Through years of deliberate donations in support of the Center for Rural Affairs, many of you have built your legacy by associating your name with creating a bright and vibrant future for rural America.
In the last year, Congress has passed two laws to make it easier than ever for you to lock in your legacy. Doing so will ensure your contributions continue to make a difference for our children, our children’s children, and beyond.
First, the deduction cap for gifts of land for the purpose of conservation was raised from the normal 30% to 50% for landowners and 100% for eligible farmers. This deduction can now be carried forward for up to 15 years.
Second, if you are 70 and one-half years old or older and have a traditional or Roth IRA, you can now make Qualified Charitable Distributions of up to $100,000 annually tax free! Consider making your Required Minimum Distribution a gift to a qualified charity, and increase your impact.
Lastly, an old one but a good one. If you’d like to make a gift, but still need income for day to day living expenses, you can do so by establishing a Charitable Gift Annuity. Through a Charitable Gift Annuity you make an irrevocable gift of cash securities to establish a fixed income for you and/or your loved ones for life. Upon the expiration of that annuity, the remainder interest benefits your charity of choice.
Please consult with a financial adviser to be sure you are following proper procedures when making a charitable gift. You’ll likely be eligible for significant tax benefits, and this can be negatively affected if proper procedures are not followed.
As always, thank you for continuing to build upon your legacy of support for the Center for Rural Affairs. We are proud to be building a vibrant rural future for America with you.
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