Year-End Giving Tips

YEAR-END GIVING TIPS   

Making the Most of Your 2019 Donations   

Can you believe we’re nearing the end of 2019? Before your time is consumed with holiday preparations and celebrations, let’s talk about your year-end giving plans and the possible tax implications. As your partner, resource and steward in philanthropy, we’ve put together a few helpful tips to help make the most of your 2019 donations. Below are a few things to keep in mind as you start your year-end planning.

Matching Opportunity

Thanks to a matching opportunity from Lilly Endowment, Inc., the Community Foundation of Southern Indiana is offering a match for all qualifying contributions made to endowment funds between now and December 31, 2020, or as soon as the allocated matching funds are exhausted. You’ll receive a $2 match for every $1 contributed when you make a gift to the Foundation’s unrestricted Community Impact Fund. Or, add to or create your own endowment fund and receive a $1 match for every $2 contributed.

Timing

The timing of your gift is always important. Your contribution is deemed to be made when the gift is delivered to the charity. Credit cards are easy, and can be made via the Foundation’s website as late as December 31st. Checks must be postmarked on or before December 31st.  

Giving Stock

The gift date for a gift of stock depends on how you hold the security. In order to maximize tax advantages for a gift of long term appreciated securities, it is critically important that the securities themselves be transferred to the charity. If you sell the shares and give the proceeds to charity, you will be liable for capital gains tax on the sale. If you want to make a gift of stock this year-end, now is the time to start the conversation.

Qualified Charitable Distributions (IRA Charitable Rollover) 

This popular giving technique has allowed IRA owners age 70 ½ or older to make a tax-free contribution of up to $100,000 directly to a qualified charity from their IRA. The rollover distribution takes the place of required minimum distributions and avoids the income tax that would otherwise be owed on the funds taken out each year.  

Click here for more information or to download the 2019 Giving Tips Flyer  

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ADVISOR CORNER

Helpful Tips from the Southern Indiana Estate Planing Council 

Surprise! Your Buy-Sell Agreement Could Result in Denial of a Marital Tax Deduction When a Business Owner Dies.

By: Greg Condra, Condra Law Firm, PLLC

It’s critical that business owners leaving a large estate behind devise a plan. Beyond the typical estate planning documents, a well-crafted Buy-Sell Agreement is an excellent place to begin.

If your business has, or anticipates having, multiple owners, then a Buy-Sell Agreement is essential to protect you. It can take the form of a standalone Buy-Sell Agreement, a Shareholders’ Agreement, or detailed provisions within a limited liability company’s Operating Agreement or a partnership’s Partnership Agreement. Chances are you are fine being in business with your partner(s), but you would rather…continue reading the article…