Planned Giving

Your legacy can continue with Loveinc. Consider planned giving options so you can continue to show love in the name of Christ for generations to come.

Non-Cash Assets

You can increase your potential impact – and experience significant tax savings by giving non-cash assets.

Non-Cash Assets include: stock or marketable securities, real estate, farm commodities, life insurance and business interests.

By giving a non-cash asset, you receive a fair market value deduction at the time of your gift and avoid the tax liability on the sale of appreciated assets. 



Gifts From Your IRA

Did You Know that if you are 70 ½ or older, you can make a gift from your IRA account that is not treated as taxable income to you?  Normally, distributions from a traditional IRA are taxable when received.  With a Qualified Charitable Distribution (QCD), these distributions become tax-free as long as they’re paid directly from the IRA to an eligible charitable organization.  Also, this gift will qualify for all or part of your Required Minimum Distribution (RMD).  If charitable giving is part of your financial plan, a QCD can further your philanthropic goals and help reduce the tax hit from your RMD.

 

 

 

Requirements of a Qualified Charitable Distribution

  • IRA holders must be 70 ½ or older at the time of the gift.
  • IRA holders may give up to $105,000 per year as a single person or $210,000 as a married couple from separate accounts.
  • QCDs must be made directly by the trustee of the IRA to the charity.  An IRA distribution, such as an electronic payment made directly to the IRA owner, does not count as a QCD.  Likewise, a check made payable to the IRA owner is not a QCD.
  • Distributions may only be made from traditional or Roth IRAs; other retirement accounts are not eligible.
  • You can give a one-time qualified charitable distribution or multiple QCDs within a single year.

How to Set Up a Qualified Charitable Distribution

  • QCDs must be made directly by the trustee of the IRA to the charity of your choice, such as Love INC of Allendale.
  • QCDs are excluded from gross income of the IRA owner, up to $100,000 per year per individual.
  • The donor must get a written acknowledgement of their contribution from the charitable organization.  QCDs are not deductible as charitable contributions on Schedule A, but are still reported on your tax return with your IRA distributions, however they will not be taxable.

If you would like to give to Love INC of Allendale with a Qualified Charitable Distribution and you have questions about where to send the payment electronically or by mail, please contact our office at 616-895-5683.