Your Guide to Making an Impact
Non-Cash Giving Options
As we reflect on the challenges and changes in recent years, the path to meaningful generosity often leads us beyond traditional giving methods. Whether you’re exploring tax-advantaged giving options or seeking to maximize your kingdom impact, here are some creative ways to make a difference.
Retirement Account Withdrawal – If all three of these apply:
- You have retirement assets that would normally be taxable if withdrawn
- You are at least 59.5 years old
- You want to make a generous charitable gift
Consider making a withdrawal from your retirement account, and then gifting that amount of cash to your favorite ministry. If you itemize on your tax return, you may be able to fully deduct the gift to offset the taxable withdrawal. Click HERE to read more about using your retirement accounts.
Qualified Charitable Distributions (QCD) – Also known as a Charitable IRA Rollover. QCD allows you to make a tax-free charitable gift of up to $105,000 annually directly from your Individual Retirement Account to an eligible ministry or charity. Most custodians require at least a few weeks to process this distribution. Click HERE to learn more about using your retirement accounts.
Capital Losses – You may sell an asset at a capital loss, make a charitable donation from the sale, then use the capital loss and the charitable deduction to reduce your taxable income.
Retained Life Estate – If you have real property (house, farm, or vacation home) that you would like to leave to your favorite ministry in the future – you can make the gift in 2024 while retaining the use of the property for your lifetime. You will receive a charitable tax deduction for the future gift you guarantee today and have up to six years to use the full deduction.
Charitable Gift Annuity (CGA) – You may receive an immediate tax deduction and a fixed amount of income for life. Much of the income will be paid to you tax‐free. Income after actuarial life expectancy will be taxed as ordinary income.
Charitable Remainder Trust – If you want to sell highly appreciated assets without paying tax at the time of the sale, a Charitable Remainder Trust is a flexible tool to achieve your goals. You can continue to receive income from the asset value, receive an immediate tax deduction, and make a future charitable gift.
Charitable Lead Trust – Designed to provide financial support to one or more charities for a period of time, with the remaining assets eventually going to a family member or beneficiary. This strategy is most frequently used by the charitably inclined for estate or gift tax planning purposes.
*Eastside does not provide legal or tax counsel. Not all opportunities apply to all individuals. Please consult your own professionals regarding possible benefits to you in your unique tax situation.
generosity resources
A clear year-end giving guide plan can maximize your generosity this year and set you on a path for creative generosity next year as well.
For a guide to charitable giving from a retirement account please click the button below.
Everyone says you need a will or trust, but where do you start? As a gift download this free Estate Planning Guide to get started.
Creative Generosity Workshop: Tax-advantages from non-cash assets like homes, businesses, equities, and other assets.
start a converstation
To learn more about these giving opportunities or start a conversation with Larry Winger, Pastor of Giving & Generosity, please click the button below. Larry would be honored to discuss how these options might align with your generosity goals and maximize your giving impact.
Larry Winger | Pastor of Giving and Generosity