Charitable giving provides an opportunity for you to make a contribution to future generations. It refers to gifts of time, money and other assets to the causes you care about most.
Remember, contributions are deductible for the year in which they are actually paid or delivered. Contributions to all 501(c)(3) organizations, except those that “test for public safety,” are deductible as charitable donations for federal income tax purposes.
As you consider gifting opportunities, you’ll want to consider several factors:
What to Give – There are several types of assets you could give to a nonprofit organization. These include cash, CDs, savings bonds, public stock, life insurance, real estate, personal property and retirement assets.
Where to Give –You may wish to give to a nonprofit organization or charity, or you may have an interest in establishing a scholarship fund, or giving to an existing fund.
How to Give – There are a number of options available for making donations to charitable organizations – direct gifts, private foundations, community foundations and planned giving are just a few of the many possibilities. Talk with your agent and other advisers for help in determining which may be your best option(s).
When to Give - Consider the timing of your gift, and if you’d prefer to give while you are still living, or after you’re gone.
Creating a strategy that expresses your desires and wishes, as well as your financial considerations, can give you peace of mind in knowing that you are in control of your future. For additional tools and resources contact your Farm Bureau agent, or visit www.FBFS.com.
Neither the company nor its agents give tax, accounting or legal advice.
Tips brought to you by Farm Bureau Financial Services. For more information about products and services, call Shane Blanchard at 515 528 2319.
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