Gifts That Reduce Your Taxes

Gifts That Reduce Your Taxes

PHOTO: DELIA MARTINEZ, MEXICO 2021

There are several tax-wise ways for you to create your legacy of feminist solidarity.

You can help women, girls, and gender-diverse people gain access to rights-based sexual and reproductive health care, and your may receive tax benefits for these generous gifts.

Retirement Plan Beneficiary Designation

Naming Fòs Feminista as a beneficiary of your retirement account can be an attractive option for creating a legacy and reducing income and possibly estate taxes for your loved ones.

Income taxes to your beneficiaries on retirement assets can be as high as 37%. This means, for example, that a $100,000 IRA will be worth only $63,000 when it gets to your loved ones.

Naming Fòs Feminista as a beneficiary of your retirement assets generates no income taxes. Fòs Feminista is tax exempt and eligible to receive the full amount, bypassing any income taxes. This means, for example, that a $100,000 IRA given to Fòs Feminista will be worth the full $100,000.

To name Fòs Feminista as a beneficiary of a retirement plan, simply contact your plan’s administrator.

Qualified Charitable Distribution from Your IRA

You can transfer funds from your IRA directly to Fòs Feminista. This is an effective way to have an immediate impact and ensure our work to expand access to rights-based sexual and reproductive health care. Your may use this gift to satisfy the required minimum distribution from your IRA while reducing your taxable income, even if you don’t itemize.

Here’s how it works:

  • You must be 70 ½ or older.
  • An individual may transfer up to a total of $100,000 per year and a married couple may give up to $200,000 to all organizations.
  • Your gift must be transferred directly from the IRA account to Fòs Feminista.
  • Your gift is a transfer of funds from your IRA to Fòs Feminista, so while you do not receive a charitable deduction,  it does not create taxable income for you.
  • If you are 72 and older, the transfer of funds counts towards your annual Required Minimum Distribution from your IRA.

You can download a sample letter for your IRA administrator here to start the distribution process. You may also be able to request a qualified charitable distribution through your online account portal.

PLEASE CONTACT: Lloyd Alexander at 212.214.0278 or giftplan@fosfeminista.org to let us know about your gift so that we can ensure you receive the appropriate receipt as well as our sincere gratitude.

Life Insurance Policy Gift

You can name Fòs Feminista a beneficiary of your life insurance policy, or as a contingent beneficiary if your other beneficiaries do not survive you. You can even donate a paid-up policy.

  • Request a beneficiary designation form from your life insurance company and make Fòs Feminista a full, partial or contingent beneficiary.
  • To donate a fully paid life insurance policy, please contact us directly to learn how to make this gift.
  • Notify us of your insurance gift intention by filling out this simple form, and we will be able to thank you for your generosity.

Potential benefits:

  • You could reduce your income taxes.
  • You might receive additional tax deductions if you make annual gifts so Fòs Feminista can pay the premiums.
  • You can see firsthand how your gift supports women, girls, and gender-diverse people if Fòs Feminista cashes in the policy.
  • You can create your legacy of inclusion. If Fòs Feminista retains the policy to maturity, or you name it as a beneficiary, once the policy matures, the proceeds of your policy will be paid to Fòs Feminista.

Gifts of Real Estate

You could consider donating real estate, such as a home, vacation property, undeveloped land, farmland, ranch, or commercial property.

  • An immediate gift of real estate: Donating property outright to Fòs Feminista frees you from the costs and responsibilities of ownership. If you have owned the property more than a year, you will enjoy a charitable income tax deduction equal to the property’s full fair market value. You will eliminate any capital gain, and the gift reduces your future taxable estate.
  • A gift of real estate by bequest: You can include a gift of real estate to Fòs Feminista in your will or living trust and you will be eligible for a charitable estate tax deduction upon your death.
  • A retained life estate: You donate your home to Fòs Feminista but retain the right to live in it for the rest of your life, a term of years or a combination of the two.

If you have any questions about gifts of real estate, please contact us. We would be happy to assist you and answer any questions that you have.

To designate Fòs Feminista as a beneficiary of a qualified retirement plan or other financial account, please use the following information:

Useful Legal Information

Name: Fòs Feminista
Address: 125 Maiden Lane, 9th Floor, New York, NY 10038
Federal Tax ID number: 13-1845455

Complimentary Gift Planning Resources are Just a Click Away!