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Planned Giving: Charitable Donation Strategies that Work

By Pam Eimers
October 16, 2005

The recent devastation of the Gulf Coast brought by Hurricanes Katrina and Rita has shaken us all. As a society, we have opened our hearts, homes and wallets to help our fellow citizens cope with their loss and rebuild their lives.

This tremendous outpouring of help and compassion is unique only in its scope; Davis residents have always been generous in supporting causes they believe in, giving time, money, goods and services.  

Local nonprofits have experienced a drop in donations this fall as we band together to help our southern neighbors. This is not surprising or unexpected, yet the services offered by community nonprofits can’t be put on hold while we divert our charitable dollars to a national emergency. Somehow we must meet both needs.

Because the need for individual and corporate giving is increasing worldwide, it takes careful thought and planning to be able to support both the unexpected emergencies that absolutely require our help, and the local causes that enrich our community. This is where planned giving can make all the difference.

Planned giving is a phrase that spans a variety of charitable giving strategies. As year-end nears and tax preparations get underway, it’s a good time to discuss with a financial planner, tax accountant, or attorney the ways in which you can structure your charitable donations. None of us can financially support every nonprofit whose mission we value, but most of us wish we could do more. With careful planning, we can.

Here are examples of gifting strategies you may want to consider.

  1. Gifts of cash:  This is the most common and convenient way to give. It’s often easier to give a smaller amount monthly or quarterly than to give a larger amount at one time. Using a credit card, you can have your gift automatically paid on a regular schedule for a set period of time (monthly or quarterly for a year, for instance).

 

  1. Gifts of securities: Stocks and bonds held more than 12 months, when transferred to a charitable nonprofit, entitle the donor to a tax deduction for the fair market value on the date of contribution.
  1. Gifts of real estate: The fair market value of the property is deductible as a charitable contribution and, in many cases, tax on the capital gains can be avoided. When the property is part of an estate, the amount of the taxable estate will be reduced by the value of the gift.

 

  1. Gifts of life insurance: Your favorite charity can be named as the owner and beneficiary of a new or existing life insurance policy. Either party may pay the premiums.
  1. Gifts in trust: Charitable remainder trusts provide both an immediate income tax deduction and, later, an estate tax deduction. There are many types of trusts available.

 

  1. Bequests: You may leave a portion of your estate to Yolo Hospice, or any other cause you support, in your will. This is a way you can provide a meaningful gift without diminishing assets during your lifetime.

Yolo Hospice conducts four fundraising campaigns by mail each year, plus we include a donor envelope in each of our newsletters. Our mailings are not meant to pressure anyone into donating; rather they are designed to make it convenient for those who support Yolo Hospice to contribute whenever they wish, whether that is several times each year, or just once.

Yolo Hospice values every contribution we receive. If you have donated to Yolo Hospice recently, we thank you. If you have not, we would be honored to add you to our donor list: just call 758-5566. To learn more about the services Yolo Hospice offers, our variety of volunteer opportunities, or to read about recent events we’ve sponsored, go to our website: www.yolohospice.org.

-- Pam Eimers is public relations officer for Yolo Hospice. This column appears monthly.

 

 

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Quotes

Judy Norton
"Coping with terminal illness is all consuming for patient and family. As a hospice nurse, I feel it is most important to advocate, respect and use the knowledge we have to make the end of life the most comfortable it can be while always keeping in mind the unique needs of each patient."
~Jody Norton, RN