LEGACY GIFTS: Stocks, Real Estate, IRA, Bequests

Quick info

 

– A Gift in Your Will or Living Trust: Charitable Bequests

– Stocks

– Tax-free gift from your IRA

– Real Estate

KVMR’s Legal Name: Nevada City Community Broadcast Group

Address: 120 Bridge St, Nevada City, CA 95959

Federal Tax ID Number: 94-2846388

Large-scale charitable giving supports innovation and creativity and helps KVMR weather economic downturns and catastrophic events. KVMR Community Radio has had a massive hand in creating the cultural landscape of our region; we’re part of why Nevada County is a great place to live. Legacy gifts ensure that we can continue our mission of being the hub for musical excellence as well as a comprehensive, lively source of information about community events, arts and culture, and our region’s myriad non-profit organizations.

There are many ways to give to community radio. KVMR accepts cash, gold, stocks, bonds, property deeds, vehicles, time and food. If you have something more complicated in mind– real estate, stocks, IRA distributions, or bequests— please let our business manager, Brian McInerney, know what you’re thinking: (530) 687-0077 or email him at businessmgr@kvmr.org. Below are some of the esoteric ways radio enthusiasts leave a legacy to ensure community radio outlives us all

A Gift in Your Will or Living Trust: Charitable Bequests

It’s easy to add charities to your will, and there’s no end to what you can donate– real estate, stocks, a specific gift or a percentage of your estate.  A charitable bequest leaves an extraordinary legacy of good and provides peace of mind for yourself and your loved ones. It can have an impact for generations to come and costs nothing today. It can be as easy as adding language to your will- such as this sample:

“I (NAME), of (City, State, Zip) give (Specified asset; Fixed Dollar Amount; Percentage of Estate) to KVMR Community Radio or Nevada City Community Broadcast Group.”

Stocks

 

By donating appreciated property such as stocks or bonds to KVMR, you can:

– Avoid paying capital gains taxes on the appreciation

– Receive a tax deduction for the full value of the gifts

– Support KVMR at a lower cost to you.

Please check with your tax advisor to determine the full deductibility of your donation. When KVMR receives a gift of stock, our policy is to sell the stock as soon as possible after the receipt of the gift.

Tax-Free Gift From Your IRA

If you are 70½ years or older, you can take advantage of a simple way to donate to KVMR and receive tax benefits in return. You can give any amount up to $100,000 per year from your IRA directly to a qualified charity such as KVMR without having to pay income taxes on the money. This popular gift option is commonly called the IRA charitable rollover, but you may also see it referred to as a qualified charitable distribution, or QCD for short.

 

This option works for some people because:

– If you reached the age of 70½ on or before Dec. 31, 2019, you can use your gift to satisfy all or part of your required minimum distribution for the year. If you turn 70½ on or after Jan. 1, 2020, you can use your gift to satisfy all or part of your required minimum distribution starting at the age of 72. (Note: The RMD requirement has been waived for 2020, pursuant to the CARES Act signed into law on March 27, 2020.)

– Your gift will be put to use immediately, allowing you to see the difference your donation is making.

– You pay no income taxes on the gift. The transfer generates neither taxable income nor a tax deduction, so you benefit even if you do not itemize deductions.

– Since the gift doesn’t count as income, it can reduce your annual income level. This may lower your Medicare premiums and decrease the amount of Social Security that is subject to taxation.

Real Estate

When you donate appreciated property you’ve owned longer than one year you qualify for a federal income tax charitable deduction. You avoid paying capital gains tax, and you no longer have to deal with that property’s maintenance costs, property taxes or insurance. You can deed the property directly to KVMR or ask your attorney to add a few sentences in your will or trust agreement.

 

Contact your estate lawyer or financial advisor to find out what method of giving property makes sense for you. Here are a few simple options:

 

– An Outright Gift: When you make a gift today of real estate you have owned longer than one year, you qualify for a federal income tax charitable deduction equal to the property’s full fair market value. This deduction lets you reduce the cost of making the gift and frees cash that otherwise would have been used to pay taxes. By donating the property, you also eliminate capital gains tax on its appreciation.

A gift in your will or living trust: A gift of real estate through your will or living trust allows you the flexibility to change your mind and the potential to support our work with a larger gift than you could during your lifetime. In as little as one sentence or two, you can ensure that your support for KVMR continues after your lifetime.

A donor advised fund: When you transfer real estate to your donor advised fund, you avoid capital gains taxes and qualify for a federal income tax deduction based on the fair market value of the property when you itemize on your taxes.

 

To find out more about other ways you can remember KVMR in your will– establishing a Charitable Gift Annuity, Charitable Remainder Trust, or Charitable Lead Trust— speak to your estate planner/ wealth manager.

Contact Brian McInerney, KVMR Business Manager

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