Other Ways You Can Help
Besides cash donations, you can leave your legacy by making a gift in your will to A Promise of Health. The advantages are many: tax benefits, recognition and knowing you are helping A Promise of Health achieve its mission.
When writing your will, you try to think of everyone who should receive a gift or bequest. Of course the first to remember are family and friends. By including A Promise of Health, you can ensure your giving will continue in perpetuity.
There are several ways to make distributions to A Promise of Health in your will. One, a percentage, would designate a percent of your estate. Another, would specify a certain dollar amount you would give or you can specify the “residue,” the amount left over after other gifts. It is always best to consult your attorney when preparing your will, as you would any legal document.
U.S. tax laws are structured so that donors are encouraged to give as generously as possible to their favorite charitable organizations. Gifts of those assets, which have gone up in value since their purchase, are particularly attractive to the donor under our current tax laws. Gifts of those appreciated assets to a nonprofit organization are deductible at their full fair market value if they have been held longer than 12 months. The fair market value of the assets can be deducted up to 30 percent of the donor’s adjusted gross income. Excess deductions can be carried forward for 5 additional years.
If you own unencumbered real estate that has appreciated in value, an outright gift is the simplest solution. You can deduct the fair market value of your gift, avoid all capital gains, and remove that asset from your taxable estate. It is also possible to transfer the deed of your home to A Promise of Health now and keep the right to use the property for your lifetime and that of your spouse. Significant charitable tax deductions can be claimed through gifts of property.
The best stocks to donate are those that have increased greatly in value, particularly those producing a low yield. Even if it is a stock you wish to keep in your portfolio, by giving the stock and using cash to re-purchase the same stock, you will have received the full income tax deduction but will have a new, higher basis cost in the stock.
If you would like additional information about any of the above ways of giving and how your bequest or gifts can help you accomplish your financial, estate and charitable planning goals, please contact Barbara Grannell, Executive Director, at 505-865-9723.
A Promise of Health is a 501(c)(3) non-profit organization authorized to receive tax-deductible contributions as allowed by law.Donations are fully tax deductible.