Thank you for your support of Summit Health Foundation. While the health and wellbeing of our family and loved ones is our top priority at this time, our office is open as a resource for donors considering making an impact during these unprecedented times.
The Consolidated Appropriations Act (CAA) replaces the expired CARES Act, which was created to help individuals, businesses, and nonprofits facing economic hardship during the coronavirus pandemic. While many of your giving options and opportunities have not changed, there are a few key points to note:
The CAA continues the CARES Act provision to allow full tax deductibility for all cash gifts up to $300 regardless of whether you itemize or not, and expands it to $600 for married couples filing jointly. For individuals who do itemize, gifts to Summit Health Foundation are now tax deductible up to 100% of your adjusted gross income (up from 60% in previous years).
While you may look at $300 as a small gift, we remind you that gifts of all types and sizes combine to have a huge impact!
The CARES Act of 2020 waived required minimum distributions (RMD) for the 2020 tax year. That waiver has not been extended. Many of you have used your RMD to make a qualified charitable distribution (QCD) from your IRA directly to Summit Health Foundation, and that remains a beneficial option.
If you are 70½ or older, you can make a gift from your IRA or name Summit Health Foundation as a beneficiary.
Donor-Advised Fund: distributing funds already in your donor advised fund (DAF) doesn't affect personal financial security, so you can give to Summit Health Foundation without worry
Bequests: designating Summit Health Foundation as the recipient of a specific amount or percentage has no impact on you now, but will have a large impact on Summit Health Foundation later
Beneficiary: including Summit Health Foundation as a beneficiary of a life insurance policy, 401(k), or other retirement account is always an easy way to plan a gift
Charitable Gift Annuity: establishing a CGA with Summit Health Foundation guarantees fixed payments to you (and may offer a particularly attractive percentage rate!)
And there's more! Contact Summit Health Foundation or your financial advisor to explore how you can support your family and Summit Health Foundation
In these delicate and unprecedented times, we're especially grateful for your support. Planned gifts from people like you sustain our ability to carry on. We welcome your questions and comments. Contact us any time.
As always, please consult a qualified advisor before making a new gift commitment.
© 2021 Planned Giving Marketing. This document is informational and educational in nature. It is not offering professional tax, legal, or accounting advice. For specific advice about the effect of any planning concept on your tax or financial situation or with your estate, please consult a qualified professional advisor.