SHOP-16.png
SHOP-37.png
SHOP-10.png
SHOP-16.png
SHOP-16.png

GIFTS OF CASH

Cash donations are one of the easiest ways to make a charitable contribution. Gifts of cash are eligible for an income tax deduction of up to 50% of your adjusted gross income.

GIFTS OF STOCKS AND SECURITIES

Gifts of publicly traded stocks or investments that have grown in value and that you have owned longer that one year are treated almost like gifts of cash.

TAX-FREE GIFT FROM YOUR IRA

Congress has extended the provision in the Pension Protection Act of 2006 enabling you to make outright gifts to charitable organizations from your IRA’s.

WILL BEQUESTS

If you are considering making an outright bequest to Wendell Scott Foundation, we recommend the following language:

GIFTS OF LIFE INSURANCE

Life insurance is an excellent way to support the Wendell Scott Foundation. Gifts of life insurance can allow you to give even more than you ever thought possible.

Before undertaking any strategy, consult your legal, tax, or financial professional. For more information, contact:

chinique@wendellscott.org
or call 434-533-0097.

SHOP-37.png

GIFTS OF CASH

Cash donations are one of the easiest ways to make a charitable contribution. Gifts of cash are eligible for an income tax deduction of up to 50% of your adjusted gross income. Any cash donation above the 50% of adjusted gross income limitation can be deducted on your income tax return up to five years after the gift. Donate online at www.wendellscott.org or mail checks to:

Wendell Scott Foundation
223 Riverview Drive, Suite C
Danville, VA 24541.

 
SHOP-16.png

GIFTS OF STOCKS AND SECURITIES

Gifts of publicly traded stocks or investments that have grown in value and that you have owned longer that one year are treated almost like gifts of cash. Gifts of stock are eligible for an income tax deduction based on the fair market value of the stock on the date of the gift. When you give stocks to the Wendell Scott Foundation, you avoid all capital gains taxes that would be incurred if you sold the stock. The charitable deduction for gifts of stock is limited to 30% of your adjusted gross income; however, any excess deduction can be applied to your income tax return up to five years after the gift.

Stocks or investments that have decreased in value can also make a wise gift. By selling a stock that has decreased in value, you can realize the loss and take the allowable tax deduction. By donating the proceeds from the sale of the stock, you can also realize a charitable deduction.

 
SHOP-37.png

TAX-FREE GIFT FROM YOUR IRA

Congress has extended the provision in the Pension Protection Act of 2006 enabling you to make outright gifts to charitable organizations from your IRA’s. In 2008 and 2009, individuals 70-1/2 or older were able to transfer up to $100,000 each year from traditional and Roth IRA’s as gifts to charity. IRA transfers under this provision count toward minimum annual distributions and are not subject to income tax.

What Are Some of the Benefits?

Donations from an IRA are excluded from the 50% of adjusted gross income limitation allowing those who have reached the 50% threshold to give more.

Several federal tax deductions (e.g. dependent and personal exemption deductions and deductions for medical expenses and non-business casualty losses) become smaller as a your income increases. By making charitable donations directly from an IRA, rather than taking required distributions that qualify as income, you can keep your annual income down and qualify for other tax deductions.

Be careful, though; the transfer must be made directly from your IRA to the Wendell Scott Foundation and not through you as an intermediary.

 
SHOP-16.png

WILL BEQUESTS

If you are considering making an outright bequest to Wendell Scott Foundation, we recommend the following language:

 
SHOP-37.png

GIFTS OF LIFE INSURANCE

Life insurance is an excellent way to support the Wendell Scott Foundation. Gifts of life insurance can allow you to give even more than you ever thought possible.

Wendell Scott Foundation as Beneficiary of Life Insurance Policy
 

You can name Wendell Scott Foundation as the beneficiary of a life insurance policy and, upon your death, the proceeds of the policy would pass to the Wendell Scott Foundation. In this case, you retain ownership of the policy. While you do not receive an immediate income tax deduction, your estate will receive a charitable deduction.
 

Wendell Scott Foundation as Owner and Beneficiary of a Life Insurance Policy
 

If you have a fully paid-up or current life insurance policy that no longer serves your estate planning goals, you may irrevocably transfer ownership of the policy to the Wendell Scott Foundation. As a result of transferring the policy to Wendell Scott Foundation, you will be entitled to an immediate income tax deduction.

Wendell Scott Foundation

 

If you continue to pay the premiums on life insurance donated to Wendell Scott Foundation, you will receive an income tax deduction for the year in which the premiums are paid. (Optional offer – decide if you want to offer this service)