Planned Giving | YMCA DC

Planned Giving

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IRA’s and Retirement Plans

How it works:

  1. If instead of another person, you gift your IRA distribution to a YMCA, you can claim a deduction for your gift. The deduction is an itemized deduction, so in order to take advantage of the tax break, you have to forgo your standard deduction. However, the deduction is limited to a maximum of 50 percent of your adjusted gross income for the year and may be only 30 percent depending on the charity to which you make the donation.

or

Qualified Charitable Distributions

  1. You can gift money directly from your IRA to a charity if you meet certain criteria. The distribution must be a required minimum distribution and you must be over 70 1/2 years old. In addition, you must have the trustee of your IRA transfer the money directly from the IRA to the YMCA and the amount of the qualified charitable distribution can’t exceed $100,000. The advantage to using a qualified charitable distribution to gift your IRA to the YMCA is you don’t have to report the distribution as income and then itemize your deductions to claim the tax break.
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Life Insurance

How it works:

  1. Donors can make a sizable face value gift for a minimal outlay of cash.
  2. May give an existing policy ( fully paid, partially paid or a new policy)
  3. Naming the YMCA as beneficiary. Upon the donor’s death, the YMCA will receive all or portions designated from the policy.
  4. The donor is entitled to a charitable income tax deductions equal to the cash surrender value of the property and any future premiums paid only if the YMCA is named as the owner and beneficiary of the policy
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Deferred Gifts

How it works:

  1. Charitable Lead Trust your heir will benefit with lower tax rate and the charity receives an annual payment
  2. Confer with your accountant, tax advisor or wealth manager
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Bequest

How it works:

  1. You include a bequest provision in your will or revocable trust
  2. At your death, the YMCA Metropolitan Washington (or designated program or branch) receives the bequest you specified
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Real Estate

How it works:

  1. Real estate is donated or by bequest, reviewing the real estate checklist.
  2. Acceptance is subject to the approval of the Board of Directors

Benefits

  • You may change your bequest or trust designation at any time
  • You control the funding property during your lifetime
  • Your bequest or trust designation will not be subject to any potential federal estate tax
  • You provide future support for the YMCA
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Donating appreciated securities, including stocks or bonds, is one of the most effective means of tax savings available and is an easy and tax-effective way for you to make a gift to the YMCA of Metropolitan Washington.

Please click here for more information.

 

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A financial gift to the YMCA allows us to continually find new ways to build thriving communities. A planned gift to the Y will continue this work for generations.

If you are interested or have any questions regarding the options above, please contact Genette Comfort, Vice President of Philanthropy via email at Genette.Comfort@ymcadc.org or by phone at 202-797-4482. You can also request more information by filling out the form below.

Planned Giving
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Did you know, if you are over 70 ½ years or older, you can reduce your taxable income by making a gift directly from your IRA?  Qualified Charitable Distributions (QCDs) help minimize your tax burden by satisfying a portion or all of our Required Minimum Distribution (RMD) obligation once RMDs begin at age 72.  This allows you to lower adjusted gross income, which can be more valuable than taking an itemized deduction.  Learn more by clicking the link below. Email Genette.Comfort@ymcadc.org for more information.

Information provided by Michael J. Riley, CFP®, Managing Director – Financial Advisor, RBC Wealth Management – The Linn Group (https://us.rbcwealthmanagement.com/thelinngroup)

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