Welcome to your resource for charitable gift planning!
Get an Immediate Tax Benefit
When you support Charles Hall Youth and Family Services, you not only make a difference in the lives of others, but you also receive a tax deduction. You may usually itemize and document your charitable gift, resulting in lower taxable income. Always consult with a tax or financial advisor regarding charitable giving and tax benefits.
Receive Lifetime Income from Your Gift
Whether you’re still working or retired, you may decide after assessing your finances that you need more income. Consider setting up a life income gift to benefit Charles Hall Youth and Family Services. In exchange for your gift of cash or securities, or possibly real estate, you or your designated beneficiary receive income for life. Plus, you can receive a partial charitable tax deduction the year you make the gift. Once the payment period ends, or you or your beneficiary passes on, the remaining value of your gift goes to our organization to benefit the youth and families that we serve.
Use Tax-Smart Strategies to Make Gifts
Instead of cash, consider donating appreciated property. If you give Charles Hall Foundation property you have owned for more than a year, the amount you can write off is the asset’s value on the day you make the gift. So, if the property has increased in value while you owned it, you will not owe tax on its appreciation.
If the property’s value is now below your original purchase price, you may sell it to take a capital loss to the extent allowed by law, thus reducing your taxable income. Then donate the cash to the Charles Hall Foundation. Either way, it’s a win-win situation—you help us while smartly managing your taxes.
Uncover More Tips
For more tax-savvy gift ideas you can use at year-end, please consult with your tax advisor.
Don’t Forget This at Year-End
The end of the year is also an ideal time to review your estate plans. If any of the following have occurred in the past year, you will want to pay particular attention to:
- major life events, such as marriages, divorces, births or deaths;
- a rise or fall in income or net worth; or,
- a move to another state, as each state has its own laws about valid wills.
When reviewing your estate plans, be sure to take advantage of immediate ways to reduce your taxable estate using the following methods:
- Use your annual gift-tax exclusion. You can give your children or grandchildren gifts of cash or stock. Consult your tax advisor concerning current laws around gift values and tax benefits.
- You may also be able to pay certain medical bills and tuition fees for someone else – as long as you pay the hospital or schools directly for the incurred costs.
Create a Legacy with a Gift of Your Will or Trust
As you review your will or trust, consider Charles Hall Youth and Family Services as a possible beneficiary after you have named close family and/or friends. The gift of a will or trust can leave a marked legacy in your name that benefits the many children and families that our organization serves through its mission and ministry.