Sometimes it’s difficult to give to charity when your budget is tight and the future is uncertain — after all, your family and immediate needs come first. But there is a way to make a significant gift that takes into account tax-saving strategies without impacting your current, day-to-day budget. These types of gifts are called planned gifts.
While your first instinct for donating is to help the charitable cause of your choice, a secondary purpose may allow you to enjoy the personal financial tax benefits that certain plans can provide you.
Planned gifts can be made now, to immediately support your needs, or they can be donated upon the end of life, as a final way to leave your legacy. This is called a deferred gift. Deferred gifts can take the form of:
A Bequest – Name your charitable organization as a beneficiary of your will or trust.
Retirement Plan – Name your charitable organization as a primary or percentage beneficiary of your retirement plan after you pass on.
Life Estate Agreement – Deed your residence to a charitable organization now, but retain the right to live there for as long as you live.
Through deferred gifts, charities such as the Marshall Foundation for Community Health receive the assets at some time in the future. Of course, you can change your mind at any point during your lifetime, so these gifts do not offer current income tax benefits. Before making any type of planned gift, discuss your considerations with your personal financial or tax advisor.
If you have any questions or would like to know more about the Marshall Foundation for Community Health, contact (530) 642-9984 email mfnd@marshallmedical.org or visit marshallfoundation.planmylegacy.org.