As year end approaches, each of you finds yourself in a different situation. Some of you are employed with an income. Maybe there’s a possibility of a bonus. Some of you are retired and on a fixed income. Still others are “between jobs” at the moment, but possibly with a large severance or buyout payment, which will be considered 2018 income. Some of you have/or foresee significant levels of expenses for a number of years due to the care of a loved one. Others have lower expenses. Some of you have large amounts of assets, but they may be tied up in investments which take time to divest – real estate or a private business interest.
Whatever your situation, there may be a way for you to make a special gift to your church – now, during the remainder of your life, or at the conclusion of your life. Our website has some terrific information regarding dozens of ways you can make a gift, and generally improve your tax situation. They can be found at the Ways of Giving tab at https://vaumfoundation.org/giving/ways-of-giving/.
Here are a few examples:
- Is it possible that you have multiple Life Insurance policies, one of which you really don’t need for your estate plan? By simply changing the beneficiary on the policy, you can establish a bequest for your church to support a mission or cause that is of particular interest to you.
- Or maybe you have an old IRA or 401(k) from a former employer that you’d like to donate to your church? Again, by simply changing the beneficiary to your church, you can reduce your taxable estate and provide a gift to your church that will live on long after you are gone.
- Suppose you’d like to create a steady stream of income for the remainder of your life and then make a gift to your church. A Charitable Gift Annuity might be just the answer for you.
- You may have summer home that you’d like to enjoy for the rest of your life and then have it go to your church. A Retained Estate gift can provide you a tax benefit now and the ability to continue to enjoy the home.
Whatever your situation, there’s a good chance we can help you improve your tax situation and provide an impact gift for your church. Some of these take some time to establish, so please don’t wait until the last minute. Call us today at 804-521-1121.