End-of-the-Year Giving Reminders
As the end of 2025 approaches, remember these helpful tips to benefit your tax situation as well as your favorite charitable cause:
–A donor-advised fund to organize annual giving to your favorite charities, including taking advantage of “bunching” techniques to front-load contributions to take advantage of itemizing charitable deductions.
–A designated fund to support a specific favorite charity in perpetuity, ensuring that charitable funds will be preserved even if the charity falls on hard times.
–Annual gifts to the Community Foundation’s endowment fund so that critical issues can be addressed in perpetuity as the community’s needs change over time.
–Beneficiary designations on qualified retirement plans naming both the donor-advised fund and the Community Foundation’s endowment fund to receive the proceeds. For example, when you name the Community Foundation (or a fund we hold) as the beneficiary of your IRA, the gift avoids estate tax AND income tax, both of which can hit your heirs hard.
–IRAs are a powerful charitable planning tool: If you are 70 ½ or older, use your IRA Required Minimum Distribution (RMD) to receive a Qualified Charitable Distribution (QCD) income-tax free to the Community Foundation endowment, a designated fund, field-of-interest fund, or scholarship fund.
–Appreciated stock is a much more tax-savvy gift to charity than cash!
As you plan for year-end, think about the Legacy you want to leave! By filling out the Community Foundation Legacy Society form, you are helping your heirs and the Community Foundation plan to provide a better qualify of life for those in need. To learn more about this easy process, contact Stacye Trout at strout@cfnm.org.
Our Estate Planning Guide can give you a comprehensive overview of a successful estate plan and how to avoid accidental disinheritance. ***Ameliea – If this file is too big, just direct them here: Estate Planning Guide Download – Community Foundation of Northwest Mississippi, Inc.