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Local Business

Catholic Education Foundation offers 2019 year-end giving tips

SPONSORED

Year-end charitable giving can have a substantial positive impact on your tax situation and overall estate plan. If you are considering giving a gift of a Catholic education, here are some tips from the Catholic Education Foundation:

1. Timing of Gift

Make sure checks to your favorite charity are dated and postmarked no later than Dec. 31, 2019. Single gifts of $250 or more require a substantiation letter from your charity recipient per IRS regulations.

2. Gifts of Stock

Transferring your stock electronically is the easiest and quickest method. Visit http://cefjoliet.org/Ways_To_Give/Stock_Donation for stock gift instructions to restrict your gifts to the CEF for Catholic school scholarships. Donating stock instead of cash can be a smart tax-planning move since you can eliminate most if not all capital gains and take a charitable deduction on the fair market value of the gift.

3. Gifts of IRA Required Minimum Distribution

If you are over 70 and and are required to make a minimum distribution from your IRA, you may consider using a charitable IRA rollover – also called a qualified charitable distribution (QCD). Any gift made directly from your IRA to the Catholic Education Foundation counts toward your minimum distribution and will not be considered taxable income. Each taxpayer can give up to $100,00 tax-free in any year. This type of gift may be particularly appropriate if you are required to take a minimum distribution from your IRA but do not need additional income.

4. Donor-Advised Fund

It’s not too late to set up what’s known as a donor-advised fund for your charitable gifts this year. The advantage of a donor-advised fund is that you can get the deduction for making the gift this year but decide later which charities to which you want to donate the money. Most major brokerage firms can set one up for you.

5. Planning Your Estate

The end of a calendar year is a great time to remember that having a will is arguably one of the most important things you can do for yourself and your family. Not only can a will legally protect your spouse, children and assets, it can also spell out exactly you would like things handled and allows your legacy to endure.

Contact your legal or financial advisors for assistance in planning charitable gifts with tax and other financial implications. Visit http://cefjoliet.org/Ways_To_Give or contact the Catholic Education Foundation at 815.221.6127 or jgeorgis@dioceseofjoliet.org for general information.

Catholic Education Foundation : 815.221.6127 : 16555 Weber Road, Crest Hill, IL 60403: http://cefjoliet.org/