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As the holiday season approaches, many of us reflect on how we can make meaningful contributions to our communities. A powerful way to give back this season is by donating stocks, bonds, or mutual fund shares that have appreciated to Eva’s Village. Not only does this endowment directly support the impactful work of Eva’s Village, but it also offers substantial benefits to you as a donor.
When you donate stocks you’ve held for more than a year, and which have increased in value, you qualify for an immediate tax deduction. This deduction is based on the current market value of the stocks, providing a potential tax advantage if their value has significantly risen since you first purchased them. This means you could benefit by saving on your taxes while supporting a good cause. Moreover, transferring these assets to Eva’s Village (Tax ID #22-2424542) ensures that the gains from the stocks are not subjected to capital gains tax. This is a win-win situation: you enhance your charitable giving power and simplify the tax implications of your donation. By donating appreciated securities, you amplify your support to vital community services--impacting lives far beyond monetary value. Consider giving stock as a gift this year and see the true power of your generosity in action. Embrace the opportunity to give back to Eva’s Village and witness your contributions working to better lives within the community. 10/15/2024 Beneficiary of IRA/Retirement PlanDid you know that once you turn 70 ½, the IRS requires you to withdraw a minimum amount from most retirement accounts? This is called a Required Minimum Distribution (RMD). If you're at this stage, and you prefer not to withdraw the funds for personal use, there's an advantageous option for you that not only benefits a charitable cause but also offers a tax benefit—donating via a Qualified Charitable Distribution (QCD). This approach allows you to donate your RMD directly from your retirement account or IRA to a charity, like Eva’s Village, circumventing the taxes typically applied upon withdrawal.
For those who don't need the additional income from an RMD, choosing to perform a QCD can be an excellent way to both support meaningful charitable work and enjoy tax benefits. Furthermore, you have the opportunity to name Eva’s Village as a beneficiary of your IRA or other qualified retirement benefits. It's wise to consult with a tax advisor about the tax advantages of such gifts. By naming Eva’s Village as the beneficiary of assets like a 401(k), 403(b), IRA, Keogh, or profit-sharing pension plan, you ensure a charitable purpose is met while gaining significant tax savings. Transitioning these assets to heirs can often be financially burdensome due to high tax obligations. However, by designating Eva’s Village (Tax ID #22-2424542) as a retirement plan beneficiary, you maintain control over your assets during your lifetime. Then, at your passing, the plan seamlessly supports Eva’s Village without incurring estate or income taxes. Making a charitable gift from your retirement plan is straightforward and avoids the need for legal fees. You simply need to request a change-of-beneficiary form from your plan administrator. After completing the form, return it to your administrator and notify Eva’s Village of the arrangement. By making this thoughtful decision, you ensure your legacy continuously supports worthy causes. |
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Eva's Village is a 501(c)(3) organization |
Eva's Village
393 Main Street Paterson, NJ 07501 Phone: 973-523-6220 Fax: 973-825-7297 |
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10/15/2024
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