We’re Here to Help You Meet Your Clients Giving Goals

As the end of the year approaches, you may be looking for ways to help your clients save on taxes and end the year well. Legacy Foundation has the expertise to help donors achieve their charitable goals and tips to make year-end giving easy.

Donate Stock

Get started early if your client wants to donate stock or mutual funds. Many gifts take place at the end of the year, which can take longer for firms to transfer. Legacy Foundation must receive the gift by December 31 in order to issue a tax receipt for the year.

Open a Donor Advised Fund

A donor advised fund offers flexibility. We can quickly set-up a fund before year-end, allowing the donor to take advantage of tax savings within the year while giving time to decide how to support charities over their lifetime.

Facilitate a Unique Gift

Gifts of real estate or personal property, such as artwork, can offer your clients new and different ways to establish a charitable fund.

Gift an Unneeded Life Insurance Policy

Many of your clients may find that the protection offered by life insurance is no longer needed later in life, making life insurance policies an ideal gift.

This recently passed law includes several charitable tax provisions to encourage giving.

  • A new deduction for charitable donors who do not itemize when filing their tax returns. If you do not itemize but make a gift to charity, you will be allowed to take a special tax deduction, up to $300, to reduce your tax liability.
  • An increase in the deduction limit up to 100% of a donor’s annual income for cash gifts (previously the deduction was capped at 60% of annual income). If you make a gift you will be able to deduct more this year.

Congress passed the SECURE Act, limiting stretch payments to IRA beneficiaries to 10 years. If you planned to benefit your children with your IRA, your heirs will now pay higher taxes on the inheritance they receive from you.

Most taxpayers won’t be required to begin taking Required Minimum Distributions (RMDs) from qualified retirement accounts until age 72. Additionally, RMDs have been suspended for 2020. Even though RMDs aren’t required in 2020, a Qualified Charitable Distribution can significantly reduce future RMDs. If your client doesn’t need their full annual RMDs in the future, making gifts to charity now can decrease that IRA balance and decrease the amounts required to be taken in future years.

Legacy Foundation considers attorneys, accountants, financial planners, insurance agents and other professionals who have relationships with members of our community to be our valued partners in charitable giving. We want to be a resource for you as well as a philanthropic partner for your clients, providing a full understanding of the many possibilities of supporting our community by giving through Legacy Foundation, Lake County’s community foundation.

  • Deduction Calculators: run illustrations on a variety of gift types to see the income and tax benefits for your client.
  • Charitable Tax Reference: a free and complete tax update service for CPAs, attorneys, CLUs, CFPs, ChFCs, trust officers and other professional friends.
  • Washington News: stay up-to-date on news and legislation coming out of Washington D.C.
  • Article of the Month: a monthly article about a trending news topic in the field

Asking a client about philanthropy is an important part of providing complete financial planning and professional advice. Many professional advisors find that assisting clients in this area is personally rewarding as well. Legacy Foundation will assist in helping you provide clients with clear and understandable giving options.

  • Download: Tips for Talking to Your Client about Philanthropy
  • Download: Charitable Solutions to Meet Your Clients’ Needs
  • Download: Frequently Asked Questions

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Frank and Brenda Rizzo “Legacy Foundation made the donation easy for us.”

After 16 years of owning a condo as a home and rental property, Frank and Brenda Rizzo were ready to sell. Knowing that Legacy Foundation could accept complex gifts, the couple decided to donate the property as a gift of real estate. Frank and Brenda signed a simple deed transferring ownership of the property to Legacy and received a charitable deduction and tax savings. They used the gift to establish a donor advised fund that would allow them to direct grants to the charitable agencies of their choosing over a number of years.