10 Ways to Plan Your Giving this Upcoming Year
02 22, 2018 News

10 Ways to Plan Your Giving this Upcoming Year

2017 has officially come to a close and 2018 has kicked it into high gear. As we look forward to what the New Year holds, one event pops front and center: Tax Season. That’s right, the Internal Revenue Service designated January 29th as the official start date to the new tax season.

With the new changes to the tax law, it’s hard to know what’s best when it comes to donating your time or hard earned money.  That’s why we thought it pertinent to let you know the ways you could give this year to help yourself next year. So, without further ado, here are 10 ways you can plan your giving to not only help yourself, but your community as well.

10 ways you can plan your giving for the upcoming year:

Time –Time is the most important commodity there is and nobody’s time is more important than yours. We know life is chaotic and while volunteering may not be tax deductible it is one of the best ways to make an immediate and lasting impact.

General Contribution – Apart from volunteering, the gift of cash is one of the most popular ways to give. It’s simple, it’s easy, and it makes an instant impact.

Donor Advised Funds - When you donate to a donor-advised fund, you're making a tax-deductible donation to the Grand Foundation, but because it’s a donor-advised fund, you advise us on how to grant the money to your favorite charity(s).  

Marketable securities - These securities are often individual stock, but may also be bonds or shares of Mutual Funds. Gifting securities is quick and easy. If you sell the security, rather than donating it, part of your proceeds will go to Uncle Sam. But, by gifting the security, you eliminate your capital gains tax exposure and take a charitable deduction in the amount of the fair market value of the shares, ensuring the charity of your choice receives the maximum benefit of your donation.

Real estate - When appreciated real estate is gifted to us, such as a 2nd home or vacation property, capital gains taxes can be completely avoided and the full market value of the property is generally deductible as a charitable contribution. Skip Uncle Sam and gift the full appreciated value to your charity of choice.

Estate Plan - By adding the Grand Foundation to your estate plan or your will, we can help you realize your philanthropic goals. There are several tools available to make a lasting gift to support Grand County for years.

Groswold Endowment Fund - The Groswold Endowment Fund was the wish of our Founder, Jerry Groswold. His desire for this fund was to continue the tradition of the Grand Foundation by investing in Grand County and its nonprofits. This can ensure future sustainability of the Grand Foundation and our commitment of investment

Life Insurance - Do you have a permanent life insurance policies no longer needed for their original purpose? Or do you want to find a way to give more than you have?  A gift of a permanent life insurance policy can provide a tax deduction the year it is gifted. If you purchase a whole life insurance policy for $10,000 annually, you will only fiscally contribute $150,000 before the policy starts paying for itself (roughly 15 years). However, when you pass, you will be gifting anywhere from $.5 to $1 million to the charity of your choice. A whole life insurance policy is a great way to give much more than you contribute. 

Retirement Assets - This a great option for charitable gift planning. By using retirement assets to fund your charitable bequest (and leaving other assets to family members,) you may be able to reduce tax liabilities and leave more to your beneficiaries.

Grand Pass – While purchasing the Grand Pass may not be a tax deduction, it is a perfect way to explore all that Grand County has to offer and contribute to its future at the same time! With passes to 8 different ski resorts, 4 rounds of, summer activities passes and more, there’s something to keep you entertained year round. Best of all, the proceeds go towards the Grand Foundation.

Regardless of how you choose to plan your giving for the upcoming year, one thing is clear: we need your help. You may not be able to do anything about last year’s tax burden, but planning now will help for the future. Because of the tax benefits provided by congress, you can give different kinds of assets, give them in different ways, and strategically plan so that you can do more for Grand County while doing more for yourself. Plan to give this year!

  • 10 Ways to Plan Your Giving this Upcoming Year
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