Gifts That Reduce Your TaxesYou can help families out of hunger and poverty while saving on your taxes.
Here are some tax-savvy ways to make a difference through Heifer Foundation and benefit from substantial tax savings.
A gift of your retirement assets, such as an employee retirement plan, IRA, or tax-sheltered annuity, is an excellent way to make a gift. A gift of these assets can shield you or your heirs from taxes while funding projects that help families overcome hunger and poverty.
You can reduce or even eliminate tax liabilities on your retirement plan by naming Heifer as direct beneficiary. The entire amount of your IRA, 401(k) or other retirement accounts could be taxed if you leave them to your heirs. Instead, consider giving them less-tax-burdened assets like real estate and stock, and use retirement assets to create your legacy gift with Heifer.
Benefits to you:
- Eliminate potential estate tax on retirement assets.
- Eliminate income tax on retirement assets funded on a pre-tax basis.
- Receive potential savings from a donation tax credit
To name Heifer as a beneficiary of your retirement plan, contact your bank or insurance company to see whether a change of beneficiary form must be updated or completed.
Life insurance is a valuable asset for making a charitable gift. You can make a gift of a life insurance policy without diminishing other investments or assets earmarked for family members, and it can reduce your taxes.
If Heifer Foundation retains the policy to maturity, or you name it as a beneficiary, once the policy matures, the proceeds of your policy will be paid to Heifer.
Gifts of Real Estate
This kind of gift is ideal for someone who intends to continue living in their home or property through their lifetime, but still wants to make a charitable gift. You can leave this generous gift by signing an agreement with Heifer about maintaining the property so you can use it throughout your lifetime. You may even receive a tax deduction for your gift.
A Beneficiary Deed is also a great way to make a generous gift that will help future generations. If you plan to name Heifer as the recipient of your home or property in a Beneficiary Deed, please contact us.
Gifts of Stocks
This is one of the easiest gifts to give and one of the most useful in accomplishing your philanthropic goals. The next time you visit your bank, you can name Heifer as the beneficiary of a checking or savings bank account, a certificate of deposit (CD), or a brokerage account.
A gift of stocks, bonds and mutual funds appreciated in value are among the best ways to help Heifer achieve its mission. You may receive a charitable income tax deduction for the full market value of the stock and avoid paying the capital gains tax on any increase in the value of the stock.
Use these stock transfer instructions to make a gift that helps communities across the globe.
While we’re able to accept most mutual funds, there are some we may not be able to receive. Please contact us before making the transfer.
When you redeem savings bonds, you or the person to whom you leave your bonds will owe income tax on the appreciation. But you can eliminate the income tax on bonds you own that have stopped earning interest and that you plan to redeem. Because Heifer Foundation and Heifer International are tax-exempt, 100 percent of your gift of savings bonds will support our shared vision to turn hunger and poverty into hope and prosperity.
Benefits to you:
- Reduce income tax for yourself.
- Reduce income tax and estate taxes for your loved ones.
- Create your lasting legacy by changing someone’s life forever.
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The content found on this site is general in nature and intended to be used for informational purposes only. It should not be relied upon as legal, tax, accounting or other professional advice. To determine how a gift or estate planning decision might affect your particular circumstances, you should consult an attorney, financial advisor or other qualified professional.