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Tips for Smart Year-End Giving

Smart Year End Giving

The end of the year is a time of reflection and anticipation. It’s also a time of deadlines. Here are some important charitable considerations ahead of the last day of December.

Smart Year-End Charitable Giving

IRA Distribution

  • If you are 59½ or older, you can take a distribution from your IRA and then make a gift to Vail Health Foundation without penalty. If you itemize your deductions, you can take a charitable deduction for the amount.
  • If you are 70½ or older, you can give any amount up to $100,000 from your IRA directly to Vail Health Foundation. You will not pay income taxes on the transfer. If you are 72 or older, you can use this transfer to satisfy your required minimum distribution. 

To do: We must receive your gift by December 31 for your donation to qualify this year. If you have check-writing privileges on your IRA, please account for time in the mail stream. 

Appreciated Stock

You may enjoy two tax benefits with a gift of appreciated stock: Avoid paying taxes on the appreciated value, and qualify for an income tax charitable deduction based on today’s market value, when you itemize.

To do: Complete all transfers by December 31. This includes electronic transfer, hand-delivery of the securities or mailed stock and stock power (mailed separately for security).

Donor Advised Fund

Contribute to a donor advised fund and enjoy a tax savings on that amount when you itemize.

To do: Complete the contribution by December 31. You do not have to designate the funds this calendar year to receive the tax benefits. 

Good End-of-Year Planning

Check these off your to-do list to end the year on an organized note.

  • Ensure that your will or trust is up to date and includes appropriate designations and charitable intentions.
  • Assess your retirement plan beneficiaries to ensure you’ve considered your loved ones and favorite causes.
  • If you have a life insurance policy that is no longer a significant piece of your estate plan, consider making Vail Health Foundation the beneficiary.

As we approach the end of the year, we’re happy to help ensure that you realize the most tax benefit. Please contact contact Aaron Ciszek at 970.569.7574 or aaronc@vailhealth.org and Anne Walters at 970.569.7648 or anne.walters@vailhealth.org

You may also visit our Planned Giving website to learn more and sign up for our newsletter.

The information in this publication is not intended as legal or tax advice. For such advice, please consult an attorney or tax advisor. Figures cited in any examples are for illustrative purposes only. References to tax rates include federal taxes only and are subject to change. State law may further impact your individual results.

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