Prepare for the End of the Year
Tips to Help You Maximize Your Giving
Generosity knows no season, but October through December are historically the months that Americans are most likely to give to their favorite charitable organizations. These months mark the traditional season of giving and receiving as well as the time that many of us begin income tax planning.
Following are some tips to help you maximize your giving before the year ends.
Gather your receipts. Documentation of your giving is important to have if you plan to itemize on your taxes. Before the year comes to a close, make sure you have records of your giving for the year. Missing something? Contact the organization to request a new copy.
Find the best gift for you. Once you’ve reviewed what you’ve already given this year, you may be ready to make some final gifts and gift commitments for 2019. Be sure to contact your attorney or financial advisor for help finding the giving option that will help you reach your giving and financial goals.
Be aware of due dates. To make sure your gifts qualify for 2019, you’ll need to ensure they are received before their due date. To make sure these popular gifts qualify for this year, see their effective dates below:
- Checks: The postmark date on the gift envelope (or when you hand the gift to an authorized MultiCare Foundations representative) is the gift date. Checks can be mailed to MultiCare Foundations, PO Box 5296, MS 409-1-PHIL, Tacoma, WA 98415-0296.
- Credit cards: The day the charge is authorized is considered the gift date. Make a gift today using your credit card.
- Appreciated stocks or mutual funds: The gift date is the date the securities or mutual funds are fully transferred (if done electronically) to our account — not the date you ask your broker to make the transfer. If you are concerned about the timing of your gift, please be sure to work closely with your broker or mutual fund company to ensure the shares are transferred in a timely manner.
- Outright gift from your IRA: If you are age 70½ or older, your individual retirement account may be an easy, worry-free way to support your favorite MultiCare program. Instruct your IRA administrator to make a qualified charitable distribution from your account that has a postmark date no later than December 31. If you have an IRA checkbook, the gift date may be considered as the date the check clears your account, not when the check is postmarked. To avoid any penalties for not taking your full required minimum distribution, talk with your account custodian and be sure checks are issued in plenty of time to clear by December 31.
- Life insurance policy: A life insurance policy you no longer need makes a perfect year-end gift. To qualify as a deductible gift, MultiCare Foundations must become the policy owner. For most types of insurance policies, your tax deduction is usually the cost basis or the fair market value of the policy — whichever is less. These gifts are considered complete on the date you sign the paperwork transferring ownership to MultiCare, assuming you properly forward the form on to the insurance company.
- Create a life income plan: A life income gift created by December 31 provides you with payments for life and your favorite MultiCare program with support thereafter. If you use appreciated securities that you’ve owned longer than a year to fund the gift, you will be entitled to an income tax deduction partially based on the charitable portion of the securities’ full value, in addition to eliminating up-front capital gains tax.
- Charitable Gift Annuity: Provide a fixed, dependable payout for life determined by the age(s) of the annuitant(s). Calculate how a charitable gift annuity could benefit you.
- Charitable Remainder Unitrust: Yield an income based on an established percentage of the annual valuation of your trust’s assets. Calculate how a charitable remainder unitrust could benefit you.
- Charitable Remainder Annuity Trust: Receive a fixed, dependable dollar amount. Calculate how a charitable remainder annuity trust could benefit you.
Make a difference tomorrow
You may be surprised to learn there are simple ways to support a future of happier, healthier communities. A gift in your will or living trust, or naming your favorite MultiCare program as a beneficiary of your retirement or life insurance policy, lets you balance your generous support well into the future. Because you're not actually parting with assets today, you don't need to worry about what might happen if you need those assets down the road. These gifts can be modified at any time to address your changing needs.
Make the Most of Your Giving
Contact our gift planning team at email@example.com or 253-403-3093 if you have questions about ways you can make a gift before the year ends. Thank you for all you do for MultiCare!