MATCHING GIFTS
Many companies will match donations given by their employees to a non-profit organization. Check with your employer to see if they have an Employee Giving Campaign. If they do not, often times you can notify your supervisor and the company will provide Open For Life Ministries with a form to fill out to start the process.
GIFTS OF PROPERTY
Open For Life Ministries welcomes such donations as: buildings, land, vehicles, aircraft, jewelry, vacation homes, boats, Oil & Gas leases, motorcycles, stocks & bonds, rental property and art work.
SELLING A BUSINESS
Selling a business can lead to significant income and Capital gains taxes. With your attorney’s help, you can often use a charitable trust offered through Open For Life Ministries to minimize or eliminate these taxes
GIFTS OF REAL ESTATE
A gift of real estate can provide considerable savings in capital gains taxes due upon the sale of appreciated property. At the same time, you receive a charitable deduction for the full market value of the property as determined by appraisal. Gifts of appreciated real estate are fully deductible up to a maximum of 30% of your adjusted gross income. The unused portion of your donation can usually be carried forward and deducted over a maximum of five subsequent years with the same 30% maximum each year, subject to certain limitations.
- You can contribute the property but retain the right to reside there for your lifetime or the combined lifetime of you and your spouse; the retention will affect the amount of the donation.
- You will receive a charitable deduction for the year in which the gift was made.
GIFTS OF APPRECIATED SECURITIES
A gift of appreciated publicly traded securities can bring you tax savings by offering two significant advantages.
- You avoid paying capital gains on the increased value of the security.
- You receive a charitable deduction for the full fair market value of the security when the gift is made, subject to the same limitations described under gifts of real estate. Usually the security must have been held for at least 18 months.
LIFE INSURANCE GIFTS
The contribution of an existing or new life insurance policy can provide a significant gift in a manner which can be especially attractive for younger donors. By designating Open For Life Ministries as both the owner and beneficiary of a life insurance policy, your premiums may be tax deductible.
How does it work? Simply purchase a life insurance policy and name the charity as your beneficiary. For example, let’s say you have a $200,000 policy. You can leave $150,000 to your family and $50,000 to your favorite charity such as Open For Life Ministries.
If you donate a term life policy to a charity, you can deduct the cost of the premiums from your taxes. If you donate a whole life policy, you can deduct the cash value of the policy as well as the cost of the premiums. In both cases the charity gets the policy proceeds.
OIL, GAS, MINERAL LEASE
Own an oil, gas or mineral lease, or surface rights? Why not donate it to Open For Life Ministries and receive some healthy tax advantages, so we can convert your donation to help those less fortunate around the world?
If you’ve already decided to include Open For Life Ministries in your will and you have contacted your legal and financial advisors; here are some sample statements that you can immediately include:
As residual:
I. ______________________________________________________, give, devise and bequeath ail the residue of my estate, including real and personal property, to
(Open For Life Ministries).
As a percentage:
I, __________________________________________________, give, devise and bequeath an amount equal to % of my estate to (Open For Life Ministries)
As a specific amount:
I, _________________________________________ , give, devise and bequeath the following items to (Open For Life Ministries)
By Giving ____________________________________________________________________________________.
If you’re like many consumers you’re probably trying to cut back on spending. There is one expense, however, that’s worth making: giving to charities like Open For Life Ministries. Not only do you help us reach souls around the world; including countries like Israel, but it will also do wonders for your tax bill. Making donations of money or non-cash items to qualified charities like Open For Life Ministries before year’s-end and you can deduct a good portion of that amount from your annual tax bill. If you would like to make a special non-cash gift to Open For Life Ministries please email us.
Consult your legal and tax advisors before making any material decisions based on this information.