Planned Giving with SLM
Americans are among the most generous people in the world. Charitable giving topped $400 billion last year. About 80% came from individuals like you, and much of that annual giving occurs at the end of the year.
At Source of Light we strive to impact the maximum number of lives as effectively and efficiently as possible to the glory of God. If this is your desire as well, there are several ways to reduce tax liability while increasing kingdom impact through giving. Consider the following suggestions as you review your opportunities for eternal investment this year:
- Regarding non-cash assets (stocks, real estate, business, etc.), the “Give then Sell” approach can reduce or eliminate income taxes. This approach may allow the family to receive more AND give more to ministry while paying less taxes.
- If you are 70½ or older and have a traditional IRA, you are required to make minimum withdrawals (RMD) from your account. Any portion gifted through a Charitable IRA Rollover is income tax free, even if you do not itemize.
- Charitable gifts are generally deductible up to 60% of adjusted gross income (non-cash up to 30%). However, larger gifts can be carried over for five years.
- Some employers offer a “matching fund” program to a nonprofit organization. These businesses will match your gift, doubling your impact.
In Luke 12:13–21 someone in a crowd asked Jesus about his family inheritance. While at a missions conference recently, one presenter shared a quote that could sum up Jesus’ response. “Do your giving while you’re living, so you’re knowing where it’s going.” How we live our lives today impacts how those around us live tomorrow.
