DID YOU KNOW? When you trade stock - trade for success! Trade in the name of the Haven of Rest!
STOCKS - When someone donates stock shares with long-term gains (currently defined as 12 months or more), the donor receives a tax deduction for the full market value of the shares as of the “gift date”, and DOES NOT DECLARE the long-term CAPITAL GAIN AS INCOME! Where donors have held the stock for long enough to have substantial gain, the advantage is essentially a double-tax deduction! Basically, this allows a donor to give more money for less pain than if they sold the stock and donated the after-tax proceeds. Charitable deductions for gifts of stock and other appreciated property may be utilized up to 30% of a person's adjusted gross income in the year of the gift. If the donor exceeds this, they can carry over the remainder of the contribution to subsequent years. For this to work, the donor must NOT sell the stock and donate the proceeds, Otherwise, that would trigger a tax event for the donor on their gain. The tax advantage comes when the donor gives the shares to the non-profit. The donor gets the deduction, the non-profit gets the stock, and when the non-profit sells it they do not pay tax. This is a VERY EFFICIENT way of donating money to this non-profit. Unless the donor indicates otherwise, the non-profit presumes the total gift is for general budget. Invest in your community by investing in its future! Help us serve the homeless, hopeless, and hungry, of the Mountain Empire Region.
Gifts of Life Insurance Life insurance offers a variety of ways to make significant gifts to this mission. Sometimes the insurance is the gift itself, In other cases, insurance makes the gift possible.
Please consider the following possibilities:
Give an Existing Policy Most paid up policies are older and in smaller amounts. If the policy has outgrown its primary purpose (usually to provide for a growing family),you may find such a policy is an excellent way to satisfy your charitable giving desires. You are able to make a significant gift with no out-of-pocket expense.
Buy a New Policy You can create a sizable gift by paying pennies of premium for the dollars ultimately received, so life insurance policies make excellent and practical gifts to the Mission.
Gift Premium Dollars to the Ministry The Mission uses the gift to purchase an insurance policy on your life. If the Mission is the owner and beneficiary, the premium becomes a current tax-deductible gift. The Mission receives the death proceeds tax-free.
Give Enough to Create Income Life insurance pays in a lump sum, making it particularly valuable for gift purposes. Policy proceeds can be paid to the general fund of the Mission. Or, if you wish to designate that your gift be placed in the Permanent Endowment Fund of the Mission and kept in perpetuity, only the investment or interest income will be used for the Mission needs or as you may designate.
Assign Your Dividends to the Mission Many life insurance policies pay dividends. You can instruct the insurance company to pay the dividends directly to the Haven of Rest Rescue Mission of Bristol, Inc. You can then deduct the amount of the dividend as a charitable contribution. The Mission receives income immediately.
Use Life Insurance to Replace Securities or Assets You Give If you have appreciated securities (stocks, bond, etc.) that you would like to give to the Mission but feel that you would be depriving your heirs of their inheritance, consider gifting the securities or assets to the Mission. Then use the income tax savings to buy life insurance equal to the value of the gift, designated your heirs as beneficiaries. You, the Mission, and your heirs benefit.
Change Your Beneficiaries You can name the Haven of Rest Rescue Mission as beneficiary of a percentage or fixed amount of your life insurance proceeds. If you name the Mission as an irrevocable beneficiary, you may receive an income tax deduction for this gift;you may also deduct a percentage of each premium you pay in the future. Your estate can deduct the death proceeds paid to the Mission for estate tax purposes.
Name the Haven of Rest Rescue Mission as Primary, Secondary, or Residuary Beneficiary of a Life Insurance Policy, But Retain Your Ownership of It If the Mission is a secondary beneficiary, it will receive the proceeds if the first beneficiary is no longer living. If named as a remainder beneficiary, the Mission will receive the proceeds in the event of the death of primary and secondary beneficiaries. You reserve your right during your lifetime to revoke any of these beneficiary designations should family circumstances necessitate.
Buy Life Insurance on Another Person What if you are not insurable? Buy life insurance on someone else and give the policy to the Mission. The insurance company requires you to have an insurable interest in the person you want to insure. Once you establish that interest, you may give the policy to the Mission. Whether it is a paid-up policy or one that requires continuing premium payments, if you name the Mission as the owner and beneficiary, you can receive an income tax deduction for the gift.
As always you are urged to discuss any tax implications of your gifts with your financial advisor.
In all of our giving, let us never forget the priceless gift that was given to us in Jesus Christ.