Are you planning on making a year-end contribution before the December 31 deadline? There are at least six options that you might consider in addition to writing a check or contributing with your credit card:
- RMD Contributions: If you are at least 70.5 years old and required to take distributions from your IRA, you can make a charitable donation directly from your IRA and reduce your taxable income. This treatment may also apply to an inherited IRA with an RMD even if you are not 70.5 years old.
- Appreciated Stock: If you have stock which has appreciated above its cost basis, you can donate the stock directly to NALT and receive a deduction for the full value of the stock and avoid paying the capital gains tax on the appreciation.
- Charitable Trust Accounts: A number of financial institutions offer accounts which allow one to donate appreciated stock to a fund, take a tax deduction in the current year and then disburse donations to NALT and other charities in subsequent years.
- Bequests: This simple planned gift option allows you to make a bequest through your will or living trust in which you designate a specific dollar amount or percentage of your estate after other disbursements.
- Life Insurance or Retirement Assets: When you name North American Land Trust as a primary or contingent beneficiary of a policy or plan, you can give a large gift at a low cost. Consult your tax or insurance plan professional to learn how to donate.
- Employer Match Programs: Many employers offer to match either all or a portion of an employee’s charitable donations. These programs allow employees to multiply the power of their donations with the support of their employer.
If you are considering any of these alternative donations, then please contact your tax attorney or accountant, and they can guide you through the process, as described here by the IRS. NALT cannot give tax advice; however, we will always give you an acknowledgement of your donation, no matter the amount. Thank you for considering us when you give this year and in the future!