Planned Giving
The Legacy Society
Donors designating St. Margaret Foundation in their estate plans are recognized as members of The Legacy Society. Here is sample language for your will:
"I give the sum of $____ [or ____% or the residue of my estate] [or describe the real or personal property] to St. Margaret Foundation, 815 Freeport Road, Pittsburgh, PA 15215."
For more information, reach out to Mary Lee Gannon, President at gannonm@upmc.edu.
Retirement Plans, Life Insurance, and IRAs
If you name St. Margaret Foundation as a beneficiary of your IRA or Life Insurance Policy, the Foundation would receive the full amount, tax-free. Conversely, if your IRA or life insurance is left to family members, the distribution is subject to taxes. If you are 70 1/2 you may make a donation from your IRA with even more tax advantage.
Do you own stocks? Bonds? CDs? You may make an even bigger impact for St. Margaret Foundation
Donors are asking how to make stock donations or distributions to St. Margaret Foundation from their appreciated assets. That’s because appreciated assets are a blessing many donors are willing to share because they help to fill in the gaps with hope while the donor gets the same income tax deduction as with any donation PLUS avoidance or capital gains taxes on the appreciation.
This benefit extends even to folks who don’t itemize. In addition, with the new tax law which went into effect in 2018, donors who previously deducted capital gains taxes on their state income tax returns (80% of states) will no longer be able to do so. So, savings from not having to pay these gains taxes have increased significantly.
For example, you can give $5K in appreciated stock to St. Margaret Foundation, and use the $5K in cash (that you may otherwise have donated) to re-purchase the stock or do something else with the money – thereby wiping out all your appreciation/capital gains liability that you would have had to pay in taxes and increasing your cost basis from this day moving forward.
Wealth is not held in cash, but in non-cash assets (primarily stocks, bonds and real estate). Per a recent study by Dr. Russell James J.D., Ph.D., CFP®, professor in the Department of Personal Financial Planning at Texas Tech University, cash comprises less than 10% of the collective assets and wealth owned by Americans.
If you are considering making a $1,000 contribution against other expenses, the gift may seem too large a percentage of your spending money. When this same $1,000 is considered as a percentage of total wealth (all cash savings and non-cash assets, shares, personal property, retirement assets, real estate, etc.), the gift may seem a relatively small percentage of investments.
How to Gift Appreciated Stock to St. Margaret Foundation: We recommend that you speak with your tax advisor first and give that person the below information to facilitate the gift.
St. Margaret Foundation Stock Transfer Contact:
Seth W. Silverman
Janney Montgomery Scott, LLC
412-562-8121
DTC#- 0374
Account#- 7980-7105
Tax ID- 25-1520340
NOTE - Please email me with the company name and shares donated when a stock gift is made so that we may notify the broker that it is coming at gannonm@upmc.edu. Or call me with any questions you may have. My direct line is 412-784-4277.
Also, Americans age 70½ may make charitable contributions from their IRA with considerable tax advantage. No matter if seniors 70½ or older plan to use their retirement funds for charitable contributions or not, time is running out to meet the Dec. 31 deadline to withdraw money from the accounts. IRA owners must take their first required minimum distribution for the year in which the account owner turns 70½. However, the first payment can be delayed until April 1 of the year following the year the senior turns 70½. For all subsequent years, account owners must make the required minimum distribution by Dec. 31 of the year.