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Smart Philanthropy and Taxwise Strategies for Enhanced Giving

Giving Season is here once again! Much like last year, some traditions will look a little different in 2021 but some things remain unchanged. One particularly important tradition we continue to uphold is providing support to the charities and organizations that we feel represent our values, and whose work we depend on. There are several planned giving options and strategies that can benefit you and your loved ones, create tax savings and help ensure Compassion & Choices’ work in support of end-of-life autonomy continues.

For 2021, for those who itemize their deductions, the CARES Act allows for cash contributions to qualified charities, such as Compassion & Choices, to be deducted up to 100% of your adjusted gross income. This rate will revert back to 60% in 2022.

Four popular planned gift options for your consideration are:

  • A Bequest: You can specify in your will to give a specific amount, percentage of your estate and/or a specific asset such as real estate. And our new no-cost tool — a collaboration of Compassion & Choices and FreeWill – allows you to create a personalized will and leave a bequest to Compassion & Choices if you choose.
  • A Qualified Charitable Distribution (QCD) from your IRA: If you’re 70½ or older, you can make a tax-free gift of up to $100,000 per year (husband and wife individually) directly to a qualified charitable organization. And if you are 72 ½ or older, this gift will satisfy your Required Minimum Distribution (RMD).
  • A Charitable Gift Annuity (CGA): A CGA provides a tax deduction, tax-free income and guaranteed income for life. You can even create a Deferred CGA and receive the income at a later date.
  • Appreciated Securities: You can avoid capital gains tax and receive a full fair market deduction for the gift.

If you have any questions about your estate planning or making a planned gift to Compassion & Choices, feel free to contact me at [email protected]compassionandchoices.org or 800-247-7421 x 2152 or visit our website.

I wish you and your loved ones all the best this holiday season and in the new year.

With gratitude,

Sam

Samuel B. Young, ESQ-LSW
Senior Director of Legacy & Planned Giving
Compassion & Choices

P.S. When you notify Compassion & Choices of your planned gift, $500 will be donated in your honor by an anonymous couple, as part of our Legacy Challenge Match.


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