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Tax-Wise Giving Strategies

Tax-Wise Giving Strategies

From the Desk of Pat Snyder Santa Barbara Symphony's Giving Consultant

As the end of the year approaches, you may be looking for tax strategies that benefit you. The Good News: there are many ways to make a tax-wise gift that not only creates tax advantages for you, but also supports the Santa Barbara Symphony! While current cash gifts are always welcome, you may wish to consider the tax advantages of the following types of gifts before year end:

IRA Rollover Gifts
If you are 70 ½ years of age or older, you can make a transfer from your IRA directly to a qualified charity like the Symphony of up to $100,000 this year.  This will help to satisfy your Required Minimum Distribution (RMD), but will not have to be included in your taxable income for the year, thus saving on income taxes. And it is very simple to do!  Just as you would initiate an RMD, write or call your IRA custodian to request a transfer to the Santa Barbara Symphony in time for the gift to be completed before December 31st.
Stock Transfer Gifts

If you sell highly appreciated stock that you own and then make a cash gift to the Symphony, you will be subject to capital gains tax on the sale which will reduce the value of your potential gift. However, if you transfer your securities directly to the Symphony,  a tax exempt charity, the Symphony will pay no taxes and will derive 100 percent benefit from the value of your stock on the date it is transferred.  

For details on how to transfer your stock to the Symphony’s brokerage account, click here for directions.

Donor Advised Fund Gifts

If you have already made a transfer to a donor advised fund this year or in a prior year, you may have undirected funds waiting for you to direct to the Symphony as your chosen charity.  A generous gift can be completed with no new money out of your pocket. Just a reminder that your charitable tax deduction was already confirmed at the time you transferred your funds to the Donor Advised Fund.

Tax-Wise Legacy Gifts

If you are thinking of making a legacy gift to the Symphony for the future, please visit our planned giving page or contact me at [email protected] to learn more about tax-wise ways to leave a gift in your estate plans. There are many appealing options, including doing a charitable beneficiary designation from your IRA that will not be subject to income tax, as it will be if left to your heirs. Also, creating a Charitable Remainder Trust with highly appreciated property can enable the Symphony to put the full value of your asset to work providing you and your spouse a lifetime income, without having to pay capital gains tax on the appreciation of your asset, whether it be real property or securities.

Whatever the form or amount of your deferred gift commitment to the Symphony, you will be recognized as a valued member of our esteemed Heritage Society.

Please call or email if you would like more information or to schedule a complimentary and confidential consultation. This is an exciting time for our Symphony, and gifts now and in the future create a sustainable organization for future generations to enjoy.  

Pat Snyder
Santa Barbara Symphony Giving Consultant
805-455-0390 | [email protected]

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