Most people make charitable gifts at the end of the year, and do so without much planning. Often, they simply write a check. Your gift does make a difference in the lives of the youth, adults, families, and researchers served by the Li-Fraumeni Syndrome Association (LFSA). This year you might consider how the following strategies might benefit you as you plan to support our association.
Estimate your income and tax liability before December 31. As you may already know, by the time you fill out your income tax return in 2019, it will be too late to make a charitable donation for this year.
Consider using non-cash assets. Look at the stocks you have held for more than a year. It may be wiser to make a gift using securities that have sizable appreciation instead of cash. You can receive an income tax deduction for the value of the stock shares and avoid capital gain tax when the stock is sold.
If you are over 70 ½ years of age, consider making a direct transfer from an IRA or SEPIRA to LFSA. The transfer counts toward the annual minimum distribution requirement and avoids income tax.
Talk to your advisor. Before making any significant gift, have your CPA, attorney, or other advisor help you to plan and understand the impact of the gift on your estate and 2018 income tax return.
Take the time to do some planning in the weeks ahead. For more information about how you can personally benefit from making an, “End of the Year” gift to LFSA, contact the Li-Fraumeni Syndrome Association at info@LFSAssociation.org, or call 855-239-LFSA (5372).
The information above is not intended as legal advice. Before making a charitable contribution you should seek the advice of your personal accountant, or tax counsel.