The Importance of a Plan B: Alternative Gift Options to Ensure Your Goals Are Met
Posted April 2022
As we welcome springtime and warmer weather, these seasonal changes serve as a reminder to get organized and to ensure that our plans are in place as we intend. And part of any good plan is having a back-up plan in case of unforeseen changes or life events. Following are three goals and three ways to pivot based on circumstances.
Goal #1: Give to multiple organizations this year. You decide to give to three charitable organizations, including ours. During the year, an organization not on your list solicits you for a special gift. You are touched by the mission and decide to make a gift. You may be able to make an additional gift and still give what you intended to the three organizations. Perhaps you have more income—you might have received a bonus or inherited money. The phrase “where there’s a will, there’s a way” often enables us to be more generous.
Goal #2: Make a gift of stock this year. You decide to listen to your tax advisor’s advice and donate stock in lieu of cash. If the stock has appreciated (grown in value), you can donate it and deduct the (higher) fair-market value of the stock. Plus, you will not have to pay capital-gain tax on the gain. However, if the stock depreciates (declines in value) before you donate it, you can either sell it and donate the cash or hold on to the stock that could appreciate in the future.
Goal #3: Establish a trust that will eventually continue your support of a favorite program or department at our organization beyond your lifetime. If you are able to give the entire amount in one year, great! If not, you can make gifts over a period of years until you donate the minimum amount to ensure funding for the cause you want to support. Alternatively, you may choose to make annual gifts each year to provide funds for our mission and include a bequest in your will to achieve your ultimate goal.
© Pentera, Inc. Planned giving content. All rights reserved.