Planned gifts can take many forms, reducing income and estate taxes, relieving you and your heirs of complicated financial management responsibilities, and helping to fulfill your personal and charitable objectives. Planned gifts can be made in cash, stocks, bonds, personal property, or life insurance.
Donors 72 and older are eligible to make a tax-free gift to New Day directly from their IRA called a Qualified Charitable Distribution (QCD). These gifts are tax-free, regardless of whether or not you itemize deductions on your tax return and can lower your taxable income. If you have to take a Required Minimum Distribution, QCDs are one way to reduce the tax liability. Please consult your tax advisor for details.
By giving from your donor-advised fund, you may recommend how much and how often you want to give to New Day. You can also help continue the mission of New Day after your lifetime by naming New Day as the beneficiary of your DAF. Simply contact your fund administrator to recommend a grant name or name New Day as a beneficiary. And, please let us know so we can thank you for your generosity.
Gifts of appreciated stock and securities are a cost-effective and tax-friendly way to care for those facing the financial burden of cancer. You may be eligible for a tax deduction based on their full fair-market-value and avoid paying the capital gains tax.
One of the most popular types of legacy gifts, bequests are gifts to New Day designated in your will that are simple, flexible and versatile. All you need is to add a few sentences to your will using legal bequest language. Because the gift is made after your death, you can change your mind at any time simply by changing your will. It’s flexible because you can specify anything from money to a prized possession to a percentage of your estate. Bequests are also entitled to an estate tax charitable deduction for their full value.
Naming New Day as the recipient of your assets, IRAs and retirement plans, or life insurance or insurance annuities allows you to support New Day and often leave your heirs with many tax advantages. Most retirement plans aren’t subject to income tax during your lifetime, but can be taxed as high as nearly 40% upon your death. Life insurance policies are a low-cost way to leave a large gift by naming New Day as the beneficiary. Insurance annuities can leave your beneficiary with a tax burden upon your death, unless donated to a charitable organization like New Day Foundation.
To learn more, contact: Gina Kell Spehn
Phone: (248) 648-1105