Giving
Impact Lives for Eternity
Stocks and Mutual Funds
Appreciated stocks and mutual funds are a great way to maximize your giving because you receive an immediate income tax deduction for the full fair market value of securities you transfer that you’ve held for at least one year. In addition, you pay no capital gains tax on the difference between your cost and the fair market value. Consult with your financial and/or tax advisor to analyze your particular situation and confirm tax benefits.
Please call Susan Schaefer at 941-383-6491 or email [email protected] to set up a transfer of stocks or mutual funds.
IRA Charitable Distributions
If you are over 70-1/2 years old, then you may distribute directly from your IRA to Longboat Island Chapel up to $100,000 and exclude the contributed amount from your gross income for tax purposes. This amount can be counted toward the IRA’s annual required minimum distribution. Consult with your financial and/or tax advisor to analyze your particular situation and confirm tax benefits.
Real Estate
Real estate gifts at the request of the donor may also be accepted, depending on the circumstances. You can maximize your tax savings by giving appreciated real estate to Longboat Island Chapel before the sale. Consult with your financial and/or tax advisor to analyze your particular situation and confirm tax benefits.
Estate Planning
You may designate Longboat Island Chapel to receive all or a portion of your estate after your lifetime. This type of giving may be accomplished through:
Bequests:
You can name Longboat Island Chapel in your will or revocable living trust as a beneficiary, and your estate will receive an income tax deduction for the value of your bequest. A bequest written in a will or revocable living trust can be made for either a percentage or an amount.
Life Insurance:
You can simply name Longboat Island Chapel as a beneficiary of part or all of your life insurance policy. You can also choose to make the Chapel the owner of a life insurance policy that is no longer needed. When the Chapel is made owner, you may receive a tax deduction for the amount of premiums you continue paying each year. If the policy is whole life, you may receive an immediate tax deduction for the cash value amount. Consult with your financial and/or tax advisor to analyze your particular situation and confirm tax benefits.
Retirement Accounts:
You can name Longboat Island Chapel as a beneficiary of your IRA, 401(k), or other qualified retirement plans. Any amounts remaining in your plan, free of income and estate tax, will transfer to the Longboat Island Chapel. Consult with your financial and/or tax advisor to analyze your particular situation and confirm tax benefits.
If you are interested in any of these ways to give, please call Susan Schaefer at 941-383-6491 or email [email protected].