Serving Cochran, Hale, Hockley, Lubbock, Terry and Yoakum Counties of Texas
planned giving
What is a charitable gift?
Most people understand that a charitable gift is a donation of cash or other property to, or for the interest of, a charitable organization. The gift is freely given with the primary intention of benefiting the charity. Whether given during lifetime or after death, charitable gifts are eligible for a tax deduction, but only if made to qualified charitable organization, like CASA. A qualified organization can provide documentation of tax-exempt status or the IRS provides a complete listing of approved charitable organizations in Publication 78, Cumulative List of Charitable Organization (http://www.irs.gov).
What many may not realize is the actual form that a gift can take. Some of the most common forms of donated property are: cash, real estate, securities, life insurance, retirement plan assets, and tangible personal property. You should always maintain documentation of your gift such as the type of property, amount/value, name of the charity, and date of donation. For some individuals, this can affect income tax, gift tax, or even federal estate tax calculations. Many gifting situations may involve trusts or foundations and can either benefit the charity today or in the future. Gifts can also be of a split interest nature, allowing you to gift today, while retaining an interest in the property and receiving both immediate and long-term tax benefits. How a charitable gift is made is specific to each individual’s situation and should be customized to maximize the benefit to both the charity and the donor.
If you would like to know more, please contact Amy Paiva of CASA at 806.763.2272.
To report child abuse,
call the Texas Abuse
and Neglect Hotline
1-800-252-5400
or report online at
