Ways to Give
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Cash: The donation of cash is the simplest way to make a gift. It’s tax deductible and can be done electronically.
Stocks, Bonds and Mutual Funds: Gifts of appreciated stocks, bonds and mutual funds can often provide important tax advantages. If held for more than one year, their fair market value is deductible as a charitable contribution.
An added benefit of giving appreciated securities is the avoidance of the capital gains tax on the appreciated portion of the gift. For Stock Gift Instructions please click here.
IRA Required Minimum Distributions (RMDs): When you reach the age of 70 and 1/2, the IRS requires you to begin taking distributions out of your IRA. These distributions (called Required Minimum Distributions or RMDs) are determined by a formula based on your age and are taxable as ordinary income. However, gifts to St. Philip’s (and other charities up to a total of $100,000) that are funded out of an RMD can be excluded from your taxable income. The ability to exclude the amount of your gift from the calculation of your taxable income may provide a greater tax benefit than treating the gift as a deductible charitable expense.
Bequests: Consider naming St. Philip’s to receive a portion of your estate through your will. In doing so, you may reduce estate taxes. You may stipulate a specific amount or a percentage of your estate, or name a specific asset.
Retirement Funds: Double taxation on retirement plan withdrawals may decrease the value of the asset for your heirs. By naming St. Philip’s as the beneficiary of your retirement funds, you can avoid taxes and preserve your hard-earned assets for the good of the church.
Life Insurance: Life insurance policies also can be used as charitable gifts. By naming St. Philip’s Church as the owner and beneficiary of an existing or new life insurance policy, you receive an immediate tax deduction for the policy’s cash value. If you are still making premium payments to keep the policy current, they may also qualify for a deduction. You may also keep ownership of the insurance policy and name St. Philip’s as the beneficiary.
Sarah Bayne, Treasurer St. Philip’s Church in the Highlands email@example.com