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Don't Make These Planned Gifts as Year-End |
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As the end of the year approaches, the giving pace picks up. This is true not only for the Sisters of Charity, BVM, but for the nonprofit world in general. Many people simply wait for the closing of the tax year—and the barrage of financial appeals—to make their major gifts. If you fall into this category, you may want to consider the following suggestions. They might help you avoid making a “planned” gift you could live to regret. Hurried Gifts With the hectic lives many of us lead, we may tend to put off our giving until “we have the time.” But then, before we know it, the calendar runs out and we're staring at Dec. 31. We rush to complete a year-end gift. In our haste, we can make serious mistakes, mistakes that may haunt us later in life. A planned gift, by definition, requires planning. Gifts of real estate, stock or other non-cash assets should be made carefully and in consideration of overall estate plans. So, if you expect to make a planned gift before the end of the year, allow plenty of time. Avoid the rush. Start now by calling the BVM Development Office for assistance. Impulse Gifts Beware of knee-jerk gift decisions. With all the crisis-related appeals we receive at year-end, it's easy to get caught up in the emotion of the moment and respond with a generous gift. Were we to back off a bit and think through such a decision, we might do something entirely different. We might give less, or more, or maybe not at all. But at least we would have considered our decision carefully, including the organization crying for our support. As stewards of our resources, we do well to temper our emotions with prudence and plan our giving in a way that accomplishes the greatest good for all concerned. Impulse giving may be okay for pocket change, but not for major assets that comprise our estates. Tax-Weak Gifts The opposite of a tax-wise gift is a tax-weak gift. The latter is a gift that fails to use our tax code to maximize our charitable giving. For example, let's say you have $10,000 in long-term appreciated stock and you want to make a year-end gift of $10,000 to a charitable organization such as the Sisters of Charity, BVM. You could either give the stock or sell it and give the cash. If you sold the stock, you'd have to pay tax on the gain, thus leaving less money to give the charity. On the other hand, you could make a tax-wise gift and transfer the stock directly to the BVMs, thus avoiding any tax on the appreciation of the stock. Since the Sisters of Charity, BVM is a qualified charitable organization, we can sell the stock without incurring tax on the capital gains. As we approach the end of the year, we want your giving to be fully satisfying to you, both in what you give and how you give it. We have a helpful brochure we want to send you without cost or obligation. Simply fill out and return the response form below, or call the BVM Development Office at 563-588-2351 extension 570. Thank you for supporting the life and ministry of the Sisters of Charity, BVM. This information is not intended as legal, tax or investment advice. For such advice, please consult an attorney, tax professional or investment professional. Diane L. Brondyke For on-line giving, go to - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - _____ Please send me the FREE brochure, 2006 Year-End Giving. _____ I am considering making a gift to the Sisters of Charity, BVM. Please call me. The best time to call is ______AM/PM _____ I have not previously informed you, but I have already included the Sisters of Charity, BVM in my estate plan through:
Please print. Name _____________________________________________ Phone________________ E-mail _______________________ Address ___________________________________________ City, State, Zip ______________________________________ THIS INFORMATION IS STRICTLY CONFIDENTIAL. Return to Table of Contents. |
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