Gift of Cash
Use a direct gift of cash or check to make a gift to Temple Beth Sholom
Claim a deduction against up to 50% of your income and help Temple Beth Sholom immediately
Gift of Appreciated Property
Make a gift of property that has appreciated in value to Temple Beth Sholom, like stocks, bonds or other assets
Claim a deduction against your income up to 30% and avoid paying any capital gains. This allows you to make a gift that costs you less than the benefit it delivers to Temple Beth Sholom
Leave a bequest to Temple Beth Sholom in your Will or Revocable Living Trust
It is a gift you make today that costs you nothing and helps Temple Beth Sholom later, and your estate receives a deduction against any estate taxes due
Charitable Lead Trust*
Establish a charitable trust and help Temple Beth Sholom for a set number of years and have the trust assets pass to your heirs afterward.
The trust pays Temple Beth Sholom for a set number of years that you decide, creating an estate tax deduction for your estate, and all the assets and any remaining accumulated income and appreciation goes to your heirs after the charitable period has run.
Charitable Remainder Trust*
Establish a charitable trust that helps your heirs for a set number of years and then passes to Temple Beth Sholom afterward
This trust pays your beneficiaries for a number of years that you decide and then the remainder passes to Temple Beth Sholom, creating a charitable deduction for your estate against estate taxes.
IRA Charitable Rollover Update
On July 17, 2014, the House of Representatives approved H.R. 4719, The America Gives More Act, which aims to increase charitable giving. This is of particular importance for those interested in making an IRA Charitable Rollover gift this year and in future years. H.R. 4719 includes both a retroactive and permanent extension of the IRA Charitable Rollover provision of the tax code which expired on December 31, 2013. Congressional action is still required to revive the law for 2014 and beyond. Observers think it is unlikely the Senate will pass H.R. 4719 in its current form. Rather, the Senate is likely to take up the IRA Charitable Rollover extension as part of a larger tax bill and possibly only approve a 2 year extension.
Until Congressional results are certain, how can you decide whether or not to give from your IRA? Depending on your individual circumstances, it may make sense for you to go ahead and make the charitable gift from your IRA assets. Here’s why:
If the provision is extended and you have complied with the requirements noted above (and they remain essentially the same), then the IRA gift could be made without incurring income tax on the distribution. (Of course a charitable deduction would not be allowed since the distribution would not be included in the donor’s gross income.)
Alternatively, if the law is ultimately not extended for 2014, the IRA distribution would not qualify for exclusion from gross income but the gift would qualify for an income tax charitable deduction, subject to the standard limitations on charitable deductions. Thus, if you need to take your required minimum distribution for 2014 in any event and want to make a charitable gift of that amount, then arranging for it to be directly contributed to your favorite charity in accordance with the above requirements should not adversely impact you and may be beneficial if the tax code provision is extended for 2014.
* Temple Beth Sholom will arrange to have the legal documents drafted for any individual making a bequest by Will or Trust at no cost to the donor.