Planned Giving

A cash gift is the simplest form of charitable giving. Your tax deduction is equal to the amount of cash you donated, minus the value of any goods or services you received in return. Check with your tax advisor to see what tax benefits you may  receive from donating with cash.

If you have stocks, mutual funds, or ETFs in your taxable investment accounts that you have held for at least one year, a  direct gift of stock to charity can help reduce taxable capital gains. Appreciated stock can be transferred directly to a charity, which can then sell the stock tax-free. In addition to avoiding the capital gains tax, gifts of stock are tax-deductible up to 30% of adjusted gross income (AGI). Even if you do not currently itemize your deductions, gifting appreciated stock will reduce your overall capital gains tax liability over time.

If you are over age 72, you can make a qualified charitable distribution (QCD) from an IRA directly to a charity without paying income tax on the distribution. You can make QCDs of up to $100,000 per year per person, and any amount distributed to  charity will count towards your annual required minimum distribution (RMD), potentially reducing your taxable income for the year. You cannot claim these gifts as itemized deductions, but they will reduce the amount you have to claim as income on your tax return. Documentation that the RMD was charitable distribution is important to receive full tax advantages. 

Contact the organization prior to making a gift to make sure they can accept the donation. Gifting grain generally results in a lower adjusted gross income for the donor because the sale of the gifted grain will not be reported as income on the donor’s tax return and can potentially lessen the amount of income tax and self-employment tax owed by the donor. When making a gift of grain, documentation is important. To receive the tax advantages, the donor needs to be able to show that they gave up “dominion and control” over the grain to be sold by  presenting a letter to the charity that describes the commodity and quantity being gifted as well as indicate that name and contact of the elevator where the grain was delivered. You cannot claim these gifts as itemized deductions.

A bequest you make through your will at the end of your lifetime. Your will is the easiest and most flexible way to have a lasting impact on the McCook YMCA. Your will or trust will leave a specific gift amount, a specific asset, a percentage of your estate or a remainder of your estate once all other bequests have been made. You remain in complete control of your assets throughout your lifetime, but this gift would allow your estate to save on inheritance tax, estate taxes and capital gain taxes.