ABOUT BEQUESTS

You may be looking for a way to make a significant gift to help further the mission of your favorite charity. A bequest is a gift made through your Will or Trust. It is one of the most popular and flexible ways that you can support the cause that matters the most to you.

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CHARITABLE GIFT ANNUITY

A charitable gift annuity is a great way to make a gift to your favorite charity. With this vehicle, you can gift your cash or property to your favorite charity and they will promise to make fixed payments to you for life at a rate based on your age.

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IRA CHARITABLE ROLLOVER

An IRA rollover allows people age 70½ and older to reduce their taxable income by making a gift directly from their IRA.

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Sunday August 1, 2021

Washington News

Washington Hotline

Leave Donations Extended for 2021

While the COVID-19 pandemic is slowly subsiding, there are still new cases every week. Many charitable organizations continue to provide relief services to COVID-19 patients and their families. In 2020, the IRS authorized a program to encourage gifts to organizations providing COVID relief services. Employees of companies could donate their sick, vacation or personal leave days to a qualified charity providing relief services.

After the days were transferred, employers were permitted to make cash payments to the charities in exchange for the sick, vacation or personal leave days. The gift was not treated as income to the employee, but because he or she did not report it as income, there also was no income tax deduction. It was merely an opportunity for the employee to make a gift to assist individuals who were served by these nonprofits.

COVID is still affecting individuals in 2021. Therefore, the Internal Revenue Service extended the leave-donation program for this year. If employees give 2021 sick, vacation, or personal leave days to qualified nonprofits, the employers will have a deductible payment for the cash amount to charity and the nonprofit may then use the cash gifts to provide needed services to COVID-19 patients and their families.

Published July 2, 2021
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