Page 48 - Demo

46 LAS OLAS BOULEVARD & ISLESHoliday GivingHelping people makes you feel good. This time of year, we hear a lot about the tax benefits of making charitable donations before the clock strikes midnight on New Year%u2019s Eve. And yes, it%u2019s certainly wise for charitably minded people to consider making their donations during the holiday season so they can realize the tax benefits when this year%u2019s tax bill arrives.But let%u2019s not forget why we give in the first place. For most of us, it%u2019s because helping people makes us feel good. And this is the time of year when our charitable giving can have an even greater impact than usual.That%u2019s because many nonprofit organizations rely on end-ofyear gifts to both sustain their critical work in our community and to determine what efforts to pursue in the year ahead. Support for health clinics, after-school programs, food pantries, arts initiatives, environmental cleanups, animal rescue, career training %u2013 so much of the charitable work that transforms lives and makes our community a better place to call home is fueled by year-end giving to local nonprofits. Giving during the holidays to your favorite charities can ensure ongoing support for your charitable passions.Making an online donation or mailing a check are great ways to give, though you can also use other assets to amplify your impact. Here are five asset options to keep in mind for year-end giving: %u2022 Give stock or real estate: If you own %u201chighly appreciatedassets,%u201d such as stock or real estate, and are also planning tomake a year-end donation, consider giving the appreciatedassets to your favorite nonprofit. Assets like appreciated stockcan be sold by a charity for 100 cents on the dollar %u2013 nocapital gains tax applies. That means your favorite charitablecauses end up with more money to work with than if you hadsold that same asset yourself and donated the proceeds.%u2022 IRA distribution: Making a Qualified Charitable Distribution(QCD) from your IRA is an easy way to donate to acharitable organization. A QCD can reduce your taxableincome and satisfy your Required Minimum Distribution(RMD).%u2022 Gift bundling: You can %u201cbundle%u201d several years%u2019 worth ofsupport for your favorite causes or organizations through asingle, year-end gift to a donor-advised fund. Gift bundlingthrough a donor-advised fund enables you to lock in supportto achieve your long-term charitable goals, while you get thefull tax benefit this year.%u2022 Donate Complex gifts: Don%u2019t be afraid to think outside thebox. %u201cClosely-held stock%u201d and even valuable collections canbe excellent gifts to fuel your charitable support. Check withyour favorite nonprofit to see if they are able to work withyou and your professional advisor to facilitate a gift of a%u201ccomplex%u201d asset.%u2022 Gift planning: If now isn%u2019t the best time to donate, you canname a nonprofit organization as one of the beneficiaries inyour estate plan. For example, when you commit to a bequestto the Community Foundation of Broward your future gift willcreate an endowed charitable fund that provides sustainable,permanent support for causes that mean the most to you.Don%u2019t forget that it can take a few days to process a stock donation, arrange a wire transfer or take the other steps required when using a non-cash asset for your year-end giving. So, the earlier in the holiday season you make your charitable gift, the more flexibility you have.