Ways you can give now
Cash – Gifts of cash are the simplest and most convenient way to give. Just write a check payable to the Warren County Foundation. Gifts of cash are deductible up to 50% of your Adjusted Gross Income. Any excess deduction can be carried over and deducted for up to five additional years.
Appreciated Securities – When stocks or mutual funds held for more than one year are given, you can deduct the full fair market value as a charitable contribution, thus avoiding capital gains tax on the appreciation. Gifts are deductible up to 30% of your Adjusted Gross Income. Any excess deduction can be carried over for up to five additional years.
Real Estate – Gifts of real estate, such as your home, farm or vacation property are considered equal to the appraised value, and are deductible up to 30% of your Adjusted Gross Income. Any excess deduction can be carried over for up to five additional years. Plus, you avoid paying capital gains tax on the appreciated value. Real estate that is donated will be sold by the Foundation, or donors have the option of living in their home through a Life Estate arrangement.
Ways You Can Give In The Future
Bequests by Will – Including a charitable bequest in your will is a simple way to make a lasting gift to a cause that is important to you. The Foundation will help you establish a special fund that becomes your personal legacy of giving. Several types of bequests are available to you, including designating a dollar amount, a percentage of your estate, or the remaining property after all other obligations are fulfilled.
Life Insurance – Gifting a life insurance policy you no longer need is an inexpensive way to make significant charitable contribution. You earn an immediate tax deduction approximately equal to the policy’s replacement cost or current cash value. Any additional premiums you pay are also tax deductible.
Retirement Plan Assets – A gift of an individual retirement account, IRA or 401(k), can be made by naming the Warren County Foundation as a beneficiary or contingent beneficiary of the total amount, a percentage of the total, or a set amount of money. Gifts of retirement plan assets avoid income tax (on income in respect of a decedent) that would be applicable to every dollar that comes out of such plans. Estate tax would also be avoided. Since income and estate taxes can combine to take a large percentage of the value of a retirement plan, these assets are one of the best to use in making a charitable gift from an estate.
Note: The Foundation staff will be happy to meet with you and your financial advisors regarding other available options for current and future giving.