Year End Giving

Buy low, give high. Give Stock.

For a bigger tax break, give appreciated stock. You will receive a charitable deduction based on the fair market value on the date the stock is transferred to us, and you'll completely avoid capital gains tax. Make sure not to sell the stock first! It should be a direct transfer.

So, give smart, give stock!

Max out your charitable deduction.

You can deduct up to 60 percent of your adjusted gross income when you make gifts of cash, and up to 30 percent for gifts of property.

Make the gift that pays you back.

If you establish a charitable remainder trust and transfer assets to the trust before December 31, you will be eligible for a charitable income tax deduction this year. You also remove these assets from your estate, which can lower estate and inheritance tax.

Bunch contributions in 2024 for an increased deduction.

Are you wondering how to take more than the standard deduction this year? Consider pre-paying pledges to Marmion or adding to a donor-advised fund - potentially enabling you to itemize all your deductions, and increase your tax savings.

Make your IRA work for you - and Marmion.

You've invested in your IRA. A QCD helps you invest in your legacy.

If you're 70 ½ and older, keep reading: whether you're itemizing or claiming the standard deduction, you can direct up to $105,000 per year tax-free from your Individual Retirement Accounts (IRAs) to charities through Qualified Charitable Distributions (QCDs). (And $105,000 per spouse). If you're 73 and older, QCDs can be used as part or all of your Required Minimum Distribution (RMD). By reducing your IRA balance, a QCD may also reduce your taxable income in future years.

As the new year approaches, it's a good time to review the beneficiaries of your retirement plan and other accounts, and consider making us "part of your family."

Important Notes and Guidelines

If you're making a charitable donation, ensure you're eligible for a yearly tax deduction by meeting these important dates.

Be sure to call us to:

1. Find out which assets/donations we can accept
2. Inform us of any assets you're transferring or donations you're sending, and
3. Determine deadlines for acceptance and processing to meet tax deduction requirements.

Giving Guidelines

• Gifts of appreciated stock should be made by Dec. 26, 2024 so that your broker has time to transfer the stocks and the receiving broker has time to value the stocks. (Do not sell the stock first!)
• Credit card gifts made online or by phone must be completed by Dec. 31, 2024.
• Checks sent via the U.S. Postal Service to any charity must be postmarked by Dec. 31, 2024.
• Checks sent to us via carriers such as UPS, FedEx and DHL must be physically received on or before Dec. 31, 2024.
• QCDs made by check from a self-directed IRA must clear by Dec. 31, 2024.
• Wire transfers of cash must be initiated no later than Dec. 28, 2024. Careful with wire transfers. Some brokers or banks may not get it done.
• Grant recommendations: Check with us early, as processing times vary. Remember, grants from donor advised funds are not eligible for a charitable deduction.

Please remember to check with your advisor or CPA for exact details. The above is drafted to serve as a general guideline and should not be relied on as legal advice.

Questions? Please contact us by phone at (630) 897-6936. We are here to help.