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Charitable giving

Charitable giving

Charitable giving

Charitable giving opportunities

As many donors have experienced, few opportunities offer the degree of satisfaction that comes from changing a child’s life. Philanthropic support for Shriners Hospitals for Children — Salt Lake City is provided through current financial contributions. The following is a brief overview of other ways to achieve your giving objectives.

For more information, please contact the hospital’s development director, MJ Miller at 801-536-3567 or by email.

Gifts of appreciated securities

Gifts of appreciated assets (stocks, bonds, mutual funds) which have been held longer than one year provide some additional advantages. Consider that:

  • You will be supporting Shriners Hospitals for Children — Salt Lake City
  • Sales of stock, bonds, mutual funds and real property that have appreciated in value generate a taxable capital gain
  • Gifts of those appreciated assets to Shriners Hospitals for Children may be tax deductible at their full fair-market value if they have been held longer than 12 months
  • The fair-market value of the asset(s) can be deducted up to 30 percent of your adjusted gross income, if you itemize your deductions
  • Excess deductions can be carried forward into as many as five additional years

Gifts of real property

Gifts of real property can also offer attractive tax benefits. Real property, including a personal residence or farm land, can be given as an outright gift or transferred in a life estate contract.

Charitable trusts

Charitable trusts can be funded with cash, appreciated securities or real estate to accomplish three different objectives:

  • A charitable remainder unitrust provides variable payments to the donor and/or other designated beneficiaries. Payments are based on a fixed percentage (not less than five percent) of the trust assets as determined each year. Donors often fund this type of trust if they believe the value of the funding assets will increase over time. At the termination of the trust, all of the remaining assets go to Shriners Hospitals for Children.
  • A charitable remainder annuity trust provides fixed payments to the donor and/or other designated beneficiaries. At the termination of the trust, all of the remaining assets go to Shriners Hospitals for Children.
  • A charitable lead trust is used to provide an income stream to Shriners Hospitals for Children for a period of years. When the trust terminates, the assets are returned to the donor or his designated beneficiaries.

Charitable gift annuity

The most popular life income gift is the charitable gift annuity. A Shriners Hospitals for Children gift annuity can be funded with a minimum $5,000 gift. You can fund as many gift annuities as you wish. A gift annuity can have a maximum of two annuitants. Most often charitable gift annuities are created for the life of the donor and/or a surviving annuitant, but often created to provide payments to another, i.e. spouse, parent or sibling. The primary benefits of a charitable gift annuity are:

  • Fixed payments for life
  • A charitable income tax deduction for tax payers who itemize their returns
  • Part of each annuity payment you receive may be tax free
  • Knowledge that your gift annuity is working to continue the support of children treated by Shriners Hospitals for Children

Gifts of life insurance

Here are three ideas for using life insurance to support Shriners Hospitals for Children

  • Give a paid up policy
  • Buy a new policy
  • Add a beneficiary to an existing policy

When Shriners Hospitals for Children is made owner and beneficiary of a policy, you may be able to take a charitable income tax deduction for the approximate cash value plus any future premiums paid by you.

Charitable bequests

A charitable bequest is a way to perpetuate your giving. Most charitable bequests are made in one of four ways:

  • A percentage of your estate
  • A fixed dollar amount
  • Specific property such as stocks or real estate
  • The residue of your estate after providing for other beneficiaries

Qualified charitable distribution from an IRA

Individuals who are at least 70 1/2 years old can transfer up to $100,000 per year to qualified tax exempt 501 (c)(3) organizations like Shriners Hospitals for Children. This benefits donors because:

  • The transfer is free of federal income tax
  • The transfer counts toward the minimum required distribution
   
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