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:
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.
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. Due to recent tax changes, QCDs are becoming more popular as they are the single most tax-efficient way for donors who are 70.5 years or older. Any person in this age bracket with a traditional IRA can make QCD gifts, totaling up to $100,000 a year.
In 2021 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 fill out this form: