Beyond including Providence Network in your will, there are other ways to give. 1 Chronicles 29:14 encourages us, “But who am I, and who are my people, that we should be able to give as generously as this? Everything comes from you…” With this in mind, we turn to some unique tools to consider in your giving journey.
Donor-Advised Fund (DAF)
A personal giving fund, known as a Donor-Advised Fund (DAF), is the fastest growing charitable giving vehicle and may be just what you’re looking for. It’s a simple way to give cash, real estate, stocks, mutual funds, or commodities and allows you the flexibility to distribute gifts over time. It provides a unique opportunity to include your family in your giving as you decide together where you want to give.
Download your DAF giving guide today.
Charitable Gift Annuities (CGAs)
If you want to make a catalytic gift and earn income at the same time, consider Charitable Gift Annuities (CGAs). CGAs are an arrangement that involves a charitable gift and ongoing income. You make a gift—part of which is tax deductible—and receive fixed payments each year for the rest of your life. At the end of your life, the remainder of your charitable gift goes to support your work. There are potential variations on this concept, with organizations like the National Christian Foundation (NCF) giving the funds to the charity up front.
Download your CGA giving guide today.
Giving Appreciated Assets
If you want to give assets like real estate, life insurance, stocks, mutual funds and property, you’re interested in giving non-cash assets. The majority of your wealth is most likely held in non-cash assets. You can use these resources to make a lasting difference among our neighbors. Plus, giving non-cash assets can help you reduce or eliminate capital gains tax when you transfer part or all of your assets to a charitable organization before the sale. You’ll receive a tax deduction (and see significant savings on your income tax returns).
Download your appreciated assets giving guide today.
Retirement Assets (IRA/QCD/RMD)
You have options when it comes to giving from your retirement assets. Qualified Charitable Distributions (QCD) from a retirement account (also known as Charitable IRA rollovers) are a great way to make a charitable gift and save on taxes. Donors aged 70½ and older are eligible to make a distribution from their IRA directly to their favorite charities.
Donors aged 73 (age is raised to 75 by 2033) are required to take a minimum distribution from their IRA each year. This Required Minimum Distribution (RMD) can also be directed to a charity as a QCD. The QCD giving option is tax advantageous because you are not required to pay income tax on charitable withdrawals from these accounts, plus the sum you give will not be included in your adjusted gross income. Download our IRA QCD form here.
You can also designate Providence Network as a primary or secondary beneficiary of your 401k, 403b, or Individual Retirement Account (IRA). With this option, at your death all remaining assets will be transferred to your chosen beneficiaries.
Download your retirement assets giving guide today.
Other Ways To Give
Beyond designating Providence Network as a beneficiary in your will, other charitable tools to consider include a Donor-Advised Fund (DAF), Charitable Gift Annuity (CGA), giving appreciated non-cash assets (stock, real estate, business interest, life insurance, etc.), and giving retirement assets (IRA QCDs to meet your RMD). Thank you for considering these other ways to give.
Disclaimer: Providence Network has not provided you with any investment, financial, legal, or tax advice. Instead, we have advised you to consult with your own legal and financial advisors and tax experts. We are not responsible for any decisions or actions taken in reliance upon or as a result of the content made available on this website or social media channels.
Links: Links to third party sites are provided as examples of commonly known resources for information purposes only. Providence Network does not endorse any third-party products or content that may be available through the links to any third-party websites.
