Legacy Giving and Other Ways to Donate
Make helping people during the most difficult time of life your legacy.
A little planning now can help you achieve your charitable giving goals. There are many ways to support People's Memorial Association that are tax-efficient and easy to do, which is why we're seeing an increase in people choosing to give in this way. These types of gifts ensure the future of People's Memorial Association for years to come. Here are a few options:
Bequests
Including PMA in your will is an excellent way to support our mission without impacting your current finances. A bequest is tax-efficient, as charitable gifts made during estate division are taxed at a lower rate.
By carefully planning your will, you may reduce Federal and State estate taxes, while keeping assets available during your lifetime. More people are now making wills to ensure their favorite causes are supported.
There are several ways to include a charity in your will or living trust:
- Charitable Bequests or Transfer-on-Death Gifts: A simple option for those with modest estates.
- A Percentage of Your Estate: This approach adjusts as your estate changes, ideal for supporting multiple charities.
- Residue of Your Estate: After providing for loved ones, the remaining portion or a percentage can go to a charity.
Alternatively, you can designate a specific amount.
Sample Language for Your Attorney:
"I give % of my estate (or $) to People's Memorial Education Fund (DBA People's Memorial Association), a Washington State nonprofit, located at 2011 1st Ave N, Seattle, WA 98109. EIN 68-0621888"
Qualified Charitable Distributions (QCDs)
QCDs, also known as IRA Charitable Rollover Gifts, are tax-free gifts transferred directly from your IRA account to a nonprofit of your choice. Federal law allows people age 70½ or older to make direct transfers to charitable organizations from their Individual Retirement Account (IRA), without the withdrawal being treated as taxable income. A transfer up to $100,000 can be counted toward your Required Minimum Distribution.
Many people are choosing to give this way! It's easy to do and keeps your taxable income low, which may reduce the impact to certain tax credits and deductions, as well as reducing the cost of Medicare. Consult with your tax advisor to see how this strategy can benefit you. Then reach out to your IRA custodian to request a “Qualified Charitable Distribution” be made directly to People's Memorial Education Fund.
Donor Advised Fund (DAF)
A donor advised fund is like a charitable investment account, for the sole purpose of supporting charitable organizations you care about. This philanthropic giving vehicle provides an immediate tax benefit to you and allows you to grant funds to your favorite charities.
To give this way, contact your DAF sponsoring organization to recommend grants be given to People's Memorial Association. Your gift will help support families journeying through the end of life.
IRA Beneficiary Designation
Donating to our nonprofit through an IRA Beneficiary Designation is a simple and impactful way to support our mission. By naming People's Memorial Association as a beneficiary on your Individual Retirement Account (IRA), you ensure that the remaining funds in your account are directed to us upon your passing. This method not only allows you to leave a lasting legacy but also provides potential tax benefits, as the donated amount can be excluded from your estate, reducing estate taxes.
To designate our nonprofit as a beneficiary, simply update your IRA beneficiary form with your financial institution, including our name, address, and tax identification number.
Stock Gifts
We're seeing a big increase in people giving stock (including even mutual funds). Did you know that by donating stock that has appreciated for more than a year, you are actually giving at least 20 percent more than if you sold the stock and then made a cash donation? The reason is simple: avoiding capital gains taxes. You can potentially avoid 20% long-term capital gains tax, 3.8% net investment income tax, and 7% Washington State Capital Gains Tax, as well as avoid the indirect increase in Medicare Tax Premiums. It is a very tax-efficient method of meeting your giving goals while minimizing your tax.
Giving stock gifts may also allow you to diversify your highly appreciated or employer stock that may be highly weighted in your stock portfolio. Check with your tax advisor for specific details to maximize this great tax strategy. Thinking you'd like to give this type of gift to PMA? Reach out to a director any time at director@peoplesmemorial.org!
Donation of Other Assets
We welcome donations of burial plots, urns, land, and other assets that can be easily utilized or sold to support our mission. To discuss the suitability of your potential donation, please contact our Executive Director at director@peoplesmemorial.org or call our office at 206-325-0489. While we greatly appreciate all offers, please note that we may not be able to accept certain items, such as cars or those that are difficult to use or sell.
People's Memorial Association is a registered 501(c)3 nonprofit organization under the name "PMA Education Fund". All gifts are fully tax-deductible as allowed by law EIN: 68-0621888.
Please let us know about your plans! By informing People's Memorial Association of your legacy gift, you give us the chance to thank you for your generosity and determine what is most important to you for the future of the organization. Please call us at 206-325-0489 or email us at director@peoplesmemorial.org.
Information on this website is not intended to be tax or legal advice applying to your specific situation. Advice from a qualified financial advisor should be sought when considering a gift.
