- Avoid paying tax on your required minimum distribution* this year. The distribution will not count as taxable income for this year, helping keep you in a lower tax bracket.
- The transfer is not subject to limitations on itemized deductions.
- Enjoy a quick and easy estate tax reduction.
- You must be 70 ½ years old or older by year-end.
- The distribution must be directly to the Center from your plan trustee.
- The maximum contribution amount each year is $100,000 ($200,000 per couple).
- Your transfer must be received by the last day of the calendar year.
If you’re interested in this popular way to support the Center, download a sample letter for your IRA administrator here.
There are seven types of real estate gifts:
- Outright gift: When you give real estate that you have owned longer than one year, you get a federal income tax charitable deduction equal to the property’s fair market value. This deduction reduces the cost of making the gift and frees up cash that would be used to pay taxes. You eliminate capital gains tax. You avoid gift tax on the transfer. The gift also reduces your future taxable estate.
- Gift in your will or living trust: This gift of real estate gives you the flexibility to change your mind at any time and to give a larger gift than you may be able to during your lifetime.
- Retained life estate: You can transfer your personal residence to the Center but retain the right to occupy or rent the home for a chosen period of time, usually your lifetime.
- Bargain sale: To fund this gift, you sell your property to the Center for less than market value. The difference between the actual value of the property and the sale price is the amount of your charitable gift. This is the only gift that provides you with a lump sum of cash and a charitable deduction.
- Charitable remainder unitrust: You can contribute any appreciated real estate you’ve owned for more than one year, provided it’s not mortgaged, and receive an income stream for life or a term of up to 20 years.
- Charitable lead trust: With this gift, you can transfer to your family tax free, real estate that has the potential to grow.
- Memorial or endowed gift: This is a great way to honor a loved one. When you make an endowed gift of real estate, your contribution becomes part of our endowment.
Some of our donors have established a donor-advised charitable fund (California Community Foundation, Fidelity Charitable ®, Vanguard Charitable ®, Schwab Charitable ®, or other) and have a strong desire to support the Center through an annual gift and/or a legacy gift.
You can direct that your donor-advised charitable fund be distributed, in full, to the Center after your lifetime. Or, you can name specific charities and choose a dollar or percentage amount to be distributed over a certain time or until the account balance becomes zero.
To talk with us about creating a better world for future generations of LGBT people, please contact Nellie A. Sims, J.D., Director of Planned Giving, at 1-323-993-7606 or firstname.lastname@example.org.