Gratitude With Tax Advantages: A Guide to Charitable Giving at St. Andrew’s
Charitable gifts from parishioners underwrite all of St. Andrew’s work and ministries. The Stewardship and Endowment Commissions have jointly sponsored preparation of a guide to charitable giving at St. Andrew’s. It explains how various gifting techniques can provide significant tax advantages for donors.
First, it describes how the March 2020 Coronavirus Aid, Relief and Economic Security (CARES) Act provides for new income-tax deductions, increases the limits on charitable deductions, and waives otherwise required minimum taxable distributions from IRA retirement accounts during 2020.
The guide also outlines tax-advantaged, inexpensive options for charitable giving to St. Andrew’s, including cash gifts; IRA charitable rollover gifts; gifts of appreciated stocks, bonds, mutual funds, personal property, and real estate; gifts of other personal property and real estate; testamentary bequests in a will or trust; inexpensive, easy-to-use beneficiary designations that can be modified from time to time; life-income gifts; gifts of life insurance; gifts of a life estate; gifts involving a donor-advised fund; and maximizing income-tax deductions using “bunching” techniques.