Mid-Year Reminders About Charitable Giving

Welcome to Summer! As we hit the year’s midpoint, here are five tips to consider as you plan your charitable contributions. Remember, the Community Foundation of Lorain County team is here to assist you! 

Leverage Qualified Charitable Distribution (QCD) 

For those over 70 ½, directing up to $105,000 from your IRA to charities, including the Community Foundation of Lorain County, can be an intelligent choice. QCDs can reduce your income tax and count towards your Required Minimum Distributions (RMDs). We are ready to guide you through the process. 

Donate appreciated stock to Community Foundation of Lorain County 

Consider donating shares of long-term appreciated stock. It can provide a charitable tax deduction at their fair market value, and we can sell your shares without the burden of capital gains tax, ensuring more money reaches those in need. 

DO NOT FORGET that IRA/QCD and stock donations can be great tools to support your favorite non-profits during Connect to a Cause. While Connect to a Cause Day is September 19, can these gifts be accepted as early as August 1. 

Navigating the estate tax exemption sunset 

The estate tax exemption is set to decrease after December 25, 2025. This could mean higher taxes for many individuals in the future. We can help you explore how charitable giving can help you avoid estate tax and leave a lasting impact. 

Check your IRA beneficiary designations 

As you assess your financial and estate plans, be mindful of your beneficiary designations on tax-deferred retirement plans such as 401(k)s and IRAs. Naming a non-profit like Community Foundation of Lorain County as a secondary beneficiary can be a tax-efficient method to support your favorite causes. 

Embrace a well-rounded approach to philanthropy 

Working with Community Foundation of Lorain County makes giving easy, versatile, and rewarding. Beyond offering a range of fund types and services, we can provide opportunities for community involvement for you and your family. A bequest to Community Foundation of Lorain County can serve your long-term philanthropy goals.  

We are here to help you make the most of your philanthropic intentions, and it is an honor to work together! Feel free to connect with Laura Malone, Development Officer.