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GIFTS
OF CASH
If you itemize your deductions,
you can lower your income taxes simply by writing a check by December
31st. Your envelope must be postmarked by December 31 for your gift to
qualify as this year's deduction. Some employers will match charitable
gifts, making your gift worth even more. If your company or firm has a
matching gift program, simply enclose the form along with your check.
NOTE: Please
consult your tax advisor for advice on the above option.
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GIFTS
OF STOCK
A gift of appreciated stock
generally offers a twofold tax saving. First, you avoid paying any capital
gains tax on the increased value of the stock. Second, you receive an
income tax deduction for the full fair market value of the stock at the
time of the gift. You must have owned the stock for a "long-term"
period of time (this generally means that you have held the stock for
more than one year) to qualify for these significant tax advantages. Your
gift of stock should be postmarked by December 31. In the alternative,
a stock broker or trust officer can arrange for a year-end gift of stock
from your account.
NOTE: Please consult your
tax advisor for advice on the above option.
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GIFTS
OF REAL ESTATE
A residence, vacation home,
farm, acreage or vacant lot may have so appreciated in value through the
years that its sale would mean a sizable capital gains tax. By making
a year-end gift of the property instead, you would avoid the capital gains
tax, and at the same time, receive a charitable deduction for the full
market value of the property. It is also possible to make a gift of your
home, farm or vacation home so that you and your spouse can continue to
use it for your lifetime, while receiving a tax deduction in the year
you donate this property.
NOTE: Please consult your
tax advisor for advice on the above option.
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GIFTS
OF LIFE INSURANCE
A gift of life insurance can
provide a significant year-end charitable deduction. Whether you purchase
a new policy or donate a policy that you currently own but no longer need,
to receive a deduction, designate the Memorial Hospital Foundation as
both the owner and beneficiary of the life insurance policy. Check with
your insurance agent for details.
NOTE: Please consult your
tax advisor for advice on the above option.
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LIFE
INCOME GIFTS
If you own stock which is paying
you low dividends, a "life-income" gift may be an appropriate
year-end gift. You could transfer the stock to the Memorial Hospital Foundation
and establish a "charitable remainder unitrust" or "charitable
remainder annuity trust" that would provide you with a 5% or greater
annual return. This income would be paid to you and / or a loved one for
life, after which the assets would be distributed outright to the Memorial
Hospital Foundation. Through such an arrangement, you would be increasing
your income and making a meaningful (and tax deductible) contribution
to Memorial Hospital at the same time.
NOTE: Please consult your
tax advisor for advice on the above option.
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