Make helping people during the most difficult time of life your legacy.
A little planning now can help you achieve your charitable giving goals. There are a few ways to support People's Memorial Association that are tax-efficient and easy to do, which is why we're seeing an increase in people choosing to give in this way. These types of gifts ensure the future of People's Memorial Association for years to come. Here are a few options:
Qualified Charitable Distributions (QCDs)
QCDs, also known as IRA Charitable Rollover Gifts, are tax-free gifts transferred directly from your IRA account to the nonprofit of your choice. Federal law allows people age 70½ or older to make direct transfers to charitable organizations from their Individual Retirement Account (IRA), without the withdrawal being treated as taxable income. The withdrawal can be counted toward your Required Minimum Distribution. Many people are choosing to give this way! It's easy to do and keeps your taxable income low, which may reduce the impact to certain tax credits and deductions, including Social Security and Medicare. Contact your IRA custodian to request a “Qualified Charitable Distribution”. Your IRA custodian will want to mail the check directly to People's Memorial Association.
Including PMA in your Will is a great way to give without it affecting your current financial situation since it’s a future gift. A bequests is tax efficient because it potentially saves a lot of tax at your passing. Careful crafting of the Will may save you Federal and State estate tax after your death, while leaving it available to you while you are alive in case you need the money. More people than ever are making their wills and are ensuring their favorite causes will be supported. You can include your favorite charity in your will or living trust as the recipient of a gift or bequest. Here are some of the ways you can make a bequest to a charitable organization:
- Charitable bequests and transfer-on-death gifts - people usually choose this method because they consider their estates to be modest in size and they are simple to set up.
- A percentage of your total estate - with this approach, your gift adjusts with the changes in the size of your estate.
- The residue or a percentage of the residue of your estate. After making gifts to your loved ones, you may designate the residue to a charitable organization. With this approach, your gift adjusts with the changes in the size of your estate.
- A gift of a specific amount.
Here is sample language you can share with your attorney: "I give ___% of my estate (or $___) to People's Memorial Education Fund, a Washington State nonprofit corporation. People's Memorial Education Fund's office is located at 2011 1st Ave N, Seattle, WA 98109."
Donor Advised Fund (DAF)
A donor advised fund is like a charitable investment account, for the sole purpose of supporting charitable organizations you care about. This philanthropic giving vehicle provides an immediate tax benefit to you and allows you to grant funds to your favorite charities. To give in this way, you can contact your financial institution or your fund manager to recommend supporting a grant to People's Memorial Association. By giving this way, you're able to enjoy seeing the impact of your gift as it supports families journeying through the end of life.
We're seeing a big increase in people giving stock (or mutual funds). Many people are realizing that this way of giving can save money on two types of taxes -- they avoid all capital gains taxes and get a full income tax deduction for the value of the stock. To give this type of gift or to request to speak with someone more about this option, please contact email@example.com.
People's Memorial Association is a registered 501(c)3 nonprofit organization under the name "PMA Education Fund". All gifts are fully tax-deductible as allowed by law EIN: 68-0621888.
Please let us know about your plans! By informing People's Memorial Association of your legacy gift, you give us the chance to thank you for your generosity and determine what is most important to you for the future of the organization. Please call us at 206.325.0489 or email us at firstname.lastname@example.org.
Information on this website is not intended to be tax or legal advice applying to your specific situation. Advice from a qualified financial advisor should be sought when considering a gift.