Wise Giving at Year End to Change Lives for Good
The holidays are a good time to be reminded of timely giving strategies. Join donors like Jim, Edna, Mary and Enrique to maximize year-end giving and help Catholic Charities change lives for good.
Jim enjoys inspiring kids by discovering the boundless universe displayed nightly in the skies above us. Now in his mid 70s, he directs the required distribution from his IRA to support Catholic Charities’ CORAL after-school program. His gift satisfies the IRS’s requirement to take an annual distribution from his IRA, avoids income tax incurred if he took the distribution directly, and provides fun astronomy and other science-based activities for youth.
Edna loves Christmas time, especially giving gifts. Toys for her grandkids, warm sweaters crocheted throughout the year for her daughters, and fresh-baked goods for neighbors are all part of what brings her holiday joy. Among these joys is the tradition of giving to the charities she loves, like Catholic Charities. As in 2020, she delights in a perk for herself gleaned from her generosity: Edna can claim up to $300 as a charitable deduction, even though she doesn’t itemize. Giving with a bit of receiving makes the holidays just a touch brighter for Edna.
Maria is a news junky and always has Bay area, state, national, and international news buzzing on the radio. Hearing of her neighbors impacted by fires, she supports Catholic Charities’ emergency fire relief work. Despite the fires, pandemic, and uncertain economic forecasts, she’s enjoyed growth in her investment portfolio, advised by the many financial podcasts she follows. Instead of sending cash, Mary transfers stocks that grew as much as 30% in 2021 to Catholic Charities. Giving this way allows her to avoid capital gains taxes, give more, and help her neighbors in need.
Enrique was excited to visit his son this Christmas who was stationed abroad in Germany. He was advised to have an estate plan in place before traveling in previous years but just never got around to it. He used Catholic Charities’ FreeWill (freewill.com/CCSCC) tool to create a will in just 20 minutes. “Now I can travel worry free knowing my wishes were documented. I’ll meet with my attorney for more comprehensive planning later,” said Enrique, who also chose the option of including a legacy gift to Catholic Charities.
If you have questions about year-end giving, need sample IRA distribution letters, or stock transfer forms please contact Cecilia Bynum, Senior Director of Planned Giving at 408-325-5248 or cbynum@ccscc.org