Rob, Jamie and Pastor Neil discuss giving stock gifts to the church. How it works. How it benefits the giver. How it benefits the church.
Below this video is more information about Year-End-Giving options.
GIving Stocks Gifts to the Church
Smart Year ENd Actions for 2020
Don’t Miss a Great Opportunity to Offer Thanks for a Great Year!
It’s Also Time to Reflect on…
…Our Many Blessings!
Year-end is a perfect time to take stock and reflect on our many blessings. It seems only natural to express our gratitude with a gift. While many of these gifts will be given to family and friends, we may also have been blessed by our church and other charitable organizations. Wouldn’t it make sense to remember these special organizations as well?
Charitable giving is a great way to provide welcome support for others, and it also has a way of blessing the giver in return.
…Expressing Our Faith!
Year-end is also the Christmas season. For many Christians this is an occasion to give in gratitude for God’s greatest gift to us, Jesus Christ. In all our giving, let us not forget these familiar words, “For God so loved the world that he gave his only son…” Why not make a special effort to honor Him in your giving this Christmas season – it may be your most important gift you give? May God bless you as you make this expression of faith.
SMart End-Of-Year Planning for 2020
Depending on what your financial situation looks like as we approach the end of 2020, there are several ways you can improve your tax and financial outcomes. Here is a short checklist of items to review before December 31.
- Visit your attorney to update your will or trust if you have moved to a new state, married or divorced, given birth or adopted children, received an inheritance or other money or had a change of plans.
- Review and update beneficiary designations on all insurance policies and retirement accounts.
- Check to see that you have all the important documents in place including durable powers of attorney, healthcare powers and advance directives.
- Review and make any changes to guardians for minor children.
Smart end-of-year giving for 2020
As we offer thanks and celebrate a challenging year, it is appropriate to consider supporting the various missions, ministries, and programs that interest you. With an eye on end-of-year thoughtful giving, we would like to remind you of some wonderful opportunities which will support the church, while providing tax incentives to you.
-
Cash Gifts
A cash gift in any amount is a convenient and popular way to show your faithful support for the church or other ministries. The full amount of your gift qualifies for a 2020 charitable income tax deduction – up to 100% of your adjusted gross income. Make certain the check is dated 2020 and received or postmarked by December 31, 2020 to receive a 2020 deduction.
-
Appreciated Property Gifts
If you own investments that have increased in value (stocks, bonds, real estate, or mutual funds), you can donate them to a church or charity for the full fair market value and avoid declaring the capital gain of the assets as income. Many people consider this the equivalent of a “double deduction.”
Notice how the Direct Gift option can result in the church or charity receiving $120 more while costing you $30 less! To receive this special tax treatment, you must have owned the property
-
Giving Life Insurance
Do you own an old life insurance policy that is no longer needed? Perhaps the purpose for the policy no longer exists (your children are grown or your mortgage is paid off) or your financial situation has changed and mitigates the need for the insurance. Consider giving the policy to the church or another charity and receive a charitable income tax deduction for the lesser of your cost basis or the replacement value. This is a great way to benefit a cause you support without reducing your checking account. If the value is more than you wish to donate, consider cashing in the policy and giving a lesser portion. Your gift may sufficiently reduce or eliminate any potential taxes due from the sale.
-
Memorial Gifts
Thinking of those special persons (a teacher, pastor, relative or other loved one) who have touched your life, you may want to do something “just right” to demonstrate that they are remembered. A memorial tribute can be a satisfying way to salute those whose memories continue to enrich our lives.
-
IRA Rollover
With the Congressional permanent approval of the IRA Charitable Rollover, if you are 70 ½ or older, the Federal government permits you to rollover up to $100,000 from your IRA to charity without increasing your taxable income or paying any additional tax. These tax-free rollover gifts could be $1,000, $10.000, or any amount up to $100,000 this year. The distribution will count toward your annual minimum distribution (RMD). While RMD are waiver for 2020, these types of distributions may still be completed. To take advantage of this opportunity, contact your IRA custodian bank or brokerage firm for the IRA charitable distribution forms necessary to make your gift.
-
Wise Tax Planning
The standard deduction threshold in 2020 is $24,800 for joint filers, ($12,400 for single filers). If your total deductions are less than those amounts, you won’t be able to deduct any charitable gifts. An extra year-end gift, or accelerating contribution for future years may add just enough to allow you to take advantage of your full itemized deduction.
For 2020, the CARES Act, signed this spring, included a “partial above the line deduction” for charitable contributions. This allows those who take the standard deduction (identified above) to deduct up to $300 in donations. A caveat - the donation must be made directly to charity and it has to be in cash, rather than stocks or other assets.
so, don't miss these great opprotunities
To qualify for a 2020 charitable income tax deduction, your gift must be made by December 31, 2020. Complete your end-of-year planning and gift actions today and you will receive the tax benefits as well as the spiritual satisfaction of supporting your favorite ministries.
And Don’t Forget Online Giving
As you contemplate potential donations to the church or a charity, note that most charitable organizations offer a vehicle for the convenience of online giving. If your desires lead you to a gift to Trinity UMC, please visit the church’s online giving page (Give), and follow the instructions.
For more information on giving opportunities, to Trinity United Methodist Church in McLean, please contact:
General Operating & Building/Capital Pledges:
David Case, Finance
Barb Long, Treasurer
Stock (Appreciated Gifts) Transactions:
Earl Griggs, Trustee
Jim Wilson, Trustee
This publication does not attempt to make specific legal or tax advice. For advice on how to handle your individual situation, the services of a competent legal, tax, or financial planning professional should be obtained.