Big Support Fund

Most people purchase life insurance to provide for their children, to protect their home mortgage, or to secure retirement funds. As people age, they often find that they no longer need financial protection in these areas. If that describes you, consider how your life insurance policy could help the children of JBBBSLA and Camp Bob Waldorf in the future.

Stocks, bonds, and mutual funds are the most common type of securities in a person’s portfolio. If you are looking to give securities, it’s important to know if they have increased or decreased in value since you purchased them. If your securities have increased in value over time, giving them directly to JBBBSLA will enable you to avoid capital gains taxes while potentially providing a charitable deduction for the fair-market value of your gift. In circumstances where your securities have depreciated, you will be better off selling them and donating the proceeds. This allows you to receive a deduction for your capital loss plus a charitable deduction for the amount given.

One of the most important aspects of financial stewardship is often one of the most overlooked elements: your will. This legal document ensures that your estate is distributed and your family is cared for as you choose. With a will, your wishes-your will-are carried out. If you die without a will, the state makes all major decisions, including who will be the guardian of your minor children and how the assets of your estate will be distributed. Legally, no charitable gifts can me made from your estate without a will. If you don’t have a will, it’s important to start the process today. It’s easy, and it can pay long-lasting dividends if you choose to give part of your estate to JBBBSLA.

Retirement assets are tax-deferred retirement savings accounts, including profit sharing, IRAs, 401(k), 403(b), Keough and pension plans. You can give retirement assets now or in the future. While there are penalties for early withdrawals from these types of tax deferred accounts, if you give the money to charity, there should be no withdrawal penalty (if you are older than 59 1/2). You would still be liable for income tax on the amount withdrawn. Naming JBBBSLA as a beneficiary of your retirement plan would protect assets and avoid income tax upon your death. Through a gift of IRA, by naming JBBBBSLA as beneficiary, you could avoid both income and estate taxation.

Current Fixed Income & Tax Deductions

With a gift annuity, your donation of cash or securities not only supports JBBBSLA, it provides you with regular payments over your lifetime. The size of these fixed payments is based on, among other factors, the size of your gift and your age at the time of the gift. Payments can be deferred, allowing fro a larger charitable deduction and greater annuity benefits. Gift annuities provide substantial tax advantages and flexibility. You receive a tax deduction the year your gift is made, and a portion of annuity payments are nontaxable. Because annuities cannot be legally changed, great care should be taken to endure that you have other means to meet any emergency needs.

Control Income & Tax Advantages

Often referred to as simply a unitrust, a charitable remainder unitrust is a custom designed, individually managed trust. It enables you to retain income for your life (or a fixed number of years), claim a current income tax deduction, and make a future gift to JBBBSLA or other qualified charitable organizations. The unitrust can make payments to you and a spouse or a loved one in several ways. The most common is paying a fixed percentage, but there are other options. The unitrust is an irrevocable agreement. Once you enter a unitrust, the terms cannot be altered. For this reason, make sure you complete proper planning to meet your current and future needs.

Reduce Estate & Avoid Estate Tax

A Revocable Living Trust provides you with an arrangement for management and distribution of your assets, helping create a financial plan that can provide for your needs and make an eternal impact. These trusts do not replace your will, but they do help determine how your assets will be distributed upon death. Assets in a trust do not go through probate, potentially saving time and money. A Revocable Living Trust provides for investment management while you are living and allows for withdrawals or transfers from the trust. A trust is a legal arrangement, and the trustee is responsible for holding and investing your assets, collecting income, paying normal expenses, and distributing net income. A simple gift or bequest to JBBBBSLA can help reduce your estate size to avoid estate tax in the future.

Any type of property you own can be donated to JBBBSLA: house, farm, rental property, business property, land, vacation home, and more. By donating appreciated real estate, you gain a significant tax advantage because you may be able to avoid all capital gains tax. Your charitable contribution deduction is for the appraised value of your property. If the value of your real estate has decreased, you can deduct long-term capital loss by first selling the property and then donating the proceeds. You can also use real estate to set up a Revocable Living Trust Bequest, an Irrevocable Planned Gift, or a Charitable Remainder or Lead Trust, or a Planned Life Estate on your personal residence.