As you think about end of year giving, check out these tips and how the CARES Act may affect charitable giving for 2020:

New Deduction Available: Up to $300 per taxpayer ($600 for a married couple) in annual charitable contributions. This is available only to people who take the standard deduction (for taxpayers who do not itemize their deductions). It is an “above the line” adjustment to income that will reduce a donor’s adjusted gross income (AGI), and thereby reduce taxable income. A donation to a donor advised fund (DAF) does not qualify for this new deduction.

New Charitable Deduction Limits: As part of the bill, individuals and corporations that itemize can deduct much greater amounts of their contributions. Individuals can elect to deduct donations up to 100% of their 2020 AGI (up from 60% previously). Corporations may deduct up to 25% of taxable income, up from the previous limit of 10%. The new deduction is for gifts that go to a public charity, such as Christ’s Haven for Children. The old deduction rules apply to gifts to private foundations. The higher deduction does not apply to donations directly to a DAF.

For more information, please contact Lisa Fandrich at lisa@christshaven.org.

This information is not intended as legal or tax advice. For such advice, please consult an attorney or tax advisor. Figures cited in any examples are for illustrative purposes only. References to tax rates include federal taxes only and are subject to change. State law may further impact your individual results.

 

Other Ways To Give:

Workplace Giving: We can receive donations through Your Cause, American Charities, Truist, United Way and other providers that facilitate workplace-giving campaigns. If you need help designating Christ’s Haven for Children as your charity of choice please contact me at lisa@christshaven.org.

Employee Matching Gifts: Did you know many companies offer a matching gift program to encourage philanthropy among their employees? You may be able to double, or even triple, the impact of your gift! Check with your Human Resources department to see if your employer has a matching gift program.(Christ’s Haven for Children, Tax ID is 23-7164673)

Non-cash Assets

Gifts of appreciated stocks, bonds and other securities you own for at least one year are eligible for your charitable income tax deduction based on their fair market value on the gift date, and no capital gains tax is due on the appreciated value.

Give through a donor advised fund: 
What is a donor-advised fund (DAF)? A donor-advised fund (DAF) is a philanthropic giving vehicle that provides an immediate tax benefit to you, and allows you to recommend grants to charities of your choice over time.

When making a contribution through your Donor Advised Fund, please request that your name and address be included in the correspondence. You may also want to call us to let us know of your gift, so you can be recognized for your generosity. Contact lisa@christshaven.org if you have any questions.

Please use the following information:

Christ’s Haven for Children

Tax ID 23-7164673

Mailing address

Christ’s Haven for Children
4200 Keller Haslet Road
Keller, TX 76244

 

Planned Giving: 

When you include Christ’s Haven for Children in your will, trust or other long term charitable plans, you are making a commitment to providing hope for the children and families we serve, for years to come!

Is Christ’s Haven for Children named in your will or other planning documents?  If your Will, Trust or other estate plans include Christ’s Haven, please let us know. We will ensure your gift will be used exactly as you intend and this will also help us plan for the future.

Is it time to update your estate plan? Please include a charitable bequest to Christ’s Haven. For a specific bequest in Wills or Trusts, please use the following suggested bequest language. Please share this information with your attorney or other advisor:

I give and devise to Christ’s Haven for Children (Tax ID # 23-7164673)

located in Fort Worth, Texas, the sum of $_________ to be used for its general support (or the support of a specific fund or program).

For contingent, residual or other types of bequest language please contact:

Lisa Fandrich

Director of Donor Relations

lisa@christshaven.org

817-431-1544

 

For questions regarding any of the above, please contact Lisa Fandrich, Director of Donor Relations at lisa@christshaven.org or at 817-431-1544, ext. 1006.

 

Here are even more ways you can make a planned gift!

Retirement Plans:

Your IRA, 401k, 403b, or other retirement plan is a wonderful way to leave a legacy. You can name Christ’s Haven as a full or partial beneficiary on a “change of beneficiary form.” Did you know that retirement plans left to individuals or family trusts are some of the most heavily taxed upon death — up to 70% of your plan’s value could be lost to taxes? As a 501(c) (3) charitable organization, Christ’s Haven receives these same assets free of all taxes.

Life Insurance:

You can leave a significant legacy by donating a paid-up policy you may have outgrown, or by naming Christ’s Haven as a beneficiary of an insurance policy. Life insurance paid to a charity is not subject to Federal estate tax and you may be able to receive an income tax deduction for your premium payments.

Brokerage or other accounts:

Most people do not realize that they can leave assets from their accounts to their favorite charitable organizations. You may name a charity as a full, partial or contingent beneficiary to a brokerage, savings or other accounts. Simply fill-out a “change of beneficiary form” offered by your account representative.

Securities:

Gifts of appreciated stocks, bonds and other securities you own for at least one year are eligible for your charitable income tax deduction based on their fair market value on the gift date, and no capital gains tax is due on the appreciated value.

Charitable Trusts:

Hard-earned assets are worth protecting and various charitable strategies can safeguard family assets while providing security for loved ones and your favorite charities, like Christ’s Haven. Consider having a conversation with your advisors about whether a charitable trust is right for you. Here are two examples:

Charitable Remainder Trust

A charitable remainder trust allows you to provide income distributions for yourself or others while making a gift of the remaining assets to Christ’s Haven when the trust ends. The income distributions may continue for the lifetimes of the beneficiaries, a fixed term of not more than 20 years, or a possible combination of the two.

Charitable Lead Trust

Annual gifts of income are first made to Christ’s Haven and when the charitable lead trust ends, the remaining assets are distributed to you or your beneficiaries. All information regarding Planned Gifts is held in the strictest of confidence and donors may choose to remain anonymous.

The information contained on this web page is for informational purposes only and is not intended to serve as legal or tax advice. For specific information about any of the above opportunities, please consult your tax adviser or attorney.