GIVE A GIFT THAT WORKS FOR YOU
There are numerous methods you can use to create your legacy. Since everyone’s situation is unique, we suggest you talk with your advisor to determine what is best for you.
Endowment building techniques can include one or more of the following methods:
MAKE AN OUTRIGHT GIFT OF CASH OR APPRECIATED STOCK
Contribute cash or transfer stock to provide an immediate gift to Hibiscus Children’s Center. You may receive an income tax deduction and avoid capital gains tax.
TAX-FREE DISTRIBUTIONS FROM AN IRA
*If you are 72 or older, you can use your individual retirement account (IRA) to support children in need.
*Avoid taxes on transfers of up to $100,000 from your IRA to support Hibiscus Children’s Center.
*Satisfy some or all of your required minimum distribution for the year.
*Reduce your taxable income, even if you do not itemize deductions.
*Make a gift that is not subject to the deduction limits on charitable gifts.
*Use your rollover to make payments on an existing pledge to us.
*Donor may not receive any benefit for the gift, i.e. no event sponsorships, ticket purchases, etc. can qualify.
Update – On December 20, 2019, President Trump signed the Setting Every Community Up for Retirement Enhancement Act (SECURE Act). The SECURE Act, which is effective January 1, 2020. The Act is the most impactful legislation affecting retirement accounts in decades. The SECURE Act has several positive changes: It increases the required beginning date (RBD) for required minimum distributions (RMDs) from your individual retirement accounts from 70 ½ to 72 years of age, and it eliminates the age restriction for contributions to qualified retirement accounts. However, perhaps the most significant change will affect the beneficiaries of your retirement accounts: The SECURE Act requires most designated beneficiaries to withdraw the entire balance of an inherited retirement account within ten years of the account owner’s death.
INCLUDE Hibiscus Children’s Center IN YOUR WILL OR TRUST
A bequest can easily be added to a new or existing will or living trust, and would allow you to maintain control of your assets during your lifetime.
MAKE Hibiscus Children’s Center BENEFICIARY OF A LIFE INSURANCE POLICY
Significantly increase your gift with lower out-of-pocket costs by modifying an existing policy, or we will work with you and your advisor to create a new policy.
DESIGNATE Hibiscus Children’s Center AS BENEFICIARY OF A RETIREMENT PLAN, IRA OR 401(k)
A simple and flexible option for those who have sufficient other assets to pass on to their heirs.
CREATE A “SPLIT INTEREST GIFT”
Charitable Gift Annuity – A charitable gift annuity provides a guaranteed, fixed income for life (up to two lives) in exchange for your gift.
Charitable Remainder Trust –This effective and powerful tax-saving tool permanently transfers assets in return for a lifetime income, or for a set term of years. When the trust fund ends, the remaining principal passes to Hibiscus Children’s Foundation/Center.
Charitable Lead Trust – Transfer assets to a trust and the trust pays Hibiscus Children’s Center income for a number of years. Trust assets ultimately return to you and your heirs.
TAX PLANNING BENEFITS
Each of these endowment building techniques may have significant tax planning opportunities and we will be glad to work with you and your advisor to design the gift to fit your particular financial situation.
ENDOW YOUR GIFT NOW TO KEEP GIVING IN THE FUTURE
To learn more about endowment building options, contact Michelle King, Chief Development Officer, at 561.452.5791 or via email: MKing@hcc4kids.org.