Consider these tax-advantaged giving strategies for 2018

08/26/2018

Tax Strategies for Giving
You can make a difference for
programs and facilities close to
your heart, while enjoying
financial benefits for yourself.

There are many ways you can make a difference for the Banner Health program or hospital closest to your heart while enjoying financial benefits for yourself. In light of the new tax law, here are some smart ways to be charitable in 2018:

Donate appreciated stock. With the stock market at or near all-time highs, give your appreciated stocks to a nonprofit like the Banner Health Foundation or the Banner Alzheimer’s Foundation and eliminate capital gains tax. Appreciated stocks can also fund a Charitable Gift Annuity, providing income for life for yourself or a loved one while leaving a significant charitable gift upon your passing.

Name Banner Health Foundation or Banner Alzheimer’s Foundation the beneficiary of retirement plan assets. These assets remain taxable when distributed to heirs or non-charitable beneficiaries, but tax-free when given to a nonprofit.

Give from your IRA (if you are 70½ or older). Regardless of whether you itemize your taxes, this gift helps you fulfill your required minimum distribution and is not considered taxable income. Up to $100,000 may be given to charity each year from your IRA without first recognizing it as taxable income.

To take full advantage of the tax and financial benefits available in 2018, please consult your tax advisor. Then, contact Pat Elder, Chief Development Officer for Planned Giving, by email or call 602.747.4485 to discuss gift options.