Legacy Gifts Can Reduce Taxes
Many people are choosing to make gifts that reduce their taxes and make a powerful impact on the lives of orphaned children.
Ways to Reduce Taxes with a Gift:
IRAs and other Retirement Plans
If you are over 70 1/2, you can give up to $100,000 a year without declaring it as income. You can satisfy the “Required Minimum Distribution” requirement without increasing your tax burden.
Stocks, bonds, and mutual funds
Donate investments that have increased in value without paying capital gains and receive an immediate tax deduction.
Donor Advised Funds
When you select ICC in your Donor Advised Fund (DAF), orphans are rescued and are allowed to live a quality life. You get to direct which charities to which these funds are sent.
Donate real estate to support ICC which has increased in value. Avoid capital gains and take a tax deduction.
Many donors are increasingly giving cryptocurrency to make a lasting legacy. If it has increased in value, you can avoid capital gains taxes and take a charitable tax deduction for your donation.
Charitable Lead Trust
Use appreciating assets to create a trust that will pay ICC an income for a period of years. Then the asset passes back to you or your heirs. This benefits ICC orphans and reduces or eliminates gift and estate taxes.
There are other ways to create a long-lasting legacy:
Gifts from a will or trust don’t cost a penny now … but make a major impact in the future.
Give assets while still providing an income for a specific period or for life.
More people are choosing to give non-cash assets that have a bigger impact at a lower cost.
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