detailed information on donating stock.
Setting up a trust that provides current income for life for yourself and/or loved ones is another way to leave a legacy gift to SAA. You will receive favorable tax benefits and SAA will receive what is remaining in the trust. We partner with a community foundation to facilitate this option. The two most popular life income gifts are charitable gift annuities and charitable remainder trusts.
Ideal for people who want to give an asset (such as stock or cash) and receive a fixed income over the rest of their lives.
A gift of cash, stock, real estate, or complex assets in return for variable payments (a percent of gift). Donors can make additional contributions over time.
An option for people who own a home and intend to remain living here. The donor gifts property in return for an immediate tax deduction.
There are many other planned giving options available. Planned gifts have many benefits including the possibility of increasing your income while avoiding capital gains taxes and reducing estate taxes.
This information is not professional tax or legal advice; please consult an attorney or professional advisor about your specific situation.
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