There are other ways to support our mission that may provide tax advantages; please talk with your financial advisor to see if one of the following options is right for you.
Donate appreciated stock or real estate. You avoid capital gains taxes and typically may take a tax deduction for the full fair market value. The church’s 501 C tax exemption allows it to sell the stock or real estate without paying the tax either, so more of your donation goes to supporting our mission.
Make a qualified charitable distribution (QCD) from your IRA. A QCD is a direct transfer of funds from your IRA custodian, payable to a qualified charity. In addition to the benefits of giving to charity, a QCD excludes the amount donated from taxable income, which is unlike regular withdrawals from an IRA. Additionally, QCDs can be counted toward satisfying your required minimum distributions (RMDs) for the year as long as certain rules are met.
Make a bequest in your will. Your bequest could be for a specific amount, a percentage of your estate, or for the residuary after other expenses and beneficiaries are covered.
Make Cleveland Park Congregational UCC a beneficiary of your life insurance policy. By designating the church as a beneficiary of your life insurance policy, the church will receive the coverage amount upon the death of the insured. With the church as the named beneficiary, premium payments are effectively a donation and are likely to be tax deductible.
Donate to Cleveland Park Congregational UCC using a Donor Advised Fund. A donor advised fund is like a charitable investment account for the sole purpose of supporting charitable organizations you care about. When you contribute cash, securities, or other assets to a donor advised fund at a public charity (e.g., managed by Fidelity, Schwab, or another brokerage), you are generally eligible to take an immediate tax deduction. Those funds can then be invested for tax free growth and you can recommend grants to virtually any IRS qualified public charity.
Bequest to Establish a Trust for Survivors. If you would like for a portion of your estate to eventually go to Cleveland Park Congregational UCC, but you also want to provide income to one or more surviving family members, you could establish a charitable remainder trust through your will. The trust would pay income to your family beneficiaries for the duration of their lives or for a period of years. At the termination of the trust, the remaining principal would be distributed to the church and used as you had directed.
