Soaring
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This & That
Cordell’s Corner: Three Advantageous Giving Options Gifts of Stock or Other Securities From Your Investment Account One of the most valuable ways to make a gift to Summit Christian Academy (SCA) is via a gift of stock or other securities such as bonds or mutual funds. The full value of your gift is taxdeductible, provided it has been held for at least one year. And you do not owe any capital gains tax on the appreciated value. Making a gift to SCA using appreciated stock from your stock portfolio may be a significantly wiser financial choice than writing a check. Here is the information you need to provide to your investment advisor for making transfers: Name of Account: Summit Christian Academy Name of Broker: Tom Wood, Central Investment Advisors Located at Central Bank of the Midwest 609 NE State Route 291 Lee’s Summit, MO 64086 816.224.7220 twood@centralinvestment.net DTC Number: 0075 Account: 4548-8547 BIC Code IRVTUS3N Deliver Non-negotiable securities to: LPL Financial Corp. 1055 LPL Way Fort Mill, SC 29715 Include account number and account name SCA’s Tax ID#: 43-1554054
Gifts From Your IRA If you are 70½ or older, you can make a sizable gift to SCA from your individual retirement account (IRA) AND receive significant tax benefits in return. You may give a tax-wise gift up to $100,000 per year in IRA assets directly to SCA. Benefits of Giving to SCA from Your IRA: • Convenient. It’s an easy way to give. • Tax-wise. Distributions made directly to SCA are not treated as taxable income. This is advantageous even if you don’t itemize deductions on your tax return! • Promises kept. Gifts from your IRA can be used to fulfill any charitable giving pledges previously made to SCA. • Impactful. Gifts are tax-free to SCA. The entirety of your gift will go toward supporting SCA’s mission!
Requirements of a Qualified Charitable Distribution You can give from your IRA to ministry without any federal tax liability, as long as the gifts are qualified charitable distributions (QCDs). Distributions qualify for all or part of an IRA owner’s required Cordell Dick minimum distribution (RMD). Director of Major Gifts • IRA holders must be age 70½ or older at the time of the gift. • You may give up to $100,000 per year as a single person or $200,000 per year as a married couple from separate accounts. • Your gifts must be outright gifts made directly to SCA or any other charitable organization. • Any distribution to donor-advised funds, charitable trusts, or for charitable gift annuities are not permissible. • Distributions may only be made from traditional IRAs or Roth IRAs; other retirement accounts are not eligible.
Gifts in Your Will When you give a gift to SCA in your will, you model to your loved ones a legacy of generosity. Your “ultimate gift” helps ensure that SCA will continue to make a difference well beyond your lifetime. Your will (or trust) is a way to purposefully allocate your resources to support the people and causes you hold dear. Benefits of Gifts in a Will • Legacy. You extend the impact of your generosity well beyond your lifetime. • Simplicity. Easily add SCA or any other charities as beneficiaries in your will or trust. • Availability. Retain access to your God-given resources for the remainder of your lifetime, or for as long as you need them. • Flexibility. Change your mind at any time about how your charitable gifts are designated. • Capacity. Potentially give the largest gift you’ll ever have the ability to give.
Learn More Consult your tax advisor for specific tax-related questions. For general information or to learn more about any of the smart and powerful giving options, please give me a call at 816.525.1480 or email me at cordelld@sca-kc.org.
