Americans continually set new records for charitable support. Our neighborhoods and rural communities in northeastern Montana thrive in part because of this generous spirit, which is alive and well within each of us and has been for the last 100 years. Without a doubt, the work of many charitable organizations depends on private gifts that arrive in countless forms.
Each year hundreds respond to the needs of local charities, like the Foundation for Community Care, with bighearted gifts of time and energy through volunteerism. Of course, many find material ways to express their support through gifts to annual fund efforts and capital campaigns, as well as other specific opportunities to offer financial partnerships.
In fact, there are many ways that you can make a gift to a charity in whose mission you believe. The most common is by simply writing a check or giving cash. Many individuals and families also plan today for a gift that comes in the form of a bequest expressed in their last will and testament. These two ways of giving represent either end of a charitable spectrum – the first providing immediate support and the latter representing a final communication of a philanthropic heart. Between these two points on the giving spectrum there exist a number of other ways in which community-minded people provide critical support to charities.
Almost every gift to a qualified charitable organization comes with certain tax benefits. However, in many situations it is possible to receive more than just a charitable income tax deduction. Indeed, certain ways of giving make it possible to bypass capital gains taxes on appreciated assets, significantly reduce estate taxes, and even establish a whole new source of income for yourself and your family. Often the way that a gift is made can have dramatic impact on helping to meet the long and short-term objectives of a donor.
And here in Montana, donors who set up a planned gift with a qualified charity may be eligible for a credit on their Montana income taxes.
At the Foundation for Community Care, we can help answer any questions you might have, help you identify options that will best fulfill your objectives and even provide you with information to assist your own professional advisors. Of course, there is never any cost or obligation for the information and service we provide and it is in no way designed to replace the counsel of your personal advisors. If we can help, please call us at 406-488-2273, email at [email protected] or stop by our office at 221 2nd St. NW in Sidney.
For more information on how you can save money on your taxes and leave a legacy in our community, stop by our office at 221 2nd St. NW in Sidney, send us an email at [email protected] or call 488-CARE. We will be happy to visit with you and provide a confidential, personalized illustration with no obligation. You should always consult your own financial professionals and advisors.
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