A will is only one type of planned gift. There are other planned gifts that may save you money on your taxes, generate extra income in exchange for a pledged gift, and otherwise benefit you financially while supporting the causes you love. Your financial advisor can tell you which of these options will benefit you the most.
Here are some examples:
You can gift all or a portion of your life insurance plan by contacting your plan administrator. This may qualify you to enjoy a charitable income tax deduction for your initial donation, and any premiums in the future.
Retirement Plan Assets
You can designate PPMM to receive all or a portion of the balance of what remains in your retirement plan through your plan administrator. This gift will be exempt from federal and state taxes and preserve non-retirement assets for your loved ones.
Securities and mutual funds
Donating securities and mutual funds that have risen in value since acquiring them may be donated at full fair market value, while avoiding capital gains taxes on the transfer (which can be as high as 20 percent).
Qualified Charitable Distribution (QCD) from your IRA
Available for those 70 ½ or older
Avoid or reduce taxes on your IRA by gifting a portion of your required minimum distribution directly from your account to Planned Parenthood Mar Monte.
Real Estate and Tangible Property
Appreciated real estate or other tangible property that you have held longer than one year may qualify you for a federal income tax charitable deduction at the full market value, while eliminating capital gains taxes.
Life Income Gifts
Life income gifts can provide lifetime payments to you and/or another individual, with the remaining funds passing to Planned Parenthood Mar Monte in support of reproductive rights. These gift options include charitable gift annuities, charitable remainder trusts, and pooled income fund donations.
This information is for illustrative purposes only, and is not intended as legal or tax advice. For such advice, please consult an attorney or tax advisor. References to tax rates include federal taxes only and are subject to change. State law may further impact your individual results.