Gifts that pay you income
You can continue your support for Flower City Habitat for Humanity while you receive a steady income for life. If you’re considering this kind of gift, we recommend you consult with your financial advisor.
Charitable Gift Annuities
You can help your neighbors in need while creating reliable retirement income by establishing a charitable gift annuity to benefit Flower City Habitat for Humanity.
How it works:
How you Benefit:
Charitable Remainder Trusts
You can earn income for yourself or a loved one while supporting Flower City Habitat for Humanity’s mission. A charitable remainder trust (CRT) will build your financial security while making your compassion for your neighbors in need as a part of your lasting legacy. You can realize a significant benefit by transferring property to a trust that will eventually be a charitable gift to Flower City Habitat for Humanity.
Qualified Charitable Distribution
Usually when individuals take distributions from their Individual Retirement Accounts (IRAs), it counts as income for tax purposes. An IRA charitable rollover, also called a Qualified Charitable Distribution (QCD), is an exception. Individuals age 70 1/2 and older can distribute up to $100,000 each year from their IRAs to their favorite 501(c)(3) without counting the distribution as income. The IRS provides additional useful information on Qualified Charitable Distributions.
What is a Required Minimum Distribution?
The Required Minimum Distribution (RMD) is the smallest amount certain individuals must distribute from their IRA each year. The penalty for missing an RMD is 50% of the amount that was supposed to have been distributed!
Whether you are subject to the RMD depends on your age. Because of recent changes in the law, you are subject to the RMD if you either (i) were 70 1/2 years old or older at any point in 2019, or (ii) are currently 72 years old or older.
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The content found on this page is general in nature and intended to be used for informational purposes only. It should not be relied upon as legal, tax, accounting or other professional advice. To determine how a gift or estate planning decision might affect your particular circumstances, it is expressly recommended that you consult an attorney, financial advisor or other qualified professional.