Gifts of appreciated securities can do "double-duty" in terms of tax benefits. If owned for more than one year and one day, donors can deduct the full fair market value of the assets, and avoid capital gains taxes. Mutual funds can be donated in the same way. The amount of the tax deduction is determined by the value of the security on the date the gift is made, that is, the date the stock is transferred into our account. For more details on this gift giving method, please contact the Foundation at 773-577-5308 or send us an email. As always, check with your financial advisers to be sure your gift is right for you.

A Life Estate Gift can be outlined in your will or trust or added to your existing will or trust. It can direct a specific amount, a certain property, or all or a percentage of what remains. A bequest can be expressed in the following language: “I give, bequeath and devise to Norwood Life Care Foundation of Chicago, Illinois, a not-for-profit organization, the sum of $ (or % of my estate or the following described property or the residue of my estate) for its exempt purposes.”

Considering including Norwood Life Care Foundation in your will? Click here to find out more about the Power of One campaign.

In these turbulent financial times, either you or your loved one's income from investments has likely diminished. Norwood Life Care Foundation offers a charitable gift giving vehicle that offers a higher return than most other investment options.

This opportunity is called a Charitable Gift Annuity, and it provides a guaranteed income for life. A Charitable Gift Annuity is a contract in which you exchange a gift of cash or securities for a guaranteed annual income each year for the rest of your life. For seniors, rates may be 7%, 8%, or even higher. Norwood Life Care Foundation makes charitable gift annuities available to those who are 65 years of age or older and can make a gift of at least $5,000. 

Some of the benefits are: 

• Higher interest than most other investments
• Guaranteed income for life, a portion of which is tax-free
• Capital gains tax savings for most stock gifts
• Membership in the Norwood Life Care Foundation Legacy Society
• Satisfaction knowing you have supported the programs and services funded by the Foundation

For example, an 82 year-old making a charitable gift of $10,000 might receive 7.2% interest, resulting in an annual payment of $720 for life, a portion of which is tax-free. This is a substantial increase in income compared to a typical 2% stock dividend payout. 

Would you like to learn more about Norwood Life Care Foundation's gift annuity program? Please call (773) 577-5308 or click here to send an email message and someone will gladly answer any questions you may have.

On January 1, 2013, Congress enacted the American Taxpayer Relief Act of 2012, which has some impact upon charitable giving. We know that supporting charities is important to you and therefore wanted to share this important news with you. The legislation restores the Individual Retirement Account (IRA) Rollover Provision which allows individuals over the age of 70 ½ to make tax-favored gifts directly from their IRAs to qualified charities.

Such individuals can give any amount up to $100,000 and married couples up to $200,000. Gifts can be made only through IRAs, not 401(k) plans or other tax-favored retirement vehicles. 

Gifts made by January 31, 2013 will be deemed 2012 gifts for tax purposes and will count towards 2012 minimum withdrawal requirements. Even if you have taken a withdrawal in December 2012, you can still gift all or part of the amount of the withdrawal as if it had been a direct distribution to charity that qualified as an IRA rollover gift for 2012, if you make your gift by January 31, 2013. 

If you or someone you know might benefit from this arrangement, please call us at (773) 577-5308 or via email through our Contact Us page.