Giving at Year-End

As the holidays approach and the end of the year nears, many pause to reflect about what is important to them and what they may want to give philanthropically before year’s end.

Thoughtfully and prayerfully addressing your charitable giving priorities before December 31st can help ensure maximum benefits for you and your charitable interests. Carefully considering what and how to give can help increase the impact of your gift while also helping to meet your personal priorities.

Gifts of Cash

Most charitable gifts are made in the form of cash and checks. When you itemize your tax deductions, these gifts may serve to reduce taxes on up to half of your Adjusted Gross Income.

Appreciated Property

Giving securities (individual stocks, bonds, or mutual fund shares) and certain types of property that have increased in value can result in even more tax savings. Not only are such gifts generally deductible from income tax at full value if owned for longer than one year, they also enable you to bypass capital gains tax that would have been due on sale. Gifts of qualified assets can be deductible in amounts up to 30% of your Adjusted Gross Income.

In making a gift of securities, please contact the Catholic Theological Union Development Department at 773.371.5417 to notify us of this donation. Whether you make a gift in the form of cash or other property, any unused deductions may be carried forward to reduce your taxes in as many as five future years.

Leaving a Legacy

Toward the end of each year, many also choose to review their long-range estate and financial plans. Wills, life insurance policies, retirement accounts and other planning vehicles can offer special ways to leave a lasting legacy to charitable interests. There are also ways to provide for meaningful future gifts while generating income, immediate tax savings, and other benefits today.

A GIFT THROUGH YOUR WILL OR LIVING TRUST

After providing for your loved ones, you can leave a specific amount, a percentage of your estate, a certain property, or “what’s left” of your estate to a specific charity.

GIFTS OF LIFE INSURANCE

If you own life insurance policies that have accumulated cash value but are no longer needed for their original purposes, the value of such policies can be used to make gifts that provide welcome tax savings today. In addition or as an alternative to a gift by will, giving all or a portion of life insurance proceeds can also result in significant estate tax savings.

Thank You

In this season of gratitude and giving, we offer you this charitable giving information to consider how you may want to remember your charities of choice. We recognize that you hear from many, and are grateful to count you amongst our friends. As you consider a year-end gift, our Development Department would be happy to assist and may be reached at 773.371.5417 or devdir@ctu.edu. As some year end gifts of stock are made unbeknownst to us which makes tracking difficult, please contact our Development Department if you have or intend to make a gift of stock so that you may promptly and properly be recognized.