Five Tips: End of the Year Giving

Most people make charitable gifts at the end of the year, and do so without much planning.  Your gift does make a difference in the lives of the Scouts and families served by OCBSA. This year you might consider how the following strategies might benefit you as you plan to support Scouting.

  1. Estimate your income and tax liability before December 31. As you may already know, by the time you fill out your income tax return in 2018, it will be too late to make charitable donation for this year.
    1. Consider using non-cash assets. Look at the stocks you have held for more than a year. It may be wiser to make a gift using stocks that have sizable appreciation instead of cash. You can receive an income tax deduction for the value of the stock(s) and avoid capital gain tax when the stock is sold.
    2. Consider making a gift that pays income back to you. OCBSA offers a variety of life-income plans to fit your needs. You can make a gift now, realize tax saving benefits, and receive a lifetime income.
    3. If you are over 70 ½ years of age, consider making a direct transfer from an IRA or SEPIRA to OCBSA. The transfer counts toward the minimum withdrawal rule, and avoids income tax.
    4. Talk to your advisor. Before making any significant gift, have your CPA, attorney, or other advisor help you to plan and understand the impact of the gift on your estate and 2018 income tax return.

Take the time to do some planning in the weeks ahead. For more information about how you can personally benefit from making an, “End of the Year” gift to OCBSA contact Devon Dougherty, CFRE, Chief Development Officer at devond@ocbsa.org, or call 714.546.8558 ext. 145.

The information above is not intended as legal advice. Before making a charitable contribution you should seek the advice of your personal accountant, or tax counsel.