With the change in the tax law, charitable giving has changed significantly. We can help you get creative to restore your tax benefit for charitable contributions, and we’re here to help!
Donor Advised Funds
Opening a Donor Advised Fund (DAF) with The Summit Foundation offers great benefits, including the ability to "bunch" your giving in one tax year (and qualify for a tax deduction), no fees, and an inside scoop on local needs.
- Bunching: Make a large gift in one year, obtain a tax deduction, and spread that gift out over time to your favorite nonprofits
- Family Philanthropy: Other individuals can make contributions to your fund
- Inside Scoop: Our staff can give expert guidance on local needs.
- No extra fees: We don’t charge any fees! We use Vanguard to manage the fund and pass along their management fee, less than .5%
- Easy: Once the fund is set up you let us know which local organizations you want to support, and we do the rest!
The IRA Charitable Rollover
The IRA Charitable Rollover, more technically known as the Qualified Charitable Distribution (QCD), allows an IRA owner who has reached age 70 ½ to make a tax-free transfer of up to $100,000 per year directly from an IRA to a public charity without reporting the distribution as taxable income. Such a distribution can satisfy your Required Minimum Distribution (RMD) up to $100,000 or can be in excess of the RMD up to that amount.
We have a designated fund that acts similarly to a DAF. This fund allows you to enjoy the tax-free IRA transfer while:
· Selecting your favorite nonprofit(s) to receive support
· Giving the gifts over time, not just in that tax-year
Appreciated Assets as Donations
Make a bigger impact by donating appreciated assets. Compared to a donation of cash, you may have the opportunity to increase both your gift and your tax deduction. We will work with you or your financial advisor on an easy-to-execute direct transfer.
· Mutual Funds
Leave a legacy and support the future of Summit County by remembering the Foundation in your estate plan. We also have a variety of creative options that benefit you now while supporting the Foundation into the future; including:
· Charitable Trusts
· IRA Beneficiary
· Pooled Income Funds
We will work with you to make sure your intentions and desires are well defined so that you can support the community for generations to come.
With any matters involving the tax code, there are technical rules you need to follow to properly take advantage of these strategies. Please first consult with your own advisors, and don’t hesitate to give us call.
Contact Jeanne Bistranin at email@example.com to learn more.