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Charitable Gifting

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Tommy Groover

Long Term Care & Life Insurance Professional Agent

Charitable Gifting

Did you know, payments from your Charitable Remainder Trust (CRT) can pay for long-term care services and upon your death any remaining balance can be distributed to a charity?

That's right, if you set up a charitable remainder trust (CRT) is allows your funds to pay for long-term care services while contributing to a charity and reducing the tax burden simultaneously.  

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Qualified Charitable Distributions & IRAs- UPDATE SECURE ACT 2020

Qualified Charitable Distributions up to $100,000 per years can be distributed from your IRAs for those reaching age 70 1/2.

However, Qualified Charitable Distributions made after 2019, the $100,000 QCD limit for that year is reduced (but not below zero) by the aggregate amount of deductions allowed for prior tax years due to the aforementioned Secure Act change. In other words, deductible IRA contributions made for the year you reach age 70 1/2 and later years can reduce your annual QCD allowance. 

Life Insurance Used to Make Charitable Donations

Donors who wish to leverage their cash donations to charity can use life insurance to accomplish their goals. By either gifting a policy outright or naming a charity as beneficiary, they can provide the charity of their choice with a large sum of money and provide a lasting legacy for a cause they believe in. Investopedia Jun 26, 2018

Charitable Gifting Philanthropy Donations Giving Back Nonprofit Organizations Tax Deductions Gift Aid Donation Receipt Gift in Kind Planned Giving Endowment Donor-Advised Funds Matching Gifts Corporate Social Responsibility (CSR) Impactful Giving Beneficiaries Social Impact Charitable Foundations Voluntary Contributions Community Support Fundraising Estate Planning Charitable Trusts Charitable Bequests Charitable Events Annual Giving Legacy Giving Cause-Related Marketing Charitable Organizations
Charitable Gifting

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Charitable Gifting stands as a powerful expression of Philanthropy, reflecting the core values of Giving Back to the community. Through Donations and Charitable Contributions, individuals and businesses support Nonprofit Organizations that work tirelessly to create positive Social Impact. These acts of generosity go beyond financial support; they embody the spirit of Impactful Giving, fostering the growth and sustainability of Charitable Foundations dedicated to meaningful causes. Donors often appreciate the dual benefits of their contributions, as Tax Deductions and initiatives like Gift Aid offer financial incentives while enabling Nonprofit Organizations to make a more significant difference. The issuance of a Donation Receipt acknowledges the generosity, serving as a record for the giver's records. Charitable Gifting takes various forms, including monetary donations and Gift in Kind offerings that provide essential resources. For those who wish to extend their impact beyond the immediate, Planned Giving and Endowment contributions are a testament to long-term commitment. Donor-Advised Funds empower individuals to play an active role in distributing their contributions, and Matching Gifts showcase Corporate Social Responsibility (CSR) by doubling the impact of employees' generosity. This culture of Voluntary Contributions is vital for Community Support, fueling Fundraising initiatives and Charitable Events that rally people around important causes. Whether supporting Education, Health, or Environmental Preservation, each contribution serves as a step toward realizing positive change. As part of Estate Planning, Charitable Trusts and Charitable Bequests facilitate Legacy Giving, ensuring that one's values continue to shape society. Cause-Related Marketing bridges the gap between business and social impact, creating a win-win scenario where Charitable Organizations benefit from support while companies showcase their commitment to social responsibility. The overarching goal remains the same: to create a meaningful, enduring legacy through Charitable Gifting that leaves a lasting imprint on society.

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Tommy Groover

A Licensed Agent/Advisor May Contact You.

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