The Priests of the Sacred Heart continue to move forward with their important work. In the midst of all that is going on, many of our friends and supporters are looking forward to the future when they can enjoy community with friends and resume their regular activities. In response to the current situation, Congress extended some of the COVID relief tax changes to 2021.
While Congress did extend some incentives for giving in 2021, the waiver for required minimum distributions from IRAs was not. You may want to consider giving from your IRA to public charities such as the Priests of the Sacred Heart. Fortunately, the law remains that IRA owners age 70½ and older can make a charitable rollover gift of up to $100,000 from their IRA to public charities, this charitable IRA rollover will count toward their RMDs.
The Priests of the Sacred Heart has created this page to offer resources for helping you with your tax planning while offering some ideas for you to consider if you are thinking about making a gift in 2021.
The CARES Act passed in 2020 included several charitable tax provisions to encourage giving. Congress has extended these provisions for 2021 including:
If you have a Donor Advised Fund (DAF) and wish to help the Priests of the Sacred Heart this year, you can make a gift from your DAF to support our work without affecting your personal financial security.
If you are concerned about your financial security, given the ups and downs of the stock market, you may want to consider funding a Charitable Gift Annuity with Sacred Heart. You can exchange your low-performing stock, CDs or cash for guaranteed, lifetime fixed payments. When making a gift of an appreciated asset, you will not have to pay capital gains up front, when you fund the annuity. You may also benefit from a tax deduction this year and a portion of your payments could be tax-free.
Many of our friends are updating their estate plans. If you would like to support our mission with a charitable bequest, we can help. Please contact Pam for a copy of our free estate planning guide and bequest language. Please contact Pam at 1-866-268-0157 or at email@example.com for assistance.
Let us help you with your estate gift plans. I need more information about ways to give