Legacy Gifts |
|
Planned GivingYou can make a lasting gift to ensure that our efforts to solve hunger in our community will continue. There are several options you may wish to consider, including the following:
A bequest in your Will or Trust naming Foodshare as a beneficiary is an easy way to support our future efforts. A bequest may be a specific dollar amount, a gift of securities, or even a certain percentage of your estate. Foodshare may also be named as the beneficiary of a life insurance policy. By designating Foodshare as a beneficiary, this can help to ensure that your legacy of giving will continue. Often, retirement assets, such as 401K's or IRA's, may comprise the largest share of a donor's savings portfolio. In many cases, however, retirement assets may also be the highest taxed asset in an estate, and, in addition, a beneficiary may have to pay income tax on distributions received. Naming Foodshare as a beneficiary of a portion of your IRA may result in significant tax savings in addition to accomplishing your charitable goals. If you are considering any of the above gifts, please contact Cherie Trice, Director of Giving, at ctrice@foodshare.org or 860-856-4352. We will be happy to meet with you.
With so many deductions limited as a result of the new tax reform law, many folks are asking if there are other options available to help them reduce their taxable income…and still donate to a charity that they believe in. Here is an example from one of our donors: Jim and Cathy were having dinner with their neighbors, Bob and Jennie. Jim and Cathy, who are in their seventies, are long-time, generous supporters of Foodshare. When talk turned to taxes, they bemoaned the fact that since they now take the standard deduction on their federal return, as many now do since the Tax Act of 2017, they could no longer deduct their charitable contributions to Foodshare, an organization that they believe in and continue to support despite no longer receiving that deduction. But, truth be told, they will miss that deduction come tax time. Fortunately, Bob and Jennie had good news. From their own experience, they advised that, since Jim and Cathy are over the age of 70 ½ and are required to take their Required Minimum Distributions (RMDs) from their IRAs each year, they can direct the IRA custodian to cut a check directly to Foodshare for their donation. That distribution will not be counted as income received on their federal and state returns. If they donate, say, $2,000 and their combined state and federal brackets are 30%, they could save $600 in taxes compared to taking the distribution directly and reporting it as income subject to taxation. And they still take the standard deduction. Jim and Cathy were so pleased they paid for dinner. (No, they couldn’t deduct it.) As always, it's a good idea to talk with your tax advisor about your individual situation with respect to your gifts. For further information, please contact Cherie Trice, Director of Giving, at ctrice@foodshare.org or 860-856-4352. Please note that Foodshare does not provide estate planning, legal or financial advice. However, we are happy to work with your attorney or financial advisor to discuss other ways of gifting that may be available to you. Foodshare is a 501(c)(3) non-profit recognized by the Internal Revenue Service. |
How You Can Help |
Success StoriesFlorien and WandaFlorien struggles with dementia but at 95 years old, that does not define who he is. Maribel BermudezWhen Maribel Bermudez was laid off after her employer downsized, her husband's salary wasn’t enough to cover all of their expenses, especially with two kids. |