Gifts That Reduce Your Taxes
Explore several smart ways to support the Parkinson’s community that result in tax benefits for you or your loved ones.
You can provide crucial resources that help improve the lives of people with Parkinson’s. What’s more, you can also enjoy tax benefits from these gifts now, or you can establish a future gift that will pass tax benefits along to your loved ones.
Gift of Cash
Cash is the simplest asset to donate and the quickest way to make an immediate impact for the Parkinson’s Foundation. If you want to further our work today and claim the entire amount of your gift as a charitable income tax deduction, consider a gift of cash. Make your gift online, via a check or money order, or with a wire transfer.
Stocks & Securities
When you give securities (stock, bonds, mutual funds), you may be eligible for a double tax benefit: 1) you receive an income tax deduction for the full, present, fair market value of the assets and 2) you may completely avoid capital gains tax on the appreciation, or increase in value, of the assets. This is one of the easiest gifts to give and one of the most useful in accomplishing your philanthropic goals.
A gift of your retirement assets, such as an employee retirement plan, IRA, or tax-sheltered annuity, is an excellent way to make a gift. A gift of these assets can shield you or your heirs from taxes while funding the Parkinson’s Foundation’s important work.
You can transfer funds from your IRA directly to the Parkinson’s Foundation to make a difference today. This is an effective way to have an immediate impact and support our work of advancing research and providing invaluable educational resources to those affected by the disease. Here’s how it works:
- You must be 70 ½ or older.
- An individual may transfer up to a total of $100,000 per year and a married couple may give up to $200,000.
- Your gift must be transferred directly from the IRA account to the Parkinson’s Foundation.
- Your gift is a transfer of funds from your IRA to the Parkinson’s Foundation so it does not create taxable income for you and is not considered a charitable tax deduction.
- If you are 72 and older, the transfer of funds counts towards your annual Required Minimum Distribution from your IRA.
If you’re interested in this popular way to support the Parkinson’s Foundation, download a sample letter for your IRA administrator here.
A gift of your life insurance policy is an excellent and easy way to make a gift to Parkinson’s Foundation. If you have a life insurance policy that has outlasted its original purpose, consider making a gift of your insurance policy to Parkinson’s Foundation. For example, you may have purchased a policy to provide for minor children and they are now financially independent adults.
Benefits of Gifts of Life Insurance:
- Receive a charitable income tax deduction
- If the Foundation retains the policy to maturity, you can receive additional tax deductions by making annual gifts so that we can pay the premiums
- If the Foundation cashes in the policy, you will be able to see firsthand how your gift supports our charitable work and research programs
- If we retain the policy to maturity, or you name us as a beneficiary, once the policy matures, the proceeds of your policy will be paid to the Foundation so that we can use the proceeds to further our important work
Transfer ownership now:
To make an impact on our mission today, irrevocably designate the Parkinson’s Foundation as owner and beneficiary of an existing life insurance policy. If your policy is paid up, you will receive an immediate income tax deduction based on the policy value.
If your policy is not yet paid up, you will make contributions of cash to the Parkinson’s Foundation to cover future premium payments. For any continuing premium payments you make, you will receive a charitable deduction in the year of the payment.
Name us as a beneficiary:
You can name the Parkinson’s Foundation as a beneficiary of all or a portion of your life insurance policy. With this gift arrangement, the Parkinson’s Foundation will receive the proceeds of your policy after your lifetime. You can change your beneficiary at any time and may reduce your estate taxes.
This gift is easy to arrange — simply request a beneficiary designation form from your plan administrator, add Parkinson’s Foundation as a beneficiary and notify us about your generous intention.